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My Reasons to Give Thanks

Thursday, November 23, 2006 Vol. 8 No. 234 |
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In Today's Letter: Happy Thanksgiving! Comment: My Reasons to Give Thanks Today Wealth: Why I Love London Privacy: The Best Way to Protect Your U.S. Property
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My Reasons to Give Thanks Today
Dear A-Letter Reader:
I don't usually get too personal in these A-Letter Comments that I've been writing now for almost a decade. But on this Thanksgiving Day 2006, I have special reason to give thanks.
On the morning of October 20th I awoke, ready to fly off to Panama to speak at an International Living meeting. Within minutes of waking I discovered I was suffering from massive intestinal bleeding. Within an hour or so, as directed by my family physician, I was in the emergency room of a local hospital. On Sunday the 22nd I had a major proportion of my intestines removed. Thank God, it was not cancer, but rather a weakness in the colon wall that sometimes affects older folks like me.
Now I am feeling better each day. Convalescence takes time, up to two months in my case, although I was in the hospital only 10 days. But it was the first time that I had spent even one night in the hospital in 65 years. (The last time was in 1941 when I was four years old and had my tonsils removed).
When such an event occurs, it forces one to take stock in many areas of life. Statistics show that one my age (69) can, on average, expect to live another 16 years, all things being equal. So my surprise surgical event made me think about what I wanted to do with those remaining potential years: what I need to change, what is, and should be, important to me at this juncture in my life.
Thanksgiving's underlying idea is that existence, life itself, is a gift.
I have always been a strong supporter of the right to life, but this is the first time that my own existence was called into question (although I have been through a few close calls). At one point, three of my four children, (my oldest son lives in South Africa), left their own families and flew in to see me through the worst of my hospital stay. My friends and coworkers flooded me with get-well cards and flowers and visited me in hospital. Indeed, an event such as this is a true measure of friendship. When times get really hard, one discovers one's true friends. When I was a member of the U.S. Congress, everybody was my friend. When I was not re-elected, the exodus of "friends" was large and swift.
As Boston Globe writer, James Carroll, suggested in a 2004 column, many people are ill this Thanksgiving, "bearing the effects of stroke or recuperating from an operation, or clinging to what strength has outlasted the chemotherapy. Yet they are the ones who tell their healthy friends and relatives how precious life is every day, every hour, every minute. Some families are broken, many people are alone, beloved ones are missing -- a holiday that celebrates intimacy can make its absence painful."
As he wrote: "Idealized observances, so different from the real, can weigh too much. No one lives forever. Human beings are constitutionally incapable of consistent generosity. Every person has reason to feel regret. Yet directly facing such difficult facts of the human condition can be a relief, because they inherently suggest their counter facts. Even the tragic aspect of experience, that is, can open to the primal mystery on which all else rests, and Thanksgiving dares to affirm that mystery as benign." Thanksgiving reminds us that life is good.
A well known twelve step program suggests that one major factor in recovery from addiction is an attitude of gratefulness. Gratitude defines us at our best. It does this by pointing away from self toward others, or toward a higher power some of us choose to call God. I have many reasons this holiday to be grateful and I am.
So count your blessings this Thanksgiving and be grateful. That's what I'm doing.
That's the way that it looks from here, BOB BAUMAN, Editor
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Why I Love London
I first started to coming to London in 1995 when I broke into fund management with a British partner. I always loved London, easily my favorite city in the world. To this day, I'm still amazed by this amazing city's glitter, the buzz around the busiest streets, and the incredible history.
London is also very expensive. To live here, I've always thought Londoners were all millionaires. But that's not the case. Many people with jobs here flock to the city in the morning and actually live outside of London where real estate prices and the cost of living are much more affordable.
From a global perspective, I've always found the pound excessively valued. I still don't understand why the British pound trades where it does because the economy isn't booming, budget and trade deficits are bulging, and the cost of living in London has gone from outrageous to utterly crazy. But here you are: The pound is #1 in the world in 2006 versus the dollar, euro, and the yen. It almost takes 2 dollars to buy one pound today compared to about 1.55 ten years ago. But one interesting conclusion is that although most European bourses have leapt over 15-20% this year in local currency terms, the London FTSE-100 is up just 10%. I think London is lagging for several reasons, mainly because of high interest rates, a strong pound, and sluggish growth.
But where there's lethargy lies opportunity.
The London FTSE, or Footsie Index, offers some of the highest-yielding bank stocks. And as interest rates eventually peak for this economic cycle in 2007, I'm going to start moving in, and making some purchases. Many U.K. banks now yield in excess of 4% and a few yield over 6% in sterling. I think there's a fair chance that interest rates will drop here next year coupled with a softening, but not a crashing, British pound. Falling rates imply a rising stock-market and especially, a rally for interest rate sensitive sectors like financial services.
In a world marked by general hysteria and poor valuations, London is almost an oasis of relative and absolute high-value.
Look for my favorite high-yielding bank stock in the special, extended January edition of the Sovereign Individual, The Sovereign Society's members-only newsletter.
ERIC ROSEMAN, Investment Director
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The War on Drugs
Recently John Walters, the director of the White House Office of National Drug Control Policy, told reporters that Afghan authorities were succeeding in reducing opium-poppy cultivation.
Really? Despite hundreds of millions of tax dollars being spent by Congress to stop the trade, a UN report in September estimated that this year's crop was breaking all records, up over fifty percent from the 4,100 tons produced last year. Visitors to poppy producing areas in Afghanistan noticed that schools in the areas were closed as teachers and students were busy harvesting the ripened poppies. A prosecutor from the local Crimes Department told a reporter that his clerk, driver, and bodyguard hadn't made it to work as they, too, were busy harvesting. Working in poppy harvesting paid $12 a day. Wheat only pays $2 a day. With such profits to be made, it's hard to blame those who rush to earn that cash.
Nor is it hard to grasp why the easy money attracts the young in America. Flip burgers for minimum wage, or sell dope, and make many multiples. All you need to be willing to do is take the risk.
Why are the profits so high? Because dope is cheap to make, but the War on Drugs makes it expensive on the street.
It's important to recognize, however, that the drug laws go far beyond the war on street drugs, and are vastly more deadly than even the war on terrorism. Durk Pearson, author of the best seller, Life Extension, has been doing legal battle with the FDA for the past decade (and has won battle after battle in court). At the recent Liberty Editors Conference he pointed out that by controlling the public's right to medications, the Federal Drug Administration (FDA) has blocked American citizens from drugs that could have saved over a million lives in the past year. According to Pearson, because of the FDA restrictions, more people die unnecessarily every week in the United States than died in the attack on the World Trade Center on 9/11.
The War on Drugs, both recreational drugs and medicinal drugs, is a war on individual liberty. It is one of the great tragedies of the 20th century, and a continuing disaster in the 21st.
JOHN PUGSLEY, Chairman
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A Special Note
The A-Letter team is taking a holiday tomorrow to be with our families. However, as you start the holiday rush to buy presents for your loved ones, we'll be sending you a special discount to use in our bookstore. Check your email tomorrow for great holiday savings.
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