Consequences

William Priest is Vice Chairman of TD Wealth and Founder, Executive Chair, and Portfolio Manager of TD Epoch. Having developed and led three firms over a six-decade period, he has extensive experience in the field of economics and finance. He is the author of several published articles, papers, and books on investing and finance, including the books, The Financial Reality of Pension Funding Under ERISA, Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor, and Winning at Active Management: The Essential Roles of Culture, Philosophy and Technology. He holds the Chartered Financial Analyst designation, is a former CPA, holds an AB from Duke University and an MBA with distinction from the University of Pennsylvania’s Wharton Graduate School of Business. He is a member of the Council on Foreign Relations as well as a member of the Barron’s Roundtable. David Roche is Strategist at Quantum Economics and Geonomics, a Singapore-based think tank and investment advisory company. Well known for his original and provocative ideas, he concentrates on investment themes, based on fundamental long-term analysis, backed up by strongly held convictions. He has forecast some of the major turning points in global investments and forecasted the invasion of Ukraine and the advent of Grayzone Warfare between Democracies and Autocracies in April 2021. He previously worked as head of strategy at J.P. Morgan, Morgan Stanley and Independent Strategy. Author of seven books, he holds an MA from Trinity College Dublin and an MBA with the highest distinction from INSEAD. Alex Michailoff is a financial consultant, and a graduate of the Dyson School of Applied Economics and Management at Cornell University.

• PREFACE IXABOUT THE AUTHORS XIIIACKNOWLEDGMENTS XVCHAPTER ONE EXTERNAL CHALLENGES 1CHAPTER TWO INTERNAL DEMOCRATIC DECAY 29CHAPTER THREE POPULISM 43CHAPTER FOUR SOCIAL MEDIA AND THE NETWORK EFFECT 61CHAPTER FIVE THE AI OF IT ALL 81CHAPTER SIX LIVING IN THE GRAYZONE 101CHAPTER SEVEN THE NOT SO MIGHTY GREENBACK 121CHAPTER EIGHT IMMIGRATION 133CHAPTER NINE THE HEART OF THE MATTER 143CHAPTER TEN THE LAST CHAPTER 151NOTES 165INDEX 179