4. People respond to incentives. Everything else is detail.

5. Adam Smith’s invisible hand does work, if left well alone by the dead arm of bureaucracy.

6. In the aftermath of the breakdown of Bretton Woods, ‘developed’ governments have amassed unpayable mountains of debts.

7. A culture of entitlement has made these debt mountains higher.

8. These debts will never be repaid, except in devalued money.

9. The Fed has said as much – this is a secret hiding in plain sight.

10. The debt overhang will depress economic growth for the foreseeable future..

11. ..But a cult of economic ‘growth at any cost’ has infected the modern psyche.

12. In the real world, there are practical limits to growth. Beyond a certain level in any mature system, further growth is tantamount to either obesity, or cancer.

13. Pre-financial crisis economic growth throughout the western economies was illusory. It was established on the unstable sands of credit creation and borrowed from the future. 

David Fuller's view

Here is Tim Price's report.

Called “A personal perspective on some of the challenges facing today’s investor”, Tim offers 51 observations, including eight quotes.  I have saved one of these quotes, number 25 on Tim’s list, as the last word from my Comment of the Day before I go on holiday:

“The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague.  Inflation is a policy.”

Ludwig von Mises