Juggling Dynamite

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.

More interesting developments in the investigation into causes and culprits in the financial crisis: apparently Goldman Sachs is not voluntarily providing the documents requested by FCIC investigators in a precise and timely manner. They have drowned the commission in millions of electronic files, but not specifically and carefully what the commission is requesting. (The old ‘needle in a haystack’ approach.) The commission has now issued a subpoena compelling GS to provide specific items and cooperation.
I am not sure of the exact details here, but in my litigator days I recall vividly how big money can spend big legal fees to bury and subvert justice and truth. I think the Financial Crisis Inquiry Commission is correct to bring this story public. See Bloomberg: Thomas Says Goldman Is Attempting to`Inundate' FCIC If there is to be any restoration of faith in the financial system (and a civil society needs this), investment banks like Goldman have to see that they can no longer continue to game the regulators. There has to be zero tolerance now of big bank antics and political influence. If Americans are serious about change, taking a tough stance against Wall Street Banksters should be a pivotal issue in terms of which candidates win election in the US mid-terms this fall. We can hope.

I am in Vancouver speaking at the World Resource Conference this Sunday and Monday. It is one of the largest forums for resource investment in North America. You can learn more about the show, speakers and Agenda here on the Cambridge House web site. Attendees can register for free in advance on the web site. It is always extremely well organized and attended.