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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (1372)	2/27/1999 10:27:00 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 1722

>>62 years of becoming "more inevitable"? Of being "lucky"? This sounds like a prediction that evades easy disconfirmation -- no matter what the evidence. Non? << I agree with you. You've made that point in the past and it's a very good one. I'm not really sure what he meant by inevitable. Especially considering that if everyone else is printing money at a similar or a more rapid pace the dollar will remain relatively strong. The Austrian's have an end result for that scenario but I am not familiar enough with it to discuss it. I will say that I do believe that "there's a lot of ruin in a country". It can take a long time for bad policies to have an impact and there are lots of ways to delay their manifestation. The best analogy I can come up with is smoking cigarettes. It usually takes a long time for the symptoms to show up or lead to death. And many people keep smoking despite the warnings from their friends until it's too late because there are no symptoms. I think much of the recent turmoil in currency markets is in part a manifestation of going off the watered down gold standard in the early 70s'. (Nixon) Almost every country that blew up had a large current account deficit as one symptom. The flow of gold out of a country used to keep those sorts of imbalances under control. So one might say that it took 29 years for "this" system to start coughing. And interesting enough I read articles from that time that predicted just this sort of stuff. Wayne