The little book has just been published by Wiley.com 2008 $19.95 I agree with some parts but other passages need to be updated from the on-going happenings. "Delta,delta and delta galore" as we witness the headlines or events to be watched in the days to come apropos of financial rescue procedures as directed by the Treasury Department under the decision of the Secretary of Treasury.
My comments:
We are living in a time of peril - recession with mental depression for most folks. Such unhappy realities may last for months or years to come.
Inflation i.e. rising prices may lead to deflation but may generate hyperinflation in the near future. I published my thoughts with the title of "Precis of Inflation" when I was in Beijing,China in 1995 at www.baidu.com if interested.
My recommendation would be the investment in human capital so that human expertise can be utilized by the changing demands of USA or China in the days to come.
I would also suggest that frugality be the guideline as new lifestyle to adjust from the perks of highroller way of life to the basics without frills. Uncle Sam is a debtor nation and we must understand the real economics of thrift as desiderata for America in the 21st century.
The savings rate in China is high but very low in the USA. We should realize that we do need the basic necessities such as clothing,food, lodging and transportation. "Yi shi zhu xing" We ought to know that a simple and economical living may be more healthy than high roller way with exorbitant cost. We must seek the smart way of living to strive to be centenarians with proper philosophy even though we are also aware of high cost of living in USA and in China.
Francis Shieh a.k.a. Xie Shihao on Saturday,Oct. 25, 2008 at 11.20 a.m.
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I haven't read Schiff's newest book but I'm familiar with his message and almost everything he says makes sense to me.
A question about your comments. How do you invest in "human capital" without slavery? Work is based on (relatively) voluntary arrangements in the US, so the highest value workers can leave if they like. If you can invest in capital and have it disappear of its own will, I would hardly consider it to be capital.
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