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Ironically, it is this routine volatility (caused by hundreds of human, economic, political, and natural variables) that is the only real certainty existent in the financial markets. Would anyone be happy with market prices that didn’t change? Should anyone expect market valuations that only go up? So what’s all the anxiety, scrambling, and crying about? As absurd as this may sound at first blush, you will never become a successful investor until you are able to embrace market volatility as your dearest and closest friend.

No president, no matter how bold, can bring about meaningful change without a less self-serving cast of characters in the legislative branch. But this kind of change can’t happen until we replace the current batch of pork barrel politicians with a new group of change orientated decision makers. Today’s congress legislates mind-numbing regulations that stifle creativity and economic growth. Investors need to support fewer “taxors” and to elect a whole new group of economic facilitators. Throw out the incumbents this November.

You just don’t create jobs by taxing, regulating, and otherwise strangling the job creators. In most communities, local governments think of their non-voting corporate citizens as ratables instead of as job providers. Serious jobs would be created, and general price reductions produced (good or bad for the GDP?), through a controlled elimination of all income taxation on legitimate corporate job providers.

Similarly, taxing gasoline production and delivery organizations is not going to bring down the price per barrel of crude oil. But “taxing” the cartel that fixes the prices instead of bribing them with protection from their enemies could work almost as well as tapping into our own abundant supply and adding some long-needed refining capacity. Eliminating state and federal gasoline taxes and fees and taxes on interstate truckers would produce many cost/price benefits as well.

Economic growth, more jobs, and lower prices could be the immediate result of two relatively simple changes that neither of the Presidential hopefuls have the courage to even whisper about. Without nearly enough detail: (1) Over a five-year period, change Social Security to a mandated-contribution, deferred, individual fixed annuity program managed on a flat fee basis by 15-year experienced insurance companies. No variable (stock market) benefit plans would be allowed; all citizens would be eligible to participate, and all employed persons (Congress included) would be enrolled automatically. Contributions would be reduced and employer participation eliminated.

(2) Eliminate all taxation on any form of retirement income immediately, and phase out all taxation on all forms of investment income over a five-year period. Replace those taxes with a 1% Federal sales tax an all goods and services except food, shelter, clothing, and health care.

Then, we can start to replace the Internal Revenue Code with something simple, protect shareholders from unconscionable corporate executive compensation, and come up with a solution for providing adequate health care to everyone.

For Further Information please contact Nigel Walter chairman of Connaught Asset Management.