Global economics is not the textbook macroeconomics learnt at University, but rather a world where politics and economics go hand in hand, writes Pimco managing director Paul McCulley in this month’s Pimco Fed Focus

McCulley analyses prospective global prices for oil, currencies and retirement to make his point that economics without politics gives a view of a world that does not exist.

“Political economics is neither an oxymoron nor a contradiction of terms but a definition of reality.”

He says nowhere are these realities more clear than the in evaluation of three of the key issues of our time: the price o...

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