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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (259663)9/9/2003 9:53:12 PM
From: Freedom Fighter  Read Replies (1) of 436258
 
KT,

>It is self-delusion, but it isn't really evil.<

That's probably true of most people, but I am less certain about guys like Greenspan who have written very clearly in the past about how the exact policies he is now persuing were a disaster in the past. IMO, he knows better and is probably simply bought and paid for by those that do understand and are willing to do the wrong thing for the country in order to get even richer at our expense.

Personally, I find these times extremely difficult to cope with. You can be intellectually correct about a market and still get financially killed while you are bucking all the powers of governments, central bankers, the IMF etc...

I could even handle that if there was a really safe place to hide and wait it out, but even that is not clear to me.

If you move to foreign currencies you face some of the same risks because monetary policies are often coordinated and the dollar reserve system is probably at stake these days. If you choose gold, you are wide open to central bank sales, lending etc... and other potentially deliberate attempts to discredit a monetary alternative.

As it is, I happen to be having a very good year and have made some very timely sales of equities that rallied. I am now much more conservatively positioned than I've been for quite awhile (a continuing process), but I'm not at all comfortable despite that.

I hate the US dollar, but I like I said before, that doesn't mean that lots of folks won't also debase their currencies so the current system can survive.
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