An Unofficial Tracking Blog of World Famous Financial Gurus.
This blog tracks famous financial gurus' market commentary, investment ideas, video interviews and media appearances.
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19:46
As H.L. Mencken opined, 'The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, and intolerable.'
It is no wonder that, according to a Gallup Poll conducted in early October, a record-low 14% of Americans thought that the country was headed in the right direction, down from 30% in September. That's the biggest single-month drop in the poll since the shutdown of 1990. Some 78% think the country is on the wrong track.
Some readers will, of course, ask what this expose about the political future has to do with investments. It has nothing to do with what the stock market will do tomorrow, the day after tomorrow, or in the next three months. But it has a lot to do with the future of the US (and other Western democracies where socio-political conditions are hardly any better).
I have written about the consequences of a dysfunctional political system elsewhere. In May 2011 I explained how expansionary monetary policies had favoured what Joseph Stiglitz called 'the elite' at the expense of ordinary people by increasing the wealth and income of the 'one percent' far more than that of the majority of the American people.
19:39
The 19th century may have belonged to England and the 20 century to the United States, but the 21st century belongs to China, says American investor Jim Rogers.
Rogers, the billionaire co-founder of the privately owned hedge fund Quantum, made the comments on Nov. 16 at an economic forum in Nanjing, the capital of east China's Jiangsu province, according to a report from the state-owned China News Service.
During his speech, Rogers said he has strong confidence in China's future development based on his personal experiences over the years. The 71-year-old said he has toured the world twice, the first time in 1990 when he visited more than 50 countries in nearly two years, and again in 1999 when he visited 116 countries over three years. He said he was certain that the 21st century would belong to Asia — and in particular, China — the first time he visited Nanjing in 1984, when China was undergoing reforms and opening up.
Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131118000021&cid=1202
