Investment Manager’s Report: Time to bury cash in the backyard
Marshalian K can make or break a reputation. Just ask John Law. He created paper money in the early 18th Century. His money spawned an economic miracle in France; curiously it also fanned the world’s first equity bubble. What gives? Printing fiat money is all fine and dandy, but there comes a tipping point when the extra credit avoids the real economy in favour of speculating in the easy streets of the financial markets. Our own defences were probably breached in late 2002 as Law’s modern successors sought to fortify the global economy from the sickness of the stock market.
