"Now, instead of savings bonds, we equate patriotism with supporting the price of CISCO at $14 a share and making sure the malls are full of shoppers pushing each other aside in order to purchase the newest upgrade of Nintendo. Strange isn't it - how we've changed, what we consider to be important, how dependent we've become on consumerism and the 'market.' As an aging American with Eisenhower roots, I lament that transformation, although I've done more than my fair share to support it. As an investor and quasi economist, however, I accept it as a modern day reality and must analyze its future without passion or even a hint of patriotism. If America is indeed going to war, will its citizens buy a share of CISCO and another Nintendo, or will they buy a savings bond? Spend or save? Or better yet, when will we as a nation be willing to take chances again, to take risk- which is and has been the essence of our capitalistic society for centuries."
The rest is here:
http://www.pimco.com/bonds_commentary_investmentoutlook_recent_index.htm
Chris