Monday , March 25 2019
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The author John Mauldin
John Mauldin
Financial NY Times best-selling author, pioneering online commentator. Over 1 million readers turn to Mauldin for his view on Wall Street, markets, and history.

Mauldin Letter

A Big Swirling Italian Mess

“Move to Italy. They know about living in debt: They don’t care.” – John Lydon “Italians were eating with a knife and fork when the French were still eating each other.” – Mario Batali Italians are headed to the polls this Sunday (and thus this letter is reaching you a little earlier than usual) – but no one is...

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Do Larger Federal Budget Deficits Stimulate Spending? Depends on Where the Funding Comes From

In the true spirit of stepping outside the box, today’s OTB is a counterintuitive argument against the concept that fiscal deficits and/or infrastructure spending constitute effective economic stimulus. It comes from Paul Kasriel, who was one of my favorite reads when he was at Northern Trust, and I am glad he continues to write in “retirement.” He always has a way of looking at things from different angles than everybody else does. Paul is a self-confessed...

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What Should Trump Do?—Your Questions Answered

This will be a shorter letter, in keeping with the need for holiday fun and relaxation. However, last week’s letter with my thoughts on what Trump should do generated more responses than any other letter had in the last 17 years. As you might suspect, with a topic so controversial, not everyone agreed with me. But there were...

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Federal Reserve Meeting Minutes: Stronger than Oak

Today, for your pre-Thanksgiving delectation, I have for you an Outside the Box with deep roots in my West Texas homeland. It comes from fellow Texan Danielle DiMartino Booth, who has graced these pages more than once this year. You’ll recall that she was a key advisor on monetary policy to Dallas Fed President Richard Fisher until his retirement last year, whereupon Danielle struck out on her own (and landed here). She has a book coming out early next year,...

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What Should Trump Do?

“The problems of victory are more agreeable than those of defeat, but they are no less difficult.”– Winston Churchill “Crying is all right in its way while it lasts. But you have to stop sooner or later, and then you still have to decide what to do.”–  C.S. Lewis, The Silver Chair “I must have a prodigious amount of mind;...

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Hoisington Interim Update and Comment

Time flies. It seems like only hours ago that I was sending you the Jeffrey Tucker “This Could Be Our 1989” article on Sunday. Now it’s Wednesday and I’m still plugging away on the detailed post-election analysis I promised you. Many of you are eager to read it, too, and said so in comments you sent. I’m finding that the story is full of nuances that I must explain in depth, lest someone misunderstand me. I want my thoughts to be very clear, so I’m going to...

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This Could Be Our 1989

I think many of my readers are in the same boat I’m in: we are still sorting out the implications of last Tuesday’s election. My style is generally not to shoot from the hip but to think about things before I start to write. When I have adopted the “ready–fire–aim” style of writing, I have usually found myself going back and...

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The Day After

We had a very late night in the Mauldin household, as I’m sure many of you did. I truly was unsure what to expect from this election, and I was as surprised as anyone when the Trump victory started taking shape. At our election party there were many of my neighbors who were ardent Hillary supporters, and they were shocked, as was much of the national media. The real losers? Polling companies and those who create models built around them. It turns out that...

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The Election: Making Difficult Choices

I have a letter halfway done on economic/investment themes, but I’m putting it aside. For over 16 years I have written each week about what has interested me and what I have thought important. And frankly, what is really on my mind is the same thing that is likely on your mind, and that is Tuesday’s election results. So I am...

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The Origins of American Incivility and Fear

My friends and associates know that it is very rare that I am sitting at my desk at 4 AM, as I was this morning. I am not an early morning person. But every now and then I wake up and the mind turns on, and rather than fight it, I go sit at my desk. And almost immediately this morning, I was greeted with this paragraph from my friend Michael Lewitt in his latest letter: The 2016 presidential election is carving deep scars on the American soul. The country...

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