Mark makes I think excellent points about the lack of proportion in the current mass media reporting concerning Brazil, and Japan. The reporting is abyssmal. I go out into the world and try to talk to people, and people I think who ought to have some economic sense just don't know. The consensus that the right wove in the U.S. is slowly unraveling, but for most people it is amazingly coherent in their minds that everything is alright.
Mark Friday Sept 18,98: "What's intersting about this list is that only ten days since Wall St started collapsing the 'so-far-so-good' syndrome has already set in. People are getting punch-drunk, not comprehending the scale of the bad news any more, or inventing sinister-but-comforting legends that the Masters of the Universe are actually inventing the crisis, which is at best a quarter-truth, in the same way that Neville Chamberlain and Daladier invented Hitler. The news is bad, and is getting worse; if the Brazil stock exchange had closed because of a freefall in prices six months ago, it would have consumed front pages for a day anyway; today it doesn't raise an eyebrow. Everybody knows that worse is still to come."
Doyle The only part here I don't agree with is the line everybody knows the worse is to come. What I think is the public is unprepared. That affects people on LBO, and elsewhere who might be more vocal but have to howl in the wind. There is at least this also, since everything is so hidden from view, even folks like us can't know what they are doing clearly enough to say this is going to happen today or tomorrow. Whenever we get caught in crying wolf and there is no wolf they get a little reprieve from judgment. That isn't to say that we ought to lay off pointing at the obvious, it is about the manner in which we want to get people's attention.
Doyle I think there is a process by which people gradually come to a point of listening to us, and we ought to be aware that we are building a movement now. We have a long ways to go yet, before the debacle really gets peoples attention, but finally things are building in our favor. Mass unemployment is happening outside the centers, and there the situation is getting close to upheaval, but notice how long it takes for areas where the crisis has hit hard, for people to get around to radical positions. Building a movement now is about solid clear education which people can hear. I am sure the experts will keep their current opinions, but I am talking about regular working folks whom I come into contact with. They have good reasons for their ignorance, and we need to observe respect for the time it takes to get things moving in our direction. One takes stands without grabbing someones lapels and shouting in their face. Some people are ready, but most are not. You are right in my opinion Mark with your remarks upon the odd sense of calm when so much is happening way out of control. The catastrophe is building every day. The elites are going to survive just fine, but people like me are going to get hurt soon enough. How much can we take before we get the point is still unclear?
Doyle Yes obviously you were talking about one trillion. I just wanted to have a little fun. But don't make the bet a case, for God's sakes man, who can afford such things? I can't. I could afford one shot to two shots of Lagavulin. regards, Doyle Saylor