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Ep. 1145: Good Morning Vietnam with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Present Value Budget Constraint and the Government's Power
The present value budget constraint means the sum of all taxes a government raises can't be more than what it collects. People aren't going to keep lending to a government if it is trying to spend way more than its economy could ever justify, he says. Greece and Portugal had paths for their expenditure that they could never pay for because their economies weren't large enough or growing fast enough to generate nearly enough tax revenue. "More for Peter and more for Greece and less for Germany doesn't change the overall total"
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