Hi KJC, <<Oh, yes... I was offering up simple observations>>
I had dinner with wife and her Business School classmates (that little school around the square in Boston). These folks are running family businesses or working at jobs in HK or visiting from Canada and USA.
I asked one who works at the HKMA (Hong Kong Monetary Authority) about the HK reserve. One Hundred Billion USD, third in the world, behind Japan, China, and ahead of Taiwan, and Cayman Island.
Question: Have you guys finally decided to diversify at least a little, into Euro and Gold? (HK reserve is, last known, all in USD).
Answer: 'No comment'. No comment is unusual for our friend.
I then asked about China's reserve, as the two central banks should talk quite often. He said all decisions, including reserve decisions, are on hold until year-end, when the new leadership takes over.
A visitor rattled off a long list of names of classmates in SF/Bay Area, all out of work, unable to find new work, not yet worried, and one just purchased a new Porsche.
Question: why are they not worried?
Answer: Do not know; I would be. Maybe they still got some consulting gigs, or perhaps they do not understand the situation.
One couple asked me whether I thought gold/gold shares were still a buy, as they remembered with regret that I had pounded the table on the subject about half a year ago.
<<"No Checks" policy>> Perhaps they are waiting for the next tax refund?
I am reading this ...
"Only Yesterday: An Informal History of the 1920's"
by Frederick Lewis Allen
... and then this ...
"Since Yesterday: The 1930s in America, September 3, 1929-September 3, 1939" by Frederick Lewis Allen
... to try to understand what it might take to navigate the coming 10-sigma tsunami.
Chugs, Jay
P.S. On a bullish note, I try to tell myself often that the worse it gets, the better it will be;0) |
