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Market Currents

Thursday, June 18, 2009
1:43 PM TweetThis
  • Mark Sunshine on U.S. vs. the world: "I strongly believe that we have the best system, government, population and natural advantages in the world... I haven't seen a lot of people make a lot of money betting against the USA over the course of a generation."
    Peter Schiff's retort: "We HAD the best system."
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This news story has 6 comments:

  •  
    Even after the American Dream has proven to be just that - nothing more than a dream - some people still keep... dreaming.
    2009 Jun 18 01:50 PM Reply
  •  
    That's why they call it the "American Dream"... some people take their dreams for reality
    2009 Jun 18 01:53 PM Reply
  •  
    Did Sunshine work in Saddam Hussein's PR department?

    "There is nothing wrong here. We have defeated the evil mortgages!!!! The credit market problems have been crushed!!!!"
    2009 Jun 18 01:57 PM Reply
  •  
    As usual, these statements failed once the qualifiers are analyzed. "over a generation" is the key.

    Many people have made money betting against the US in previous generations.
    2009 Jun 18 02:11 PM Reply
  •  
    The American Dream is not that of wealth, but of freedom and liberty. As of late, we are losing all three at an alarming rate.
    2009 Jun 18 02:14 PM Reply
  •  
    Harry, I apologize for not being clear in ,my previous writing. The reference that you are pointing to was an on line conversation/debate and at the time I was typing as fast as I could.

    The qualifier about "over a generation" was only meant to acknowledge that in the short run the US stock market goes up and sometimes it goes down, but over time the US is the best bet in world.

    In the debate with Peter when I typed the statement you are referring to I tried to qualify it so that Peter wouldn't be able to reply with a trading range retort.

    But I want to be clear, there isn't any place else in the world that I think has a better economic system or government than the US. I think we are all lucky to live and work here and when the chips are down the US is the best that world has to offer. We have the most dynamic society and a system that self corrects itself. The US is the model most of the rest of the world. And, for the part of the world where we aren't the model I think that the other systems and governments are far behind the US (and the standard of living and freedoms far behind the US).

    All around the world it is the US that ordinary people turn to and ask for help and leadership.

    I have traveling throughout most of the world and worked in many countries. While many other countries are great places to live, what makes the US special are things like the independent judiciary, predictable property rights (both real estate and UCC), unquestioned civil rights and no realistic fear of civil unrest or insurection that distinguish the US from other places. The news of the last two weeks in Iran is another example of what makes the US different. US elections (in particular the counting) are the fairest we can make them and if an election goes the wrong way or seems "fixed" there is a court system that will decide and the decision will be respected. Many other countries have some of the attributes of the US but few countries (if any) have a combination of these attributes.

    People in the US take what we have for granted.

    I think that people all around the world pretty much want the same things: to have a job and a family, to live in safety and not in fear. I think that people around the world are much more similar than they are different and generally I am an optomist. However, the US is a very special place and while I disagree with many things we do as a country I try not to forget the benefits that I have and not the issues that I disagree with.

    I don't think we are losing freedom or liberty. Quite the contrary.

    As for wealth, the economy runs in cycles and this isn't a good part of the cycle.

    While I think that we are going to recover I do think that the level of per capita wealth that was enjoyed in 2006 probably won't be realized again until 2016 or later. However, that loss of wealth doesn't mean that we are poor as a country and isn't the fault of the current administration who is trying to fix it (it may not even be the fault of the prior administration).

    I wouldn't bet against the US at any time but I don't want my statement to be taken out of context which is why I qualified it.

    I hope this clears up the confusion and I apologize for not being clearer a few days ago.

    On Jun 18 02:11 PM Harry Tuttle wrote:

    > As usual, these statements failed once the qualifiers are analyzed.
    > "over a generation" is the key.
    >
    > Many people have made money betting against the US in previous generations.
    2009 Jun 22 04:44 PM Reply
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