Subscribe to Inside Report (Click Here)    Join in discussions about economic matters by  Clicking Here

A Personal Note

If you know of a company that is recruiting for an innovative sales and marketing professional (I possess an MBA in addition to proven success with turnaround situations), please send me a note by clicking here.  Thanks!

Weekends: We feature more in depth analysis for subscribers who pony up the modest $30/year subscription fee.  This week we look at the lifestyle implications of several major trends now changing course.  More info click here.

Elections After Doomsday

There are two versions of the same story this morning that deserve your attention - and both are about the plan to hold special elections within 45 days should the US Congress be attacked and lose 100 or more members.  BBC Coverage at http://news.bbc.co.uk/1/hi/world/americas/3652169.stm while AP coverage is at: http://apnews.myway.com/article/20040423/D8245VJG0.html   We think it's kind of interesting how we got through an entire Cold War era with the Soviets aiming missiles at us and never felt compelled to build a doomsday plan.  Yet today, we're doing just that.  Kind of a sad commentary on the power of asymmetric warfare, huh?

NK Rail Disaster

The reports are all over the board - how many died in the NK rail explosion yesterday?  We know that at least 54 are dead, but there is speculation that the death toll be really be in the hundreds because more than 6,000 homes were reportedly destroyed.  Some mess, huh?  http://english.aljazeera.net/NR/exeres/503BE62A-BAD4-41D4-844D-237BEFCF46DD.htm   But now, let's ask ourselves what might have caused this?  Our leading candidate is human error by rail workers.  Our second guess would be a foreign intelligence bombing/sabotage to slow down the flow of munitions components, while our third choice is an ill-times assassination attempt on NK's strongman leader, who was through the train station 9-hours earlier...

Slavery Still Around

UNICEF this morning is out with a report that 'human trafficking' is still going strong in Africa.  http://ap.tbo.com/ap/breaking/MGA5AD54ETD.html We note that the term 'slavery' seems to be less used, perhaps because it's less PC sounding?

Bush's Recovery: Overseas, anyway...

The IMF says that the global economic picture will get massively better over the next year or two. Click over to http://english.aljazeera.net/NR/exeres/C56A61F2-8C52-4841-B158-D16A392D30B4.htm and then ask yourself how the jobs picture is looking in your neighborhood.  Which gets us to...

Readers Track Jobjacking

One of our fellow Texas Republic readers sends along this snip on jobjacking:

"A technology labor group on Thursday launched a Web-based tool designed to

track the number of jobs U.S. companies send overseas. Since April 1, 2001,

U.S. companies have "offshored" at least 160,785 jobs, according to the

Washington Alliance of Technology Workers. The group, an affiliate of the

Communications Workers of America (CWA) union, is running its "Offshoring

Tracker" with the CWA. The organizations said the project aims to help plug

a gap in information about the controversial offshore trend. "We know we're

seriously undercounting--but it's a count," Tony Daley, CWA research

economist, said in a statement. "Nobody else is counting. And there is a

conspiracy on the other side to not count at all."

http://zdnet.com.com/2110-1104_2-5192150.html?tag=adnews 

================================

Lou Dobbs on CNN reports regularly on firms sending American jobs oversees.

To see a list of such firms, visit Lou Dobbs' Web site:

http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/ . Scroll down the page to

the second heading "Exporting America."

================================

Heading West

We received with interest a note from "Our Cynical Tim" - our Canadian correspondent, who sent us this:

http://biz.yahoo.com/rm/040422/markets_energy_gasoline_1.html 

Haven't heard if any of those 2 US gas refineries that "caught fire",

one in Texas, are back online yet!

More BS excuses here for the sheeple to swallow.

Despite the gas prices, we take off this morning for Phoenix, where Elaine will visit a son while I single-handedly take on LA start6ing Sunday night.  We expect to get underway about 11 AM Texas time, and we'll drive till about 8.  I will be keeping a radio watch on 14.220 +/- and the call sign is AC7X.  Best times will be top of the hour... if the band is open, I'll get to play with the radio (while Elaine drives) and if conditions are poor, I will nap till my turn at the wheel comes up.  I've found an extended stay place in Burbank that's inexpensive, has a kitchen, pool, and BBQ area and looks reasonable.  We'll see, huh?

Still haven't been able to hook up with a broker yet - seems the recommendations made so far have not bothered calling back - so if you know of one with Hollywood/Burbank expertise, have them email by clicking here.

