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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Jim Willie CB who wrote (52086)5/27/2002 11:51:20 AM
From: mt_mike  Read Replies (1) of 65232
 
JW, I have brought the subject of gold up several times with colleagues and bright people who I work with, including financial advisors and trust officers.

They have all laughed at me and told me my view on the world is too negative and pessimistic. I am now known as a doom and gloomer. Almost all of them believe the reason gold has gone up is the Mideast violence and the India-Pakistan situation. When I ask them about the implications of the massive increase in money supply, the fact that consumers are close to being tapped out credit wise, the possibility of a debt implosion and the implications of zero real interest rates they blow it off. Most have said those same arguments have been around for 22 years since the last gold rush.

I have asked about the rising layoffs and they tell me employment is a lagging indicator. That does not account for the large numbers of layoffs still occurring, but I guess that does not matter.

I have brought up the fact that the IRS receipts for last year were down 23% and many states are having budget problems. They have all responded things are turning around and point to the 5.6% GDP increase.

I was like most of these people until 18 months ago. I guess many people just do not want to face the fact that we are teetering on the brink of serious economic trouble. Even if Uncle Al reinflates this bubble it is only temporary. The only thing that will work off the problems and excesses of the 90s is time.

I have urged most I know to get some exposure to gold since it will do well in either the inflationary or deflationary scenario. I am tired of telling people, they must learn on their own.

This article explains it very well.
gold-eagle.com
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