Dear Friends,

Please find attached an op-ed that I wrote with Stuart Mackintosh on the threats to recovery coming out of the Covid pandemic economic crisis.  I believe it is a timely warning on the possible longer term downsides of massive fiscal and monetary stimulus by governments and the resulting search and reach for yield.  While these measures are required to get the world economy back to sustained growth, if they are over done it could cause major problems going forward.

I would appreciate your thoughts and comments.