Government vs Governance

Eric Peters via wkndnotes:

Overall: “The focus should be on minimum government but maximum governance,” announced Narenda Modi, a fierce Hindu Nationalist, born the low-caste son of a tea stall owner. India’s 15th Prime Minister presides over the 1st parliamentary majority in 25yrs, paving the way for red-tape reform. Of course, India is the great hope for a planet starved of growth. For the next decade, 1mm Indians will join the workforce each and every month. Peacefully harnessing that potential requires good governance, education, investment, innovation, infrastructure. And as Modi replaced his hopeless predecessor’s 71 ministers with a team of 45, speaking of India’s “Glorious Future,” Premier Li promised a mind-numbing series of macro-prudential policies to stimulate growth. You see, for the next decade, 100k Chinese will leave the workforce each and every month. Not even the most nimble Shanghai Acrobat, perched perilously upon earth’s most bodacious bubble, can keep so many overpriced assets spinning atop long wobbly poles. Facing such a fierce demographic headwind. Without robust growth, inflation. Or a bit of nationalist fervor. So Chinese ships sank a fishing boat. Inside Vietnam’s territorial waters. As Japan’s nationalist Abe re-armed.

Anyhow, Modi wasn’t the only nationalist elected. French and British nationalists trounced centrist opponents. Thailand’s King backed the coup. Egypt’s military dictator won a stunning 93% landslide (the remaining 7 voters posted Facebook selfies with 700 virgins). Poroshenko crushed the opposition, promising to “end the war, end chaos, and bring peace to a united Ukraine.” Then popped a bunch of Russian commandos disguised as Novorossiya nationalists. Moscow’s nationalist-in-chief declared, “Strictly speaking it was impossible to hold elections.” Assad prepared for his June 3rd landslide. And Obama rambled on about new terrorist threats now emanating from the Syrian power vacuum that he himself created. As across the globe, nationalism creeps into the cracks. Left by maximum government and minimum governance.


Brilliant, as always.


Peters Capital Group

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