>>GADR's "3rd Era" thesis is that mature free markets are becoming more
stable over time, with favorable consequences for financial assets.
Conversely, Dark Side believes that credit excesses and government-fiat
money are making them less stable, with corresponding consequences.<<
I gotta tell you Porc - if this is stability I'd hate to see what you consider volatile and unstable!
Every major central banker, the president of the U.S., Alan Greenspan,
many CEOs, The Financial Times, The Bank for International Settlements, multiple famous investors, various thoughtful magazines, (I could go on) have said that this is the biggest financial crisis in 50 years or since the 30's. The BIS has admitted that we were within hours of a global financial collapse at one point.
Every article I read on Long Term Capital said that Greenspan got involved in the rescue plan because it could have brought down the whole system.
Most of these people have a vested interest in being a calming influence. You gotta think that there are some really dangerous things happening.
That doesn't mean we ARE going to blow up. But the world has just seen one full year and a half of financial turmoil like I have never seen in my lifetime.
Many markets are down still 50%-70%, many currencies have collapsed, 30%-40% of the world is in recession or maybe somewhat worse, and we
are not out of the woods yet.
I'm not disputing many of the improvements in business and opportunity that you talk about, but surely this was one hell of a wild, unstable, and scary year. And surely almost all of it can be traced to credit, derivatives, currency abuse, etc.. |
