Smart Links 11 December 2012

Commentary on a positive outlook for the US economy in 2013, a useful list of investment themes for 2013, the African boom, a deportation challenge, the danger of prohibition, and why the United States is so unequal and Canada less so.

Is private sector deleveraging over?

Business Insider -- Goldman's Top Economist and His Big Call for the US Economy
In a recent report, Goldman's top economist Jan Hatzius predicted that finally, the US would see a real growth acceleration in the second half of 2013.


Tis the season of lists. Thanks to Russ of Victoria.

Pdf below -- Investment Themes 13 for 13

Finally, is Africa about to boom?

Globalist -- Africa's Resurgence and the Future of the Global Economy  
The high water mark of Africa's changing economic fortunes came between 2000 and 2008, when the continent's growth averaged roughly 6% a year.

‘Dear me, Can’t they just pack him up and bundle him out of the country?’

Telegraph -- Abu Qatada moves to new house
Abu Qatada has moved house after leaving his £400,000 taxpayer-funded home in North West London.A Man for All Seasons - The Devil Speech


A Man for All Seasons - The Devil Speech

It won’t be long now …

Independent -- Washington and Portugal point the way forward - we're fools to keep fighting this War on Drugs
Not only was the Government's response to yesterday's report outrageously trite, the tide of history is against prohibitionists.

TD Economics on how public policy makes all the difference in managing the economic and social consequences of income inequality.

Pdf below -- TD Economics -- Income and Income Inequality


Investment Themes 13 for 13.pdf414.21 KB
TD Economics -- Income and Income Inequality.pdf856.12 KB
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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©

Twin Virtues

Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.

The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.

When too few get too much everybody loses.

Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.

Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?

Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.

My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.

Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.

Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.

Public policy should be designed to decrease inequality before the law and increase equality of opportunity.

Capitalism is not the problem; the problem is what we do with capitalism.

Content is always more difficult to argue than conspiracy.

Let the state regulate and the market operate (most things).

Welfare strategies are best designed as a hand up, not as a hand out.

Political debate should not be fact free fighting.

Explanation lasts longer than eloquence.

Always favour empowerment over dependency.

The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.

Find your voice and don't be the echo of somebody else.

It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.