Turning on the financial news is akin to hitting the "snooze" button on my clock radio. I don't understand it, don't want to understand it and probably never will. A really short sighted and foolish reaction on my part, I know. I should care. I almost want to care but it's so complicated. Dow this and NASDAC that. What does it all mean?
I read and explain legal documents for a living for heavens sake. You would think I could get my head around the financial world. Not so. If it isn't mortgages and real estate I don't get it. Only one thing is sure though, I probably never will.
Today I ran across an article in The New York Times, Stocks and Gold Gain as Investors Shun the Dollar during a search for information on the copper market. Bad news "the dollar is weak", buy gold, silver and copper.
As I read through the article, all the while fighting the urge to hit the "snooze" button it struck me that investing in gold, silver and other metals right now with my "weakened" dollars is betting against the U.S. Basically, buying metals says I don't believe that the U.S. is going to come out of the recession and the dollar won't strengthen over time. Seems to me, this is a lose, lose situation. If the dollar strengthens the price of gold will come down and I lose gold value and if the dollar continues to weaken my gold might be worth more but it's worth more in a devalued dollar so how is that a benefit?
Not that I'm going to stop buying gold, silver and copper for creating jewelry but it seems to me, if I'm going to invest I want it to benefit my Country. Something tangible that I can see and touch. Think I'll stick with real estate. Something I understand, has an impact on where I live, supports the infrastructure of our American culture, keeps the tax rolls rolling and provides business or residential opportunities for Americans.
The banks need to loosen up the purse strings, work out all their kinks and start lending our money to us again to strengthen and stabilize the housing market in this country. Not that I'm in favor of foolish lending, quite the contrary. I was appalled by many of the loans I saw closed over the last 10 years and years ago predicted many of the problems we've had including the crash. If I could see it, how could the powers that be, be so blind. Greed probably, but that's another story for another day. Lending money creates jobs. Seems simple to me.
If you've read this far and not hit the "snooze" button, thank you. I now return you to our regularly scheduled program.
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