Poland Drops Holocaust Collaboration Denial Bill And Goes Back To Being World’s Best Performer
The map at the top of this article represents total return of various stock market indices around the world. It includes both capital gains/losses in each of the countries represented as well as dividend income and currency gains/losses. Since currencies are in constant flux in value relative to one another, shifting foreign exchange rates can often either magnify or reverse gains within the market of a country when they are brought back home and exchanged for the domestic currency of the investor, for example the U.S. Dollar.
Color code is based on total return – returns in home stock market and in currency exchange. Colors are based on returns relative to each other – red is lowest, yellow is close to zero, and green is higher return.
As the map above shows, during the 3rd quarter of 2018 the top Performers were:
- United States
Note that Poland was the world’s best performer last year, which I point out came about after a conservative Christian, nationalist populist government took power, cut taxes, cut immigration, declared Jesus King and reembraced Polish national identity.
This year, the Polish government passed an unfortunate law, making it illegal to discuss the complicity of a small number of Poles in the Holocaust. I wrote and spoke in opposition to that here.
They did pass that law, and the results were highly financially destructive, moving Poland from best to worst global performer.
Fortunately, out of respect for the Jewish people, the Polish government negotiated with officials and Jerusalem and were persuaded to reverse course on that matter. I don’t know if that’s why the markets bounced back so strongly, but they did indeed come back very strong.
Originally published on Townhall Finance.
Jerry Bowyer is a Forbes contributor, contributing editor of AffluentInvestor.com, and Senior Fellow in Business Economics at The Center for Cultural Leadership.
Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.
Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for CNBC.com, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.
Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.
Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.
Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.
Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of their seven children.