Friday August 26, 2005 - 13:50:08 GMT
Share This Story
Foreign Exchange Analytics - www.fxa.com
For those not old enough to remember 1971, there was a captivating story out of the Philippines involving the "discovery" of a stone age people in a remote rainforest in Mindanao in the southern end of the archipelago. As a rather idealistic youth at the time fascinated with notions of utopian society (about as popular as the hula hoop in the 50's), the Tasaday were living proof that people lived in a Garden of Eden, in our time, without words for want, fear, need, greed and war. National Geographic even did a documentary on this group of several dozen cave dwellers.
So what is a financial Tasaday? Anyone ever watch the guest commentator on CNBC named Jack Bouroudjian who is often on after key data releases for his take on what the data mean? I don't know Jack, but like the Tasaday there are key words missing from his (TV) vocabulary...words like bear market, recession, inflation, deflation, stagflation and asset bubble. Jack only sees the rosiest of worlds. He lives in a financial utopia. Can you imagine how life would be as an investor if you never had to worry about risk? Just buy and hold. In this world investors do not need money managers, economists, analysts or information. Indeed just turn off (TV), drop out and tune in to the utopian view.
Clearly someone like myself drawn to the cynical view of the world is the anti-Tasaday. Yes a few years of experience in the 1970's, especially disco music, not to mention the revelation that the Tasaday were a hoax of major, as well as clever, proportions, deleted my utopian lines of code. While I am not suggesting all financial utopians are hoaxes, I do have to wonder what purpose they serve and why they get so much play?
Perhaps it is because we live in the era of assertion. Putting aside Democrat and Republican for a minute, I observe (emphasis on I) that our government (both parties, the White House and Congress) has reduced public policy and politics generally to simple assertions, often ones that can't be substantiated. Thomas Friedman's book 'The World Is Flat' is indeed appropriately titled for our times. Moreover, deliberation and doubt are considered negative attributes, while certainty and absence of deliberation are virtues. How often does President Bush say "I will not debate myself."?
The press gets plenty of blame for not doing its job of challenging and, when needed, debunking assertions. Surely some of it is deserved. But the real culprit is us. Quoting the cartoon Pogo "We have seen the enemy and it is us." Okay I don't mean to be that hard on everyone for accepting financial Tasadays...I still watch Jack. Perhaps it is laziness...doubt gives seed to anxiety. Who needs it? One thing I do know is we could all use some sharpening of our critical thinking skills to challenge assertions of experts. However, I also am pretty sure that necessity is the mother of invention and it will probably take a bursting of the real estate bubble to expose today's financial Tasadays.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."