Gary North has a fine piece on "Gold Procrastinators" on LewRockwell.com today. Here's an excerpt:
But what about investors? Do they invest to lose? I think a lot of them do.
Yes, they want to make money. But they want to make it conventionally. They want to make it as upstanding defenders of the American dream.
On March 23, 2000, the Standard & Poor's 500 index peaked at 1527. Today, it is around 1320. But the dollar has depreciated by over 30%. Anyone who took the standard advice to buy and hold a no-load index mutual fund of the S&P 500 has lost 12 years and 40% of his investment. He still believes the story. He will believe the story until an hour before he reaches room temperature.
Most Americans would rather lose all of their wealth than call into question the American dream, as promised by Keynesians, Federal Reserve economists, and Civil Service-protected federal bureaucrats.