Ok a couple of nights ago I had dinner with some very bearish commentators. I mean dark as night: some are talking Dow 1000, guns, gold bars, and bunkers in the yard. Most of course are big gold bugs. In truth most are also talking their book as they run gold funds or gold brokerages etc. So their views are not without bias at this point; but I think most are truly convinced of their fears and forecasts. Maybe they will be right.
I am certainly no Perma-bull, and I definitely have concerns about debt trends and the present elevated market price of many “assets” in the world today. But before we dive into the depths of fear and despair, here is a question that comes to mind for me: if not today, when in the history of the world would have been a better time to live?
Seriously, when? Middle ages? Victorian era? 1920's? '40's? '50's? 60's? When? Mull that one over. And I don’t mean when you were 20 because you had better skin. I am talking about quality of life, freedoms, knowledge in the world.
None of the “night of the bear” folks could name an era they would chose over today. I can't either. With all our human errors and sadness as we look back in history I still feel that the evolving story of humanity has been net worthwhile. I believe that we will solve today's worries, and we will develop new ones. This is our story.
None of this is to say we shouldn't be careful, conscientious and practical. I think we must. But in the meantime, we also need to keep looking for the light. It is there if we wish to see it.
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