From Jesses’ Café:
As always the four great variables in human history are weather, disease, war, and religion. The first two are of God and the latter of men.
Weather spans a wide range of natural phenomenon including earthquakes, and similarly religion includes secular movements and philosophies such as fascism and communism, essentially godless religions that involve the ordering of the relationship of the individual with a higher power that is not supernatural.
As I am comfortable with stagflation as an economic forecast, stocks most likely will not perform well in real terms. However, they could be targeted by the Fed as they implement nominal GDP growth and it puts more weight on selective inflation within the stagnant real economy.
http://jessescrossroadscafe.blogspot.com/2011/12/most-significant-developments-of-2011.html
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