Co-brand Partnerships

award-5.gif (6517 bytes)

topsite.gif (1668 bytes)

webfifty.gif (6027 bytes)


 
drop_center.gif (2753 bytes)


wpe1.jpg (2095 bytes)


FREE EMAIL
Email Login
Password
New Users Sign Up!
 
MAILING LIST
Sign up for our weekly e-mail newsletter!
Tell Me More!

Enter your e-mail address
subscribe
unsubscribe
NEWS SEARCH
WEB DIRECTORY
WEB SEARCH
 CITY GUIDES
search by:
 WEATHER

Current Weather
Enter Your City, State, or Zipcode:

   

MASTERING
THE TRADE

ORIGINAL, INTERACTIVE SEMINAR ON TRADING USING
TECHNICAL ANALYSIS
 

 
EARNINGS ESTIMATES

Enter Symbol

U.S. QUOTES

Enter Symbol:

U.S. CHARTS

Enter Symbol:

TECHNICAL OPINION

Enter Symbol:

CANADIAN CHARTS

Enter Symbol


 SEC FILINGS

Search For:
 

Company Name
Ticker Symbol

 BROKER RESEARCH
Exclusive Broker

Research
Enter Ticker

 

 


 

Contributed by Bill Bonner
Publisher of: The Fleet Street Letter

PARIS, FRANCE 
WEDNESDAY, 12 SEPTEMBER 2001 

 

Today:  The Dark Years

 

THE DARK YEARS
By Bill Bonner

"...behind the doors of this ambitious day 
stand shadows with enormous grudges, outside
its chartered ocean of perception 
misshapen coastguards drunk with foreboding,

and whispering websters, creeping through this world,
discredit so much literature and praise.
Summer was worse than we expected;
Now an Autumn cold comes on the water..."

The Dark Years
W.H. Auden

Along the rue des Lombards last night, men with 
earrings held hands...and prostitutes stood in 
doorways - as they always do. You can get any kind of 
love you want on the rue des Lombards. Even perverse 
love seemed reassuring last night.

We will reckon again today...as we always do. But 
today we reckon with a heavy heart. For greed has been 
replaced by fear, and the comedy of the financial 
market has been replaced by the tragedy of politics.

Most of the people in our office raced home after work 
yesterday. The whole world watched television. But I 
felt like walking.

So, I made my way down to the Pont des Arts and 
crossed over to the left Bank. On the bridge, couples 
stood together and stared at the river...the gray 
spires and apartment buildings silhouetted against the 
last evening light. They held hands too...laughed and 
embraced, as the world grew dark. 

I had come to see them, of course...to catch a glimpse 
of the world as it was yesterday...the bright lights 
and gaiety of the cafes, the somber elegance of the 
Louvre, the ordinary comings and goings of ordinary 
people in the world's most beautiful city. I wanted to 
remember it that way - just in case it would never be 
that way again.

Surely another bridge has been crossed, I thought, as 
I strolled along the rue Jacob, looking in the antique 
shop windows. Things have changed. America - almost 
untouched by war for 136 years - is suddenly under 
attack.

We have been waiting for a defining event to conclude 
the 20th century, as the assassination of the Archduke 
Ferdinand marked the end of the 19th. What "tipping 
point" event would close the book on the long period 
of peace and prosperity that America has so recently 
enjoyed, we wondered.

Nature was preparing some surprises. Something big was 
coming, we guessed. But not even in our gloomiest 
moments did we imagine such a bizarre and bloody 
trigger event. But now we have it.

"THE NEW WAR!" screams the headline in today's Figaro. 
"TERROR STRIKES AMERICA," proclaims a banner on the 
International Herald Tribune. All over the world, on 
live TV coverage, anyone can see - America is 
vulnerable.

The dollar plummeted yesterday. Markets all over the 
World collapsed, with the London exchange down 
5.7%...Frankfurt off 8.6%...and Paris down 7.4%. The 
price of gold soared 5%...and then fell back in this 
morning's Asian trading. Crude oil also rose - $6.

In a radio broadcast earlier in the day a French 
commentator tried to put the catastrophe in 
perspective:

"It is simply unimaginable," he said, "it is as if the 
National Assembly had come under attack and the Eiffel 
Tower and the Tour Montparnasse had been completely 
obliterated."

