by Bill O’Grady
Part I of this report was a review of the reserve currency and the savings identity. In Part II, we showed how the Nixon and Reagan administrations used America’s hegemonic power to force some of the economic adjustment of U.S. policy onto foreign governments. This week, in the final segment of this report, we will look at the actions of the Trump administration, using the comparisons to the Nixon and Reagan administrations. We will conclude the report with market ramifications.
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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.