Making Money Is the global economy about to change forever?
26 snips
Jun 9, 2025 
Anatole Kaletsky, Chief Economist at Gavekal and author of Capitalism 4.0, dives into today's economic turmoil. He warns of a looming recession in the U.S. and potential fiscal crises in the UK, pointing out that both countries cling to outdated economic ideologies. Kaletsky critiques current financial strategies and advocates for new frameworks tailored to today’s realities. He also highlights the power of narrative in economics, urging a fresh perspective on fiscal policies as political landscapes shift globally.
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UK Stuck In Old Economic Thinking
- The UK's economic paralysis stems from adherence to outdated fiscal rules and Brexit's economic weakening.
- Both Conservative austerity and Labour's promise of change maintain these damaging economic fundamentals.
Europe Ditches Austerity, UK Holds On
- Europe is beginning to abandon strict fiscal austerity rules, unlike the UK which still clings to them.
- The German debt brake was lifted, signaling a shift to more proactive spending policies in Europe.
Markets Are Not Always Right
- Market theories like rational expectations often wrongly assume markets are always correct.
- Sometimes markets make very serious errors, as seen in 2008 and other crises.
