That deflating feeling


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“I would rather lose half of my
shareholders than half of my shareholders’ money.”

 

       Jean-Marie
Eveillard, quoted by Sebastian Lyon in Personal Assets Trust’s 2013 annual
report.




 

Financial analyst and markets
historian Russell Napier has an excellent feature in the current MoneyWeek
magazine, in which he warns of outright deflation. He also touches on the
surreal farce that passes for today’s grossly distorted financial markets. “For
all its problems and excesses,” he writes, “the credit-boom era was still
better than the current nightmare of having asset prices effectively set by
governments.” And he quotes from the 1810 Bullion Committee established by the
British government to assess whether an independent central banker should be
responsible for managing monetary policy:

“The most detailed knowledge of the actual trade of a country, combined
with the profound Science in all the principles of Money and circulation, would
not enable any man or set of men to adjust, and keep always adjusted, the right
proportion of circulating medium in a country to the wants of trade.”

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