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Politics : Stockman Scott's Political Debate Porch
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To: pogbull who wrote (6497)9/16/2002 4:49:58 PM
From: Jim Willie CB  Read Replies (1) of 89467
 
Saville has a severe hole in his gold/deflation argument

interchangeability of gold and dollars is not the issue here
he is stuck with purist thinking, ignoring the fact that Central Bankers are not FOREX traders, and international bigboys are behind every building working over stocks & bonds in every major country

the hole is that investors can eschew stocks & bonds in favor of gold as an alternative asset class, regardless of any Central Banker policy of interchangeability

just because iced tea aint offered at the lemonade stand, doesnt mean you cannot find iced tea somewhere else

if US rates rise for whatever reason, bonds will lose money
and real estate will show negative equity among recent numbnut buyers
then the whole world will chase GOLD, CB policy or no CB policy

just because you cannot claim gold for your dollars, doesnt mean you cannot use dollars to buy gold or gold-related assets

this Saville argument is shallow
/ Jim
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