People Dont Realize That We Cannot Forecast

It's A Bubble. It Has To Have Intrinsic Value. You Have To Really Stretch Your Imagination To Infer What The Intrinsic Value Of Bitcoin Is. I Haven't Been Able To Do It. Maybe Somebody Else Can.

Nor Can Private Counterparties Restrict Supplies Of Gold, Another Commodity Whose Derivatives Are Often Traded Over-the-counter, Where Central Banks Stand Ready To Lease Gold In Increasing Quantities Should The Price Rise.

Clearly, Sustained Low Inflation Implies Less Uncertainty About The Future, And Lower Risk Premiums Imply Higher Prices Of Stocks And Other Earning Assets. We Can See That In The Inverse Relationship Exhibited By Price/earnings Ratios And The Rate Of Inflation In The Past. But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?

But Rules Cannot Substitute For Character.

The Economy Is Turning, And Credit Comes In With A Lag, .. To The Extent That A Number Of Small Firms Are Finding It Difficult To Get The Credit They Need At A Price They Can Afford, That's Likely To Change For The Better.