“We have re-entered an era in which political factors will dominate economic decisions. This has been the norm for a very long time…Politics can be predicted if you understand the constraints under which a politician…acts and don’t believe that it is simply random decisions. But to do that, you have to return to Adam Smith and recall the title of his greatest work, The Wealth of Nations.   Note that Smith was writing about nations, about politics and economics – about political economy.”

From Thoughts from the FrontlineJohn Mauldin