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Pastimes : A Jackass, his PAL(indrome), and GOLD -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (459)	1/28/2003 11:09:20 PM
From: Jim Willie CB	Respond to of 1210

PANACEA DU JOUR, by Kurt Richebächer gold-eagle.com It used to be elementary knowledge among economists that rising investment in tangible assets - factories, offices, machinery and other forms of equipment - is paramount for economic growth and general prosperity. First, it generates demand, employment, incomes and tangible wealth while the factories and the equipment are built and produced. Once the capital goods are installed, they increase supply, employment, incomes and productivity. The key point to see is that investment is the one and only GDP component that adds both to demand and supply. But mainstream American economic thought seems to overlook this reality. It places, first of all, an unusual emphasis on consumption as the prime mover of economic growth, and there is furthermore a general disregard of what is happening to saving and capital accumulation. Alternatively, the emphasis is on autonomous changes in productivity growth through new technologies as the root cause of economic growth and profitability. This is a radical departure from the thinking of the old economists. Measured by the rate of productivity growth, the U.S. economy appears to be in excellent shape, definitely better than the whole rest of the world. But measured by its record-low rates of saving and capital accumulation, it is in most miserable shape. What is the right interpretation? For America's policymakers and economists, productivity growth seems to be that great magic that solves all problems and that will sustain an economic recovery. It appears to be a widespread view that the measured stellar productivity growth is the main warrant of a mild recession and of an impending recovery. The crucial point to see about productivity growth is that, by itself, it only means that hours worked have risen less than real GDP. But there is nil economic merit in this effect unless it is accompanied by an improvement in some other kind of the economy's performance such as growth of output, profits or investment. In the case of the United States, in actual fact, everything else is deteriorating. That is probably the main reason for the general, singular focus on productivity growth. and more...

To: Jim Willie CB who wrote (459)	1/28/2003 11:10:22 PM
From: SOROS	Read Replies (1) \| Respond to of 1210

Love it: Abby Joseph Cohen - 2001 prediction "In energy, Cohen favors industry leader Enron. The stock has stumbled lately, and she now sees it as a "good value." " Abby Joseph Cohen - 2002 prediction "Earlier this year, she predicted the Dow would finish at 11,300 in 2002. In October she scaled that forecast back to 10,800 — yet still wrote in a note to clients: "By many measures, 2002 was a surprisingly good year."

To: Jim Willie CB who wrote (459)	1/29/2003 12:35:51 AM
From: philv	Read Replies (2) \| Respond to of 1210

Negative nominal rates...sounds ridiculously desperate. Talk about printing money! Where can I get some? Better than Gold! Japan is definitely not trying to "talk up" the YEN. LOL I heard a couple of days ago they were buying $US on a prop job, and now this. They hate a low $US, must debase their own currency to stay "in the game". And China just keeps churning out all those products for Wal-Mart. When they start handing out free gold coins, I am definitely in the line-up. Can hardly wait. ggg Phil