In An Extreme Credit Crunch,

A Currency Serves Three Functions: Providing A Means Of Payment, A Unit Of Account And A Store Of Value. Gold May Be A Store Of Value For Wealth, But It Is Not A Means Of Payment. You Cannot Pay For Your Groceries With It. Nor Is It A Unit Of Account. Prices Of Goods And Services, And Of Financial Assets, Are Not Denominated In Gold Terms.

Edward Conard Provides A Provocative Interpretation Of The Causes Of The Global Financial Crisis And The Policies Needed To Return To Rapid Growth. Whether You Agree Or Not, This Analysis Is Well Worth Reading.

Once You Run Current-account Deficits, You Depend On The Kindness Of Strangers. This Might Be The Beginning Of The End Of The American Empire.

If We Didn't Have Greed, Market Economies Wouldn't Be As Innovative As They Are. But In My View, Greed Has To Be Contained By The Fear Of Losses, So There Has To Be A System Where, If You Take Too Much Risk, You Go Into Bankruptcy. You Don't Systematically Bail Out People Who Take Excessive Risks.

I Believe Investors Should Invest For The Long Run, So I Don't Buy And Sell. I Usually Maintain The Classic Index Of Global Equities, Diversified U.s. And Global And Emerging Markets, And When The Risk Is Larger, I Diminish The Amount In Global Equities And Put More Into Liquid Assets - But Very Irregularly.