Travel is always fun and we expect to take a fair number of pictures along the way.

For Subscribers:  An interview with one of the better known characters in the renewable energy business plus a bit more about the web bot runs.  Subscription information by clicking here.

Thursday

Web Bot Run Part #1

Our colleagues at www.halfpasthuman.com have posted the first part or the latest web bot run.  It comes thanks to a failing ISP which made available three servers, a T3, and a big SAN, so the data set was large - about 38.5 million reads.  What's interesting about the run is the kinds of entities that evolve, starting with 4/25 when we have entities in the model that add up to "Miseries of All Kinds/Well of Sorrows/Failure of the Return.  I won't tell you what they all mean or discuss details, but some of the entities that have popped out included "Flowers of Explosions" that has something to do with Comets, The Wars, which refers to the WOT, Iraq, and a host of others.  Related is an entity called "Confusion" which involves a retreat.

Some of the most worrisome aspects involve September, where a slow decline from the status quo getting underway in late May gives us a sense of crashing markets.  A small snip:

"Either within the last weeks of August or within the first 10 days of September, the [markets] will reach a period of 7 days which will have a 10 year impact. These 7 days of [denouement/completion] will lead to a [shock/impact] as a result of a [stranger/unknown element] which will lead to the [king] imposing [travel/trade] [bans]. One interpretation is that some event or information is revealed which leads to a bank or market 'holiday' imposed by the government in which trading is not allowed. This [ban (on travel/trade)] will NOT be recovered from for a period of 10 years *likely meaning 'a long time' rather than specifically a 10 year period.

The full report is available to Half Past Human subscribers ($30/year) and I strongly recommend subscribing.  Details and signup at. http://www.halfpasthuman.com/HPHSUBSCRIPTION_INFO.htm  Between our Inside Report and Half Past Human  reports, I think as person can get an excellent perspective on the kinds of things to be ready for as the future shows up. HPH will post a second half of the bot run this weekend.

Driver?  War Costs

We notice that the cost of waging the war in Iraq is now costing nearly $5-billion dollars a month.  http://biz.yahoo.com/ft/040421/1079420518308_1.html.  Throw in some additional troops, the start up costs of the draft coming back, and you get the sense that maybe finances will start to unravel. 

If you click over to the Treasury Department's "Public Debt to the Penny" page at http://www.publicdebt.treas.gov/opd/opdpenny.htm you will see that the public debt has increased 5.6% just since September 30,2003.  That would put the annual rate of increase at something approaching 10-11% and to our simple-minded way of thinking, you can't have an essentially flat  economy, no increase in jobs, and a big hike in Public Debt without inflation coming along.

Driver? Interest Rate Hike   

Our Canadian Bureau Chief, the intrepid Tim B spotted this as worthy of note:

"From a forum tonight , a person whose job is grading/approving industrial loans:

The Foreclosure Frenzy is about to begin.

Can you feel it?

The process is already begun.

Just received formal notice from the Office of Comptroller of Currency that all commercial real estate loans on the books must be immediately stress tested for a 2% increase in interest rates.

Those which do not meet the usual debt coverage ratios must be immediately placed on Credit Watch, and the banks must assign a loan loss reserve to it.

The Treasury Dept. is already freaking out. To receive a notice like this from the OCC so fast means danger is afoot......

Driver?  Resource Wars

Meantime, another reader sent in the following: 

Go read: http://new.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-334683-C:DNI&symbol=DNI&news_region=C&name=Dumont+Nickel+Inc&title=Dumont%20shares%20its%20Attawapiskat%20hunt   DeBeers is building a diamond mine near the James Bay coast. This is interesting because for a long time the UN cabal has targeted the James Bay to be separated from the Hudson's Bay by a dam, and the water moved south, presumably to the United States. I think the diamond mine is a pretense for starting this process. I'm not convinced there is an economic diamond discovery at this point. My 'guess' is there has been some financial agreement as to development costs. There are some powerful people who want to see Canada's water moved to the United States, by hook or by crook.

President of Texas Entry

Here's a press release worth knowing about:

Fellow Texians and Supporters,

It is with humble heart and not a small amount of excitement that I announce my intention to seek the Office of President of Texas in the fall elections.

I wish first to thank those who for the past months have counseled and encouraged my candidacy.  I will need their support in both the campaign and in Office, should the good People of Texas choose to place me there.

