Hi David, Please do not report that <<Singapore>> is <<disappointingly fine>> as well, as you did in the cases of Downunder and USA ex-Silicon Valley/Manhattan, as opposed to what I reported (unpatriotically, it would seem) about my hometown Hong (oops, I meant Deflation City, Shattered Rock, Freedom Mountain but Miserable Valley) Kong, because the Singaporean GDP is actually shrinking, a few steps beyond ‘slowing growth’, more in the line of ‘dis-growth’, in New Ec lingo, or ‘imploding NAV’, in BBR vernacular.
Actually, Hong Kong, at the street level, looks less dire than during the Asian Financial Storm.
We were at a dinner last night with two other couples, had to zig in and out of the street scene. Looked perfectly fine, crowded, with shoppers and diners. Dinner conversation (3.5 hours) covered travel, massages, exercise, markets, family, gold (yup, I was spreading the nonsense so whatever-ed by AC, but these very smart folks at dinner thanked me, more profusely than I would have imagined), and the uncertain future. Oddly, no one talked about current work. Nope, I guess matters are not altogether ‘normal’ after all.
The absence of visible distress as reported in your travel log is an alarming sign, because what it indicates is that the mania is well, delusion strong, and the imbalances are still to be unwound.
On your Message 16888642
<<Gold is up nicely :) Why?>>
I do not know, but it could be that gold is up because it is not down, and very definitely not because of …
(a) Rising jewelry demand
(b) Increased dental filling requirements
(c) Multiplying uses in circuitry works
(d) Limited and declining mining output, or
(e) Any other non-Aztec reasons
But gold is up more because it is (tag to Olivia Newton-John’s ‘Let’s Get Physical’) …
(a) Physical
(b) Shiny
(c) Durable
(d) Pure
(e) Portable
(f) Divisible
(g) Fungible
(h) Non-corrodible
(i) Incorruptible
(j) Money
(k) Store of value
(l) Divine
(m) Magical
(n) Mystical
(o) Subject to manipulation
(p) An object of speculation, and
(q) Because folks believe everything (in aggregate) else will go down in value relative to gold if/when we have inflation of paper money, deflation of manufactured goods, devaluation of currencies, rising global aggregate expense (income) due to success of globalization, theft of savings, loss of trust, or lowering of global aggregate income (expense) due to failure of globalization, loss of innocence, stealing of future, or
(r) When the often alleged, much rumored, repeatedly speculated, definitely convoluted, possibly large, somewhat Enron-esque physical and paper pyramid of derived obligations and short positions run head first into the tsunami of mine consolidation, reduced bullion bank liquidity, emptied Central Bank promises, lowered profit potential of gold carry trade, and, most explosive of all, when a few hundred million newly middle-classed folks in my neighborhood want to save a little, legally, in an ‘Aztec but monetary commodity’, inexorably at odds with a few professor types who thought they invented perpetual motion free money.
(s) Finally, gold is up perhaps because the rising perception that a big company allegedly under the protection of powerful people, possibly sponsored by more, definitely went bankrupt, and left a group of pension-less and penniless employees, NAV-less equity investors, stiffed debt holders, emptied filing cabinets, embarrassed and somewhat apologetic auditors, suddenly shy, red-faced and witch-hunting politicians, fabulously wealthy retired managers, other now silenced rent-seekers, and ever eager lawyers. We are still missing some suicides, missing persons, absconding scoundrels, and we will have to wait patiently for the book. You know, the same transparency, corruption, cronyism, ‘Asian’ values types of issues, and all that which made the Asian Financial Storm so destructive for most, invigorating to many, profitable for a few, much as the deregulation of Savings & Loan and of the Power industry did in the not so distant past, you know, like described here … in the form of a few secrets …
Message 16830281
(t) Why do you think gold went up:0)
This is what I really think:0)
Message 16898478
(u) BTW, if you are back in Asia this weekend, you can catch me on CNN, talking about a subject I do not know very much about. No, not financial stuff, but computers and technical services, from the customer’s angle, mostly stating the obvious, in a fun way, but with authority, filmed at den in home.
eBiz Asia program. the story on help desks should air starting this weekend at the following Asia times...
SATURDAY evening 7.30 pm
SUNDAY evening 10.30 pm
MONDAY 11.30am
please note that the schedule is always subject to change. In addition, a Web version of the story shall appear Monday (Asia time) at asia.cnn.com
Yes, the very stunning reporter Kristie is married.
Hey, I just got to do <<And so it is good and reflective when the shoe is on the other foot. I am waiting to write that particularly nasty note to WSJ and using words like “nepotism” “political dynasty” “opaque” “cronyism” “led by old men” “state intervention” “lack of free market principles” “bubble” “sham statistics” “corrupt politicians” “manipulated election”. I have no time for folks who cannot take a joke and laugh at themselves>>
… as promised long ago, here … Message 15134944
Yes, AC Flyer, you should read this post, and by watching the mentioned CNN program, you will know where I live, what I look like, and that my name is, not surprisingly, my name.
Chugs, Jay, from Freedom Mountain and Deflation Rock |
