“Someday we'll look back on this moment and plow into a parked car.”
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In principle, there are only three main components of spending that much matter to monetary policy: consumer spending, business investment and exports and trade.
We all know that Americans love their statistics - in sport, obviously. And in finance too.
The new industries are brainy industries and so-called knowledge workers tend to like to be near other people who are the same. Think of the City of Hollywood. People cluster. This means you have winning regions, such as London and Cambridge, and losing regions. The people who want to be top lawyers in Sunderland are hoovered up by London.
But beginners to the World Economics Forum have to understand there is no single Davos experience, and there is no single Davos community either. There are numerous tribes who interact only at a minimal level.