by Jerome a Paris
Tue Jul 20th, 2010 at 10:06:37 PM EST
This is a few days old, but it deserves a bit more publicity, as it is (i) in the WSJ, and (ii) by well known billionaire mogul John Malone:
WSJ: What are you doing to protect against the weak American economy?
Mr. Malone: Well, my wife, who is very concerned about these things, moved all her personal cash to Australia and Canada. She wants to have a place to go if things blow up here. Canada has a lot more fiscal and bank responsibility than most places in the world and lots of natural resources.
We have a retreat that's right on the Quebec border. We own 18 miles on the border, so we can cross. Anytime we want to we can get away. It would probably be illegal but we could go. Actually our snowmobile trail goes right on the border.
[Obama's administration] is all academics and lawyers. I'm afraid that our real problems are systemic and long‑term. And lawyers are primarily trained in fighting over the pie, not making the pie bigger.
A billionaire worried about resource depletion, and about wealth capture being preferred over wealth creation? How droll.
When will the link between the New Doom:
"With trillions of dollars spent to prevent an all-out economic collapse we have only managed to buy under two years of time and the economy is once again starting to roll over."
The hedge fund manager said he doesn't even trust gold. "It's worthless if the social fabric tears," he said. "We're going to have to do something different, before we get down to where it's really bad."
and the rich are winning
One group of people is doing just fine. The rich.
- will be made?