Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Archie Meeties who wrote (3684)	7/13/2000 5:38:05 PM
From: pater tenebrarum	Read Replies (1) of 436258

well, like you say, there's always the choice between hard and paper assets. and when the market gets infatuated with oil stocks, it's one of the signs of a possible impending shift. i think several new era beliefs are about to be challenged...just as the conviction that $100 oil and $3,000 gold were inevitable was challenged in the early '80s. to think that unfettered credit and fiat money expansion can be engaged in without the chickens coming home to roost, flies in the face of Austrian economic theory...and so far, every credit crack-up boom in history has collapsed exactly as Austrian theory predicted it would. the cracks in the dam will appear somewhere. oil is a warning sign...so is the yield curve inversion, credit spreads, and those plunging LME inventories you showed us yesterday. hubris, pride and complacency rule the day at the same time...you have the typical bull market peak confidence that science and technology will solve all problems and that the laws of supply and demand have been magically repealed. i smell another wake-up call in the wings - a harsh lesson for margined-to-their-eyeballs clowns.

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