[arete]

There are more good quotes here than I've seen in any 10 financial articles posted here

Yeah, I thought that you might like this interview. He's one of them Austraian guys. :-)

Richard W.

[meenie]

I've given up on the Japanese model of a fifteen year depression. The Japanese have a real savings rate but most of it is laying under the mattress. We are looking at a situation near the Argentina model. They had a 30% inflation rate due to their printing press.

When the peso converted to the American dollar, this eliminated any confidence in the value of their peso. We face a similar problem when the dollar run starts with our foreign debt holders.

The last one out the door will realize his dollar is worthless. We don't have the saving, our manufacturing base is destroyed, we are not self sufficient, we will be similar to the Argentinians where no one will trade with them because their currency is worthless. We had savings during the Great Depression and a value to our coinage.

Today the savers can put their money under the mattress and it will be destroyed in the depreciation that is coming. I think that hard assets such as gold and silver will be the only thing that will stand the test.