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South Africa cuts interest rate but less than anticipated
12:27a ET Friday, December 12, 2003
Dear Friend of GATA and Gold:
PIMCO bond fund manager Bill Gross has some new
advice -- essentially that the money's no good so
spend it quick on quot;reflatablesquot; and undertakings
that borrow at 1 percent rather than lend at that
below-inflation rate.
Some excerpts from Gross' new essay:
quot;Faced with the apparent necessity to maintain U.S.
citizens' standard of living in the face of a declining
currency and the loss of millions of jobs to Asian/Indian
competition, our government is leading the worldwide
charge to reflate. Negative short-term rates, $500 billion
deficits, sharply lower tax rates, costly new prescription
drug benefits, and even a Kennedyesque pledge to beat
the Chinese to the moon, for whatever that means, are
all geared to get our economy moving again. quot;Damn
inflation, full speed ahead,quot; Greenspan has said both in
action and in word. I think an investor should believe him
and invest accordingly. ...
quot;When too much debt infects the heart of capitalism, you
either default or inflate it away, and the latter is by far the
easiest (although not necessarily the wisest) policy. Foreign
governments and central banks may be willing buyers of
bonds in order to support their own economies and the Fed
may be a monopolistic mispricer of credit at negative
short-term yields, but that is no reason for the
knowledgeable investor to play the same game. Investing
in 'reflatables' and borrowing with conservatism at the short
rate are the two best ways to prosper in such an environment.quot;
You can find Gross' commentary here:
a href=http://www.pimco.com/LeftNav/Late+Breaking+Commentary/IO/2003/io_dec03ht...
.htm
Or try this abbreviated link:
a href=http://ls.shapebyforce.com/sbf/392http://ls.shapebyforce.com/sbf/392/a
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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