There seems to be a bizarre disconnect between the surging US sharemarket and the sad state of American politics.
Winston Churchill supposedly quipped, “Americans always do the right thing, after they have tried everything else.” But in light of the impending rematch between Joe Biden and Donald Trump in this year’s US presidential election, Churchill’s observation needs adjusting: Americans, apparently, do the right thing only after they have tried everything else twice.
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Kenneth Rogoff is a former chief economist of the International Monetary Fund and professor of economics and public policy at Harvard University.