Though I will release a more detailed Position Paper in the near future to specify my stance on a number of issues, I would like to take a moment of your time to illuminate some of the more pressing matters.

I believe that the months ahead hold many challenges for Texas.  Our occupiers have demonstrated a disturbing trend towards imperialism, which includes our situation.  The news has carried increasing coverage of the draft legislation moving through the US congress.  This has profound implications for our People should it pass or fail.  If it passes, most certainly the US will attempt to conscript our People, and if it fails, there will most certainly be an act of "terrorism" to press the issue.  Texas is home to many targets of opportunity for such an act.  We must prepare to defend our Nation in either case.

Texas Independence has suffered much fractionalization and many setbacks that require a firm and fair leader to repair.  Further, the time is drawing short to do so.

Texas needs leadership with a global view and a strong sense of economic matters.  Our Nation is past time to consider trade and international relationships, and to act upon them.  The times do not call for timidity or frailty.  It is time to advance our cause with pride and strength.

Texas needs to prepare for an influx of new Citizens.  The events in and actions of the world at large are going to cause a mass movement towards alternatives, and we must be ready to educate and assimilate those who have lost faith in the status quo.

Finally, there is the sensitive issue of secure borders.  The occupying forces have demonstrated a profound aversion to protecting our Land and our People.  This situation calls for leadership that is willing and able to make tough decisions and stand by them through the storm of aversion.

Today is the 168th anniversary of our Forefathers' astounding and decisive victory over a vastly more powerful adversary.  My great uncle's name, William Davis Durham, appears on the plaque at San Jacinto.  It is fitting on this date that I announce my desire to continue his labor and dream into our own age.

I ask for your support and your vote in September.  I seek also your counsel, as only Texians know what concerns them most.  If you wish to volunteer, or express your opinions, please feel free to write me.  As things progress, I will be adding additional channels of communications to make myself available to the Great People of Texas.

Of greatest importance: if you have contacts in our alienated Lands in the north and west (New Mexico, Oklahoma, Colorado, and Wyoming), please encourage them to join in our effort.  Greater than all other matters, we must ALL vote and become active in Independence.

It is well past time to rekindle the spark of Bulverde and San Antonio, and to boldly march into the future as a Nation and a People, united in cause and effort!

Remember the Alamo!  Remember Goliad!  Remember San Jacinto!  Remember Waco!

Sincerely,

 

Bernard Grover

Houston, Texas

We note that Texas may be the only state in the Union that could be truly self-sufficient.  Everything from energy to food.  Yessir, a nice place to be. If those HPH travel/trade restrictions really come about in September, I'm hoping that the Texas drivers license will be accepted as proof of Texas citizenship.  It's still a Republic you know...not a "state" or "commonwealth".

Wednesday

78 Dead in Car Bombings

While the market is fretting about the twists of a phrase coming from Alan Greenspan coming later today, a lot of investors are missing the Big Picture:  We've got the Middle East whipped up to where in a few months, we could be facing multiple civil wars.  We already have something akin to that going on in Iraq, where 68 people were killed by car bombs in the southern part of the country overnight: http://news.myway.com/top/article/id/256517|top|04-21-2004::07:27|reuters.html.  And then early today in Saudi Arabia, a car bomb near a security forces building has killed at least 10 more.: http://news.bbc.co.uk/1/hi/world/middle_east/3646195.stm. 

This is all causing a manpower scramble because if the U.S. were to lose in Iraq, which is a very possible outcome, there would then be an increasing chance of the U.S. losing in Saudi Arabia.  Two tracks to follow here.  One is the Pentagon has been busy over the past couple of weeks figuring out who among the few remaining US forces at home could be sent overseas: http://financialtimes.printthis.clickability.com/pt/cpt?action=cpt&title=Pentagon+sounds+out+troops+for+Iraq+backup&expire=&urlID=9984601&fb=Y&url=http%3A%2F%2Fnews.ft.com%2Fs01%2Fservlet%2FContentServer%3Fpagename%3DFT.com%2FStoryFT%2FFullStory%26c%3DStoryFT%26cid%3D1079420477022%26p%3D1012571727085&partnerID=1734

while the other is the return of the draft http://news.yahoo.com/news?tmpl=story&cid=1521&u=/afp/20040420/pl_afp/us_iraq_military_draft&printer=1 being championed by folks like Senator Chuck Hagel.  What's interesting to watch is how the spin is being placed on this, especially how it's positioned initially as an "equal rights" deal.  Hagel is saying, in effect, that without the draft, not all segments of the population will be serving equally.  By extension, what the militaristic wing of the Republican part is doing is setting up actions so that to vote against the draft will be see as a vote against equal rights.  Clever spin, to be sure, and with 135,000 troops in Iraq, where are we going to get the additional troops to occupy Saudi Arabia, Qatar, the UAE and perhaps Venezuela so we can all drive gas guzzling SUV's?

