Thursday, Jan 22, 2009
Don't take it personally, it's a global problem.
FDR: The New Millionaire Lifestyle
Once considered unthinkable, many banks have decided to check their reputations at the door and beat a path to the lender of last resort, in a desperate gambit to survive:Once considered unthinkable, many banks have decided to check their reputations at the door and beat a path to the lender of last resort, in a desperate gambit to survive...
Posted by gardeniadotnet @ 11:44 PM (286 views) Add Comment
1 Comment
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1. drewster said...
Nice post. However the author doesn't see the elephant in the room: there is no such thing as risk-free interest.
Consider a single ounce of gold, invested at the birth of Christ at an interest rate of 4% per annum. Today it would weigh more than the weight of the earth itself.
This is obviously impossible. In practice the money invested would be lost in wars, bank failures, bad debts, sunk ships, etc. There is no such thing as guaranteed above-inflation returns, it is physically impossible.