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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: philv who wrote (19544)	11/8/2003 4:37:36 PM
From: sea_urchin	Respond to of 81164

Phil, I have posted a response to your post #19543 in two parts. It seems SI doesn't like it all together.

To: philv who wrote (19544)	11/8/2003 5:19:49 PM
From: sea_urchin	Respond to of 81164

Phil > No end to articles warning about the debt crises. Yes, and I wonder who reads them let alone take notice of what they say. > Personally, my eyes are beginning to glaze over, the warnings of disaster from previous articles still echo in my ears. When that happens you are supposed to clutch tightly on to your bag of gold coins or bar of gold which is kept close by precisely for the purpose. > the world is still functioning, the party goes on and on and on, and we are re-assured from the highest sources that there is no end, that everything is just peachy. Even better than that. I listen to CNBC every morning and I hear "experts" proclaiming "growth" as far as the eye can see. > my sense is our standard of living is propped up by debt, that we are living high on the hog on somebody else's tab. I know it is wrong to saddle the next generation with our excesses Come on, you are thinking too much. Eat, drink, dance and be merry and let the next generation take care of itself. >who am I to question the wisdom of debt when it is hailed and exalted by the highest in the land? Just remember, and let this console you, that for every ten thousand Americans mulcted in debt and struggling to make ends meet, there is at least one banker who can buy a new yacht, a new plane --- and new gold bracelets for his wife and his mistress. > "The reckless financial policies of leading western powers in the last two decades make it likely that the next seismic debt crisis will be in America, not Argentina. It can be avoided, says Ann Pettifor of the Real World Economic Outlook, only by serious efforts to bring regulation and balance to the international economy." For she's a jolly good fellow and so say all of us, tra, ra. > Then there is this: "“America’s Growing Trade Deficit Is Selling the Nation Out From Under Us”" (Warren Buffet) I don't know what's bugging him. He knows the system better than anyone and has been one of its greatest beneficiaries. So why is he squealing now? Doesn't he want Halliburton, Bechtel, Carlyle & Co to have a turn at the trough?

To: philv who wrote (19544)	11/11/2003 7:11:33 AM
From: mcg404	Respond to of 81164

Phil, <But the world is still functioning, the party goes on and on and on...> Is this any different than warnings about the over-valuation of the US stock market 4 years ago? They are just needless worries, until they aren't. <But, who am I to question the wisdom of debt when it is hailed and exalted by the highest in the land?> I'm not really sure who you consider 'the highest in the land' but what is the source of our cultural messages? It certainly isn't institutions like churches (not saying that's a bad thing, but i think it was, to some extent at one point). Currently, I'd argue the government and the mass media are where people get info as to what society expects of them. Both these are 'owned' by business interests (government through campaign contributions, media through advertising income). To the extent that this is accurate, then i'd argue that there is a cultural bias towards reckless consumption vs prudent debt management since any business exists solely to get you to buy more stuff. So, the cultural messages makes sense if you believe, as i do, that they originate directly from a business perspective. John