Zitat:
" In Q2 2008 – for the first time ever – the Dow Jones Industrial Average posted quarterly losses instead of earnings. The Dow’s price-to-earnings ratio is now listed as “Nil,” leaving Wall Street without its favorite valuation metric for blue chip companies.
Citigroup and JP Morgan were pummeled for their subprime investments, but the contagion of the credit crisis affected every balance sheet within The Dow. A couple standouts amongst the wreckage were AT&T and Verizon, whose net incomes of $4B and $2B, respectively, were offset by huge losses in “Investing Activities.” AT&T reported a loss of $11.3B, and Verizon lost $17.5B.
These investment write-downs send huge amounts of capital to “money heaven,” tempting some that have pitched a tent in the inflationist camp to wonder if we might be in for a major bout of deflation. But as Doug Casey so compellingly points out, today’s fractional reserve banking system forces the government to pursue an aggressive inflationary agenda. They must continue to push more and more money into the system to maintain the appearance of economic growth, and cover up the losses of these blundering blue chips."