Privacy Worries

Europe's parliament is planning to ask the EU's highest court about an agreement to share info on airline passengers with the U.S.  All kinds of opportunity for abuse and the EU is worried: http://ap.tbo.com/ap/breaking/MGAXEU6FBTD.html  Another story to keep an eye on:  Turns out there are more hacker concerns about the Internet: http://apnews.myway.com/article/20040420/D822OE4O0.html

When Greenspan Speaks...

When Alan speaks, markets move: http://www.nypost.com/business/19177.htm. With the market down yesterday on Greenspan talk, I'd expect him to do some "happy talk" today to hype the market a bit.

George & Elaine Head West

Looks like my long awaited trip to L.A. for a consulting project which could turn into living semi-permanently in California again for a while is back on.  Still, we should be able to maintain basic continuity of our daily updates.  Panama will be looking after the ranch as he was before...  Tentatively planning to leave on Friday morning (14.200 USB +/- QRM on the 20 meter ham rig in the car).  Elaine will be visiting with one of her sons in Phoenix while I continue on to single-handedly take on the LA area. If you know any good commercial real estate folks in the Burbank, Hollywood area, send along their contact info because one of my tasks is relocating a business. (click here to send)

Cleaner Lungs

Madison Wisconsin has become the latest place to ban smoking in bars and eateries: http://ap.tbo.com/ap/breaking/MGA5D8FFBTD.html. Fortunately for tobacco company profits, they can still peddle death overseas. 

Tuesday

It's a Civil War

Later today, the Association of Alternative Newsweeklies will be releasing what promises to be another bombshell about Iraq.  Apparently the gist of the story will be that even some top experts within the U.S. government think it's now a civil war, not a war on terrorists: http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1000491093.  That's not exactly news to us - as we have seen this one coming since day one. Still, if we start calling it Iraq's Civil War, people might start thinking about how it got started...

Al Qaida Targeting Plans

Our military sources have passed along some releasable information about what al Qaida might do next.  Although it doesn't seem to be getting much play in conventional media, there's an interesting article in one of the al Qaida training magazines. It talks about what kind of targets to hit in big cities: http://www.intelcenter.com/Qaeda-Targeting-Guidance-v1-0.pdf is definitely worth reading as it puts the religious aspects of the war into perspective. Good place to visit now and then, www.intelcenter.com

Bush Leading Kerry

Yeah, amazing, isn't it?  Here we are stuck in a deteriorating situation in Iraq and Bush is still leading Kerry says the latest poll: http://usatoday.printthis.clickability.com/pt/cpt?action=cpt&title=USATODAY.com+-+Poll%3A+Bush+support+holds+despite+Iraq%2C+9%2F11+hearings&expire=&urlID=9970010&fb=Y&url=http%3A%2F%2Fwww.usatoday.com%2Fnews%2Fpoliticselections%2Fnation%2Fpolls%2F2004-04-19-gallup-poll_x.htm&partnerID=1660. Don't get mad at me - I just report this stuff

Earth Oddities: Hot Times in China

Beijing, normally not too terribly hot hit 29 C on Monday: http://interestalert.com/brand/siteia.shtml?Story=st/sn/04190000aaa01a72.upi&Sys=siteia&Fid=WORLDNEW&Type=News&Filter=World%20News

Shell Fallout

You'll remember that Shell is the first of the big oil companies to "come clean" on overstated reserves.  Seems like 8it's turning into a new kind of finger-pointing festival: http://ap.tbo.com/ap/breaking/MGAOG2L0ATD.html  Somehow, these big scandals bring out the best and worst in folks.

