September 24, 2008

Was I wrong?

A while back I boldly asserted that:

1 The current financial crisis will be short lived and have less economic effect than many are currently predicting.

2. We are on the edge of one of the most productive and expansive periods of human development in the whole of our history.

The last couple of weeks have certainly challenged that view. People I really respect, like Billmon, are clearly very worried and they know a lot more about it than me. But cheery little ray of sunshine that I am and despite all the evidence to the contrary, I think I still hold on to my bold assertions. There are still vast amounts of cash sloshing around in the system and just maybe the current crisis is enough to wake up the people controlling that cash to stop chasing after fairy gold and move in to some of the very real opportunities for productive investment, promising real long term returns, that await those ready to move in to the Next Civilisation.

Posted by richard at September 24, 2008 2:36 PM