Macro minutes: A new Roaring Twenties? — with Dominic White

After the Great War and Spanish Flu, the 1920s saw a rejuvenation of the economy with a golden age of booming consumerism, innovation and culture. Now economists are questioning whether history is set to repeat itself. Will we see the 2020s roar? Or is secular stagnation here to stay?

Welcome to another week of Macro Matters. In this episode our host Paul Diggle is joined by special guest Dominic White, Head of Economics at Absolute Strategy Research. Having published a recent note Signs of a shift out of Secular Stagnation, Dominic comes with some interesting views on how we can compare the 1920s economic boom with the 2020s and the economic aftermath of the Covid pandemic.

Part 1 begins by characterizing the Roaring Twenties decade, drawing parallels between 1920 and 2020 and explaining secular stagnation.

Part 2 discusses why the Roaring 2020s analogy falls short and focuses on why investors and markets should remain optimistic.





Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and political and economic risks. These risks are enhanced in emerging markets countries.



The value of investments, and the income from them, can go down as well as up and you may get back less than the amount invested.