“Somehow, with QE everything, with a zero percent funds rate, with monetary ‘mastery’ from the people in Washington, I think the current system is leeching dynamism from this economy…” 
-JAMES GRANT OF GRANT’S INTEREST RATE OBSERVER

POINTS TO PONDER

Papering over our problems. What is money?  While it might not be up there with “What is the meaning of life?” or “Is there a God?” this is,

“Investing when something is undervalued and waiting for a return to normal valuation is called investment.  Waiting to move from fairly valued to overvalued is called speculation.”
– CHARLES GAVE

POINTS TO PONDER

1.  The February 3rd EVA noted the persistent drop in US retail sales over the last three months of 2011. 

“This is about as serious and difficult an environment as I have experienced in my career…At times like this, it is more important to survive than to get rich.”
-BILLIONAIRE INVESTOR GEORGE SOROS.

“I have never been as scared as I am now.”  
-DONALD TSANG, CHIEF EXECUTIVE OFFICER OF HONG KONG.

“In short, the Fed’s actions, rather than helping, are having the perverse effect of destroying the confidence of businesses and individuals and the willingness of banks to loan to anyone but those whose credit is so strong they don’t need loans.”
– CHARLES SCHWAB

POINTS TO PONDER

1. 

“I never give them hell.  I just tell them the truth and they think it’s hell.”
– HARRY S. TRUMAN, 33RD PRESIDENT OF THE UNITED STATES

A Midwinter Night’s Dream. It’s easy to be a dreamer in Hawaii.  Between the leisurely pace and the paradise-found scenery, life’s cares simply drift away.