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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (602)	6/23/2002 2:32:29 PM
From: SGJ	Read Replies (1) \| Respond to of 89467

<seriously, what do you make of a prime tenet of Austrians? I refer to their belief that fiat currency (aka debt) must increase with accelerated pace after a couple decades (i.e. now) in order to maintain a linear constant growth rate in disposable income, after servicing personal and household debt> Its irrefutable. We see the results with Argentina. The reason Malaysia and Argentina implode and we haven't yet is because of the massive productivity of Americans. Our huge GDP has allowed for the "more the more" expansion of our debt/currency. This fiat dream doesnt work as well in countries with smaller economies because you can't keep pumping...there is nothing to back it up. They have weak productivity foundations, so the fiat thing doesnt have as long a life cycle. Look at the US in 1930's, same situation. The Euro is all about combining economies to create another super fiat currency. The "more the more" by the Central Bankers at work again. They have a place to run from a sinking dollar. Gold is the antidote, if the world begins to turn to it, the central bank monolith begins to have problems. <<QCOM thread I bristled with jerkweeds who dismissed Technical Analysis, despite a solid 75-80% correct track record that put forth>>> Have been out of QCOM for over 18 months. I sold shortly after MikeMargin did and got into gold miners. Probably need to change my moniker.lol. <<are you working at a regional bank? some huge huge differences will soon be clear between money center banks and regionals>> I work for a national RE oriented thrift. Commercial and residential residential real estate mostly. Things are slowing all over. Still some life left in California residential, San Diego and Sacramento suburbs especially. Everything else flat to down. Money Center banks, being wholesale/retail outlets for the Central Banks, will have trouble in any gamma event, as they are heavily leveraged through their derivative desks. <<p.s. back from NC beach, but still sunny and gorgeous>> Love NC mountains, havent been to beach there yet. Going to sit out by the pool in a few, beautiful weather in Dallas too. Not too hot and low humidity. Need to enjoy it while I can. Later