In ancient times, prosperity or famine was determined by the success or failure of priest/kings that were thought to command the elements or influence the gods. Methods varied. Some depended on human sacrifice or arcane ceremonies; many depended on both. The only one who could depend on wealth and prosperity, of course, was the priest/king himself. Of course we reject such superstition today. Enlightened business students learn that, among other things, business success depends on shrewd anticipation of trends and market movements. The entrepreneur that overestimates consumer demand for a product will end up with a warehouse full of stuff that must be sold to liquidators at a loss. Under estimating demand is almost as bad as it leaves a business unable to meet market demand. That leaves profits on the table and leaves consumers with frustrated desires. At least that was what used to be called for. But now, the priest/king is back. It has become critically important to predict (or perhaps guess is the better word) what the priest/king of today’s marketplace will do. Just a few days ago, our priest/kingannounced the creation of $65 billion in new money to fuel an economy built on counterfeit currency. Oh, sorry, it’s not counterfeitat all because the government is doing it. Four decades ago Richard Nix on claimed that nothing is illegal if the President does it.
