New York-based Australian fund manager Matthew McLennan from First Eagle argues that the lack of a fiscal hawk in the presidential race works in gold’s favour.
| The biggest risk in this year’s US presidential race is that neither candidate is a fiscal hawk who will rein in the deficit and prevent a sovereign debt crisis, says one of the most high-profile Australians on Wall Street,
“In the absence of the political infrastructure and dealing with the problem, it sometimes takes a market crisis to force an adjustment.” He proposed an evaluation of the most productive forms of government expenditure to be conducted by a bipartisan commission, similar to the Simpson Bowles Commission following the 2008 financial crisis.“What’s happened when you look at the federal government expenditure is there’s been a shift to entitlement programs,” the fund manager said.where the populist parties have secured far greater representation and where there’s also a fiscal issue,” Mr McLennan said.
“No one is immune from sovereign risk, but you can try to construct a portfolio that hopefully will provide some resilience to that risk,” he said.
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