The National Assembly building was closed. But armed 
guards were on alert. Clutching machine guns, they 
paced up and down the streets and studied me carefully 
as I walked along. 

Then, at the base of the Eiffel Tower, everything 
seemed normal. It still stood. Tourists, though fewer 
in number than usual, milled around. Arab hucksters 
sold their trinkets. Life goes on.

In the next few days, weeks, and months...you will be 
told that everything is okay. Indeed, many will think 
it is better than okay. The Fed has already promised 
that it will provide more money. OPEC has pledged to 
provide more oil. The government will launch new anti-
terrorist initiatives. Some will say that war is good 
for the economy. Defense stocks will rise. 

Who knows, maybe markets will rally. But two years 
after the Archduke Ferdinand was shot, stocks in 
America reached their lowest level in history - 
trading for just 4 times earnings.

Nature still has her surprises. But it is likely that 
consumers and investors will hold their breath...and 
feel a cold new wind blowing. They will be less 
confident, less sure of themselves and of the future. 
They will tend to hold onto their money a little 
longer and worry about their debts a little more. This 
alone, as Dr. Richebacher reminds us, means "The End" 
of America's greatest boom.

The bells of St. Merry's are tolling this morning. 
They ring for the living and the dead, including the 
many thousands of brokers, analysts, clerks, firemen, 
policemen, and others - people who were in the very 
wrong place at a very wrong moment. 

They also toll for another reason - heralds of 
something else we will all have to reckon with: 

A strange darkness has settled over the World...a new 
era, finally, has come. 

Your correspondent in Paris,

Bill Bonner

P.S. "We are all Americans this morning," said Magda, 
a French colleague.

P.P.S. We heard from Eric Fry, our correspondent in 
Manhattan, by fax this morning. He'll have more to 
tell you tomorrow.
 
About The Daily Reckoning:

Daily Reckoning author Bill Bonner

Bill Bonner is, in spite of himself, a natural born contrarian. Early each morning, Bill writes The Daily Reckoning—his take on the financial markets and what’s going on in the world—and sends it off by e-mail before most Americans’ alarm clocks have buzzed. Many readers say it's the first thing they want to read when they get up—not only because it's informative and thought provoking, but also it's inspiring, in its own quirky and provocative way.

Of course, there's much more to Bill than his daily market commentary. He's also the founder and president of Agora Publishing, one of the world's most successful consumer newsletter publishing companies. Bill's passion for international travel and big ideas are reflected in the company he's successfully built. In 1979, he began publishing International Living and Hulbert's Financial Digest . Since then, the company has grown to include dozens of newsletters focusing on health, travel, and finance. Bill has vigorously expanded from Agora's home base in Baltimore, Maryland since the early ’90s—opening offices in Florida, London, Paris, Ireland, and Germany.

Agora's publication subsidiaries include Pickering & Chatto, a prestigious academic press in London and Les Belles Lettres in Paris, best known as a publisher of classical literature in bilingual editions.

 

 
Search for it at the TulipSearch Open Directory
Investment Bookstore Investment Newsstand Market Mavens Report

TULIPS AND BEARS NETWORK SITES

 

FINANCE
Tulips and Bears
Contrarian Investing.com
Internet Stock Talk
Traders Message Boards
Traders Press Bookstore

NEWS AND INFORMATION
TulipsWeather
Freewarestop.com
TulipsMail
TulipsEspa´┐Żol
TulipSearch
TulipNews
TulipCards
AllMusicSearch.com
City Guides
Travel Center
Bargain Bloodhound

WEBMASTER TOOLS

BecomeAnAffiliate.com
TulipDomains
GoSurfTo
TulipStats
TulipHost...coming soon
TulipTools...coming soon
...coming soon




Questions or Comments? Contact Us

Copyright ´┐Ż 1998-2002 Tulips and Bears LLC.
All Rights Reserved.  Republication of this material,
including posting to message boards or news groups,
without the prior written consent of Tulips and Bears LLC
is strictly prohibited.  'Tulips and Bears' is a registered trademark of Tulips and Bears LLC


Last modified: September 24, 2001

Published By Tulips and Bears LLC