When business lobbies warn that voting left would lead to a period of political instability that would hurt the economy, it’s easy to understand cynicism from left-wing parties. Someone should remind business lobbies, corporations and banks that it was the people at the commanding heights of banks and business who ruined the economy last time.
David McWilliams, a respected economist and commentator, has written an interesting article ahead of the election in Ireland where he points out the importance of normal everyday people and businesses and indeed of “animal spirits” and psychology:
Politicians should understand that they do not create jobs; nor do rich people. Jobs are created by general demand. Rich people don’t create demand. You and I create demand. Demand is what happens when the society has enough income to buy goods and services.
How does that happen? Where does income come from?
It comes from investment. It comes from people, you and me, going out and risking capital into projects today that we believe may deliver fruit in the morning. These are animal spirits unleashed. So if we are opening a shop, café or online business today, we believe that we will be able to gain enough business to make the returns to that business better in the future for us than if we did nothing today. In short, we back ourselves, our ideas and our own personal energy, drive and talent to create something out of nothing now that will be worth something far more than nothing tomorrow.
McWilliams’s article can be read on the Irish Independent
David McWilliams is one of the many speakers at Cantillon 2016, ‘FINTECH – Disrupting the Landscape’, taking place this Thursday in Tralee, Co Kerry. Mark O’Byrne of GoldCore will be speaking about “Future Of Money – Savings, Payments, Asset Backed Digital Currencies & Gold”.
LBMA Gold Prices
24 Feb: USD 1,232.25, EUR 1,122.33 and GBP 885.52 per ounce
23 Feb: USD 1,218.75, EUR 1,106.62 and GBP 863.43 per ounce
22 Feb: USD 1,203.65, EUR 1,088.17 and GBP 849.21 per ounce
19 Feb: USD 1,221.50, EUR 1,101.14 and GBP 853.35 per ounce
18 Feb: USD 1,204.40, EUR 1,082.41 and GBP 841.19 per ounce
Gold and Silver News and Commentary
Gold inches lower but stays supported on risk-off mood – Bullion Desk
Gold keeps gains above $1,200 on safe-haven bids – Reuters
Gold’s Bull-Market Flirtation Has Investors Swooning Over ETFs – Bloomberg
Consumer confidence falls to seven-month low – Marketwatch
Video: Manipulation In The Gold Market? – CNBC
Why is Gold Rising Again – Goodman
Technical analysis is just a weapon against the gold market – Profit Confidential
GLD continues to astound – Norcini – Gold Seek
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