Greenspan Watch

Gold is soft this morning - seems the world is waiting for Greenspan's next appearance before Congress.    See:  http://www.forbes.com/reuters/newswire/2004/04/20/rtr1337641.html   You already know what I think of Greenspan lately, right? Click here if you don't

Adventure's of Junior

I mentioned to you that my son, not really junior but the second (II) put himself up for auction on eBay recently.  I wanted to share the outcome of his humorous efforts to find a girlfriend/raise a little cash.  "Hi, this is [name deleted] from the FBI.  You the fellow who has that ad on eBay?"  The long and short of it was that G2, being the same kind of quick study as his old man, decided to pull his ad rather than face feds.  Duh.  Anyway, the latest eBay item to note sent in by a reader is at http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=1607&item=2375751781&rd=1 and it's a complete missile site  - perfect for the survivalist in you and only $ 4-million.  Not far from George, Washington, which is just up the hill from Vantage, Washington as you drive I-90 toward Spokane.  (Find Ellensburg, WA and go east).

Monday

The Aussie Oil Grab

While the War in Iraq - not going well at all - continues to grab the majority of headlines in U.S.-centric media, there's a new round of talks due to open today in the Aussie oil battle (Maritime Boundary dispute) between (BIG) Australian and (small) East Timor interests over oil and gas reserves and leasing in the East Timor Sea.  What makes this so interesting is that Australia has offered exploration leases which are much closer to East Timor than they are to Australia and unlike the Middle East, where we marched into Iraq on the pretext of "securing freedom", the East Timor area is already under UN protection.  Click over to http://www.etan.org/news/2004/04move.htm for a run down on the East Timor perspective.  Addressed to the Australian government and people, the site says:

"We appreciate your honesty in admitting that your current exploitation of contested areas is a direct continuation of Australia’s support for and profiting from Indonesia’s illegal occupation of our land. But we do not appreciate your brute-power approach. It is not up to Australia alone to “accept” East Timor’s claim -- this is a matter to be resolved through negotiations or, if negotiations do not succeed, by an impartial legal process. It is a question of right, not might.

Unlike Australia, we are not a “lucky country.” One third of our people gave their lives for our independence, resisting and eventually overcoming a brutal invasion and occupation by Indonesia. Although your government finally came to our assistance when independence was almost assured in 1999, we remember that between 1975 and 1998 Australia gave diplomatic, military and political support to Indonesia’s illegal annexation. One significant factor in Australia’s deciding to abandon our people, who had helped you so much during World War II, was that you believed Australia would have easier access to Timor Sea petroleum under an Indonesian-controlled regime. Australia still bears the shame that you were more interested in oil money than human lives."

The East Timor view continues to make economic points about Australia's oil hegemony in the region:

"But when it comes to the Timor Sea, your generosity rings hollow. Since our liberation in 1999, Australia has been collecting money from the Laminaria-Corallina oil field, far closer to our shores than to yours. Your government has taken in more than US $1 billion in revenues from this area, and we have received nothing. During the same period, AusAID programs in East Timor have cost you about $100 million, with some additional expenses for your soldiers here (although you would have pay and feed those soldiers even if they stayed home). During 2003, the Commonwealth collected about US $172 million from Laminaria-Corallina, more than twice our government’s entire budget. "

Because of UN involvement, a whole lot of naked facts, and a country that is already "free" in the sense that the UN already more or less occupies the place, we're anxiously awaiting to see how the spinmeisters crank this one around to give the Australians and excuse.  I've already got the advertising slogan figured.  How about this:  East Timor:  Australian for Oil.

Venezuela Hardens

Oh, that darn President Chavez!  Now here's saying that he will stop selling oil to the US if we don't stop messing around in his country's internal affairs. http://ap.tbo.com/ap/breaking/MGAJ6EDW7TD.html   How dare he - who does he think he is, anyway?  The President of an independent country?

After reading Matt Savinar's new book this weekend, The Age of Oil is Over  ($20 as an e-book at http://www.lifeaftertheoilcrash.net/Purchase.html ) you can quite clearly see where the future takes us.  If you liked the Iraq Wars, wait till the next ones.  We either have oil or we have the greatest Depression ever - although we'll probably get both anyway, but we can string it along a bit longer.  Best quotes from Matt's book (my take on it anyway): "Life without cheap oil is going to be just like life during the Bible.  Well, at least the bad parts of the Bible."  Second best quote: "How many people, in which nuclear-armed nation, are going to stave before they feel they have nothing to lose by initiating a nuclear war?" 

