Today's news is peppered with economic terms, but rarely is any attempt made to help us cut through the complex jargon we are being bombarded with.
Essentially, the world economy is no more complicated than the domestic economy that we navigate daily. Sound economic judgement is one of the most needed skills in the world today. We need to have the tools to be able to make sense of future economic events - good or bad.
Many of us are bewildered by a fast changing global economy that seems too big and too complicated for us to understand. So we let the politicians make our decisions for us. Unfortunately, the politicians are not always going to do what is best for us. They are going to do what is best for them and their re-election chances.
Politicians care about what voters think, especially voters in blocks, and not a shred about what economists think. Talking to politicians about economics is therefore a waste of time. The only way to make governments behave as if they were economically literate is to confront them with electorates that are.