By Alasdair Macleod – Re-Blogged From http://www.Gold-Eagle.com
Predicting the future is a mug’s game, and in financial markets we simply cannot know tomorrow’s prices. All we can do is make assessments of the factors that can be expected to influence them.
Economists’ forecasts today, with very few exceptions, are a waste of time and downright misleading. In 2016, we saw this spectacularly illustrated with Brexit, when the IMF, OECD, the Bank of England and the UK Treasury all forecast a slump in the British economy in the event the referendum voted to leave the EU. While there are reasonable suspicions there was an element of disinformation in the forecasts, the fact they were so wrong is the important point. Yet, we still persist in paying economists to fail us.