Kay Van-Petersen
Kay Van-Petersen, macro strategist at Saxo Capital Markets, thinks that Australian cheese producer Bega is an interesting trade.
Squawk / 27 July 2016 at 19:51 GMT
CEO and CIO / U.S. Global Investors
United States
Romania Did This, and Now It’s Among the Fastest Growers in Europe

In 1974, the American economist Arthur Laffer, then a professor at the University of Chicago, was having dinner with his friend Jude Wanniski, an associate editor of the Wall Street Journal. They were joined by Donald Rumsfeld and Dick Cheney, both of whom worked at the time in the Gerald Ford administration. The topic at hand was President Ford’s Whip Inflation Now, or WIN, initiative, which included proposed tax increases.

According to Wanniski’s version of the story, which he recounted years later in a WSJ article, Art grabbed a napkin and sketched out what Wanniski dubbed “the Laffer curve.” Put simply, the Laffer curve illustrates what happens when the government raises taxes too much—theoretically, it ends up bringing in less revenue than before the tax hike. Why? Taxpayers feel...


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