“Jeff Gundlach just hosted a webcast with clients. The title of his presentation: “The Decline and Fall of the Roman Empire.“
Not surprisingly, Gundlach drew parallels between the U.S. and Ancient Rome. Like the U.S., he noted that Rome had an insufficient tax system and a huge military budget.
Like Rome, the U.S. faces “persistence of a destitute underclass,” as reflected by the excruciatingly slow job recovery.
Gundlach’s talk also included commentary on the year-to-date performance of markets as well as his outlook for the rest of the year.
As usual, Gundlach’s presentation has all of the most important financial and economic charts you need to understand the world.”
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I hate these superficial comparisons. There are very few parallels between ancient Rome and the modern US. Rome was essentially in recession for 200 years before the end. Sure Rome had a huge military budget, but they didn’t get the protection they were paying for. Are we bribing Canada not to attack us? Is the US Army composed of Iranian soldiers? That’s what Rome was doing.