>Given the large amounts of fictitious capital in existence in the form of
>bonds and shares
>etc and the long run rise in the price of shares it must be that the
>accumulation of
>capital in the West has been sufficient to sustain this bull market.
Why?
How?
What was the difference in the accumulation of capital between the day
before the 1929 crash and the day after it??
Why just shares going up? Bonds haven't.
A couple of decades ago, the Nobel prizes were becoming consumptive because
Nobel's will insisted on his fortune being placed in safe papers (ie
bonds). These were going nowhere and shares were sky-rocketing, so the
Nobel Foundation made a "generous" reinterpretation of the terms of the
will to allow share investment, and bingo, today's fat pickings.
Cheers,
Hugh
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