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

To: stockman_scott who wrote (14960)	3/20/2003 11:10:57 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

"DENIAL CONFRONTS ILLITERACY: 69 MASS DELUSIONS" by Jim Willie CB March 20, 2003 (article submitted to www.321GOLD.com this morning) here is an outline of the many seemingly endless delusions MIDDLE EAST WAR FOOTING : 1. Iraq tensions obstruct capital investment, hiring, and consumer spending 2. Saudis and Kuwaitis will compensate for any oil interruption 3. expect the same fast Iraqi war outcome, same immediate stock rally response 4. US occupation of Iraqi oilfields will come without repercussion 5. US Military has bigger weapons, which will bring quick victory 6. war is good for our economy as a stimulus 7. democracy can be imposed in the Arab world 8. Russia is our new friend and ally 9. German, French, Russian objections to Iraqi war center on humanitarian concerns US ECONOMY : 10. economic recovery will come in the 2nd half of this year 11. consumption can pull the US out of its recession 12. the 2001 recession was little different from previous cycles 13. double-dip recessions are unusual, and don’t occur very often 14. real estate equity extractions can sustain the economy 15. China is a constructive trade partner, lowering our costs 16. Japan's bust has almost no similarity to the USA bust 17. recent evidence of the inflation’s return is good, seen in rising commodity prices 18. capital investment can lead a recovery, with consumer spending and hiring to follow 19. evermore fiat money is the prescription for the current economic condition 20. the stimulus of lower interest rates will eventually succeed 21. fiscal stimulus will ensure recovery, whereas monetary stimulus so far has been sluggish 22. productivity increased in 1990's, and is still strong 23. federal deficits don’t matter, since we can grow out of them 24. trade gaps don’t matter either, since they are good for the world economy 25. jobless rate is holding up well, still under 6.0% 26. blame game: 1999 Y2K, 2000 soft landing, 2001 WTC/Enron, 2002 Iraq 27. depression could never happen again, since the system has designed counter-measures 28. US capitalism prevails over all other nations, the world’s growth engine 29. foreigners are taking jobs away from our citizens 30. US service sector is bedrock, and will remain strong unlike the manufacturing sector USDOLLAR : 31. USDollar will level off at equilibrium, stabilize, and not overshoot 32. USDollar is invulnerable to international backlash 33. European disunity and socialism obstruct the euro currency uptrend 34. new USDollar is intended and designed to thwart counterfeiting 35. strong USDollar has benefited the USA for 20 years 36. USDollar lower revaluation benefits far outweigh risks 37. lower USDollar will close the trade gap, since our prices are coming down 38. sovereign currency requires no collateral 39. Bank of Japan can suppress the yen forever TREASURY DEBT & BANKING : 40. financial derivatives are under control, they reduce spread and offload risk 41. foreigners will never conceive of a default on United States Treasury debt 42. US Treasury Bonds are safe, since guaranteed 43. Social Security Trust Fund will remain solvent and viable 44. money will always be safe in a bank 45. Greenspan is the greatest central banker of the 20th century GOLD : 46. gold & silver short positions can hover indefinitely 47. USA monetary system will never return to gold standard 48. Central Banks will never actively purchase gold again 49. gold even now has no monetized role or function 50. higher gold prices will unleash huge new supply 51. our US gold reserves are safely vaulted in Fort Knox 52. Islamic Dinar is a meaningless novelty 53. reduced jewelry demand at higher gold price will hurt the bull market in gold STOCKS : 54. factor upcoming energy cost cut benefit into stock prices, before recent cost hike 55. dividend tax will have beneficial effect on stock prices 56. Enron/ WorldCom were the end of accounting fraud and scandals 57. stock investing Long Term Buy & Hold strategy succeeds 58. stocks are cheap, with attractively low valuations now 59. share buyback programs are a good signal for a stock 60. management stock options provide an incentive to build the business REAL ESTATE : 61. Real Estate is a tangible asset that will never lose you money 62. FannyMae and FreddyMac represent stable fund sources 63. Real Estate and car sectors are examples of the strength of our economy MISCELLANEOUS : 64. press & news media are objective and unbiased 65. CNBC provides a valuable news service, with both information and advice 66. pension system will deliver retirement income when called upon 67. shakeout of US airlines is largely completed, following WTC attacks 68. America (its capitalism, leaders, culture, way of life) is admired throughout the world 69. Americans are entitled to perpetual wealth and good times