Which mattered more to you last week: the Republican National Convention in Tampa, or the Federal Reserve’s annual economic-policy symposium in Jackson Hole, Wyo.?
If you’re just managing to get by, then it was the former. In his barnstorming speech, Paul Ryan nailed it again: “The issue is not the economy that Barack Obama inherited … but this economy that we are living. College graduates should not have to live out their 20s in their childhood bedrooms, staring up at fading Obama posters and wondering when they can move out and get going with life.”
But if you’re one of the fortunate few who manages anything above $100 million in financial assets, it was Jackson Hole you were watching, for any sign of fresh monetary stimulus from Fed Chairman Ben Bernanke.
Everyone knows about the fiscal cliff of spending cuts and tax hikes that the United States is going to hit at the end of this year, barring some miraculous bipartisan agreement. But could there also be a monetary cliff?