Sunday, September 28, 2008
On September 22 and 24, I posted on the financial crisis and related news (links: 1st post, 2nd post). Now I read in Asia Times Online an article by John Browne, dated Sept. 27, who I find surprisingly in agreement with my own meditations.
Like I did, Browne, described as market strategist, whatever that means (an economist specialized in stock markets, I guess) ponders the further indebting and potentially inflationary effects of Paulson's "bail out" and, like I did too, he believes that it is a clear case of "too little, too late".
No, I dont think he is plagiarizing my ideas. He has also other stuff that is different enough (for instance I did not considered that the $700 billion means actually 1 trillion and is probably just the beginning of a series of similar operations) and it would be really odd that a reader of this blog writes in a Hong Kong magazine I happen to read now and then. What I think is that his opinion, so strikingly similar to mine, suggests that I was onto something.
Of course, to be two to agree doesn't mean to be two to be right... but it's pretty much suggestive - specially when it is not the official opinion.
By the way, if any reader is thinking in investing, Browne suggests gold. And I must admit, I do agree with him.
And another article at the same online magazine, by Chan Akya, is also interesting to read in this regard, specially because it considers the actual figures of indebtment that the USA has incurred into with the latest interventions. Paulson's trillion is just the tip of the iceberg.