Eggplant – I agree with you almost completely about the long term economic outlook, but Spengler in the article referenced by wretchard makes a very good argument for why stock prices could stay up – in terms of other currencies, they are already trading at discounted rates.

I agree with you about gold the metal, but I think the gold miners are potentially very profitable, especially those with low finding costs.

I have come to think that the downturn in prices we are all anticipating (“correction” what a ridiculously political word) may not begin in earnest until the Fed starts raising interest rates again, and that’s a political decsion. Of course, at some point they will be forced to raise rates by events – otherwise, why wouldn’t we just keep rates at zero all the time? To me, the question is just how long they can put this move off.