Just bluster?

Stephanie Kelton, guest speaker at Ruffer’s Family Office Conference in November 2019, is a leading authority on Modern Monetary Theory. She sees MMT as a disruptive force.

June 2020: The sheer scale of the economic heart attack caused by COVID-19 can be difficult to grasp, especially when the sun is shining and lockdowns are starting to ease. But this month’s chart of job losses and recoveries in US recessions since the Second World War brings home the enormity of the damage.

World order has never been so complex for investors. The US and China have entered a new phase of long-term strategic global competition.

To tackle climate change, both governments and companies need to act; how companies manage their greenhouse gas emissions has become fundamental to their long-term financial performance. For investors seeking to influence the behaviour of companies, it is not necessary to choose either divestment or engagement, it can be a combination of both.

Seeking to escape the inflation of the 1970s, policymakers have inadvertently engineered an equally powerful deflation machine.