Also read the BBC story: When the last oil well runs dry at http://news.bbc.co.uk/2/hi/science/nature/3623549.stm.  Though what the article misses is that disaster is not when the last oil well runs dry at all: It's when the oil supply undershoots minimal demand to keep the economy growing.  Think of the economy like a light bulb.  As long as it's getting slowly brighter we have growth.  Turn down the juice (pick your flavor, oil, gas or nuclear) the light dims - and with it, the whole economy drops... Inputs=Outputs  More reading: The Association for the Study of Peak Oil & Gas at http://www.peakoil.net/  and read ExxonMobil's outlook at http://www.peakoil.net/Publications/20040201ExxonMobil.pdf

Rice Pudding

Condi Rice is not happy with Bob Woodward of the Washington post because his new book claims that Bush 43 decided to go to war in Iraq in January of 2003.  Nope, says Condi, he didn't really make his mind up until March of 2003.  The situation is a pudding of endless details and 'he said - she said' kind of stuff, but if you're not busy and want to wade through it, check the NY Times story at http://www.nytimes.com/2004/04/18/international/middleeast/18CND-TALK.html?ei=5006&en=075dc165e8ba3da6&ex=1082952000&partner=ALTAVISTA1&pagewanted=print&position=  Would you mention to Diogenes of Sinope that he can completely skip Washington, DC in his quest for an honest person?  If you've forgotten Diogenes click http://www.dearauntnettie.com/museum/museum-diogenes.htm

Not When They Shoot at Us

OK, what do you call it when you turn over control of a country to a coalition of hand-picked people, but you don't give them control of their own military and their own police forces?  That's what's going with Governor Bremer saying the Iraqi's aren't ready to run that end of things: http://apnews.myway.com/article/20040418/D821E8U80.html.  Let's see: We train them, give them guns, then they turn them on us.  http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-18-2004/0002153599&EDATE= Yup, sounds like a civil war to us. 

What's Al Saying?

Is Alan Greenspan getting back to his 1967 belief in gold, wonder's our Canadian correspondent Tim B?  Tim & I have both read Greenspan's speech "Capitalizing Reputation http://www.federalreserve.gov/boarddocs/speeches/2004/20040416/default.htm made last Friday to a financial group at Sea Island Georgia and delivered to them via satellite.  The part that makes us wonder:

"In fact, most bankers, especially on Wall Street, competed vigorously for reputation. Those who had a history of redeeming their banknotes in specie, at par, were able to issue substantial quantities, effectively financing their balance sheets with zero-interest debt. J.P. Morgan marshaled immense power on Wall Street in large part because of his widespread reputation for fulfilling his promises.

Over the past half century, the American public has embraced the protections of the myriad federal agencies that have largely substituted government financial guarantees and implied certifications of integrity for business reputation. As a consequence, the market value of trust so prominent in the nineteenth century seemed unnecessary and by the 1990s appeared to have faded to a fraction of its earlier level.

Presumably, we are better protected and, accordingly, better off as a consequence of these governmental protections. But corporate scandals of recent years have clearly shown that the plethora of laws of the past century have not eliminated the less-savory side of human behavior.

We should not be surprised then to see a re-emergence of the market value placed on trust and personal reputation in business practice. After the revelations of corporate malfeasance, the market punished the stock prices of those corporations whose behaviors had cast doubt on the reliability of their reputations. Recent allegations on Wall Street of breaches of trust or even legality, if true, could begin to undermine the very basis on which the world's greatest financial markets thrive. Guilty parties should be expeditiously punished. Some practices and rules have outlived their usefulness and require updating. But in so doing we need to be careful not to undermine the paradigm that has so effectively governed voluntary trade. Rewriting rules that have served us well is fraught with the possibility for collateral damage.

I hope and anticipate that trust and integrity again will be amply rewarded in the marketplace as they were in earlier generations. There is no better antidote for the business and financial transgressions of recent years.

Sometimes when I read Greenspan, I feel like I'm reading the lyrics to the Crash Test Dummies song "God shuffled His Feet..." http://www.allthelyrics.com/lyrics/crash_test_dummies/god_shuffled_his_feet/god_shuffled_his_feet/

"The people sat waiting
Out on their blankets in the garden
But God said nothing

So someone asked Him: "I beg your pardon:
I’m not quite clear about what you just spoke
Was that a parable’ or a very subtle joke?"

God shuffled his feet and glanced around at them;
The people cleared their throats and stared right back at him

Yup, that's how we feel lately reading Greenspan...

News from Elliott Wave International

On to Our Charts!

Write when you get rich - or sooner if you feel like it.

George Ure

Back to main page

All contents (c) 1998-2003 by George A. Ure, MBA, except authors as linked or noted