Gone with the wind
Maybe I should read this book. A great example of what happens when the world turns upside down, as it does every generation or so.
It was written by Margaret Mitchel in the roaring 20’s, but not published until 1936. She herself had little belief in the work.
Ritholtz put up a summary of “Pander to Power by Frederick Sheehan, with the thesis that Greenspan sold out America to Wall Street.
Based on the summary, much of the book quotes from Gone with the Wind, applying Rhett Butler’s advice to today’s world.
Thesis: when the world turns over, there is no such thing as a risk-free investment, or the traditional pyramid of risk (cash, bonds, stocks, …).
The Euro is falling. “Estimates of €1 trillion to save the Italian and Spanish banking systems are common, but, no one knows the side effects beforehand.” Talk about money printing!
We face the possibility of European capital controls to stop people moving their money offshore. Too bad, as the Swiss Franc and gold look pretty attractive.
Regarding money transfers:
Rhett was not forthcoming: “I couldn’t give [you money] if I wanted to. I haven’t a cent on me. Not a dollar in Atlanta. I have some money, but not here. And I’m not saying where it is or how much. But if I tried to draw a draft on it, the Yankees would be on me like a duck on a June bug…”