from John Mauldin’s Thoughts from the Frontline


The growth of an economy after a recession is the result of tens of millions of small and large businesses figuring out how to improve their lot. To credit a central bank and its monetary  policy as the primary forces in bringing about prosperity is misguided at best and disingenuous at worst. It is giving credit to the cart for delivering the package rather than to the horse that pulled it.

If we want growth, then we need more small businesses. Elon Musk employs 6000 employees, on his way to 10,000+; but his business started with a few people sitting around a table trying to figure out how to make it happen. Same with Google. Or Amazon. Or any big business.

You don’t get big businesses with large numbers of employees without having an active pool of new businesses being created. The simple fact is that regulations and a complicated tax code have made starting a new business more difficult.