December 1997
THE RIGHT TO ARM BEARS

It seems that there is no getting away from one’s roots. This publication used to be called Deflation Weakly (from 1989 until 1993). The publisher would periodically rant about the peril to the world of Japan on the verge of a deflationary death spiral. In case you had forgotten, traders on the floor of the Nikkei (then the world’s largest market) toasted their good health, wealth and savored their vast positions in sugar plum futures, when the mighty Nikkei came within an ace of 39,000 as the glorious 1980s steamed to a close.

That was 23,000 points and eight years ago. Predictions about the fallout from Japanese deflation seemed more like bad manners than good vision. After all, the Berlin Wall went down in the same year that Tokyo peaked, and the Soviets would soon be out of business. Capitalism had won the bitter twilight struggle spawned from Hitler’s wrath and the release of the unimaginable power of light (ie, the atom bomb).

Download this Newsletter, "The Right to Arm Bears", in its entirety as a PDF. To view PDF files you will need the Adobe Acrobat Reader, it is free and can be downloaded directly from Adobe.