From: Ronald Raygun 
Subject: Re: credit implosion
Newsgroups: uk.finance
Date: Thu, 14 Oct 2004 15:05:20 GMT

M Holmes wrote:

> It depends how pessimistic Mr. Average is. if he's moderately
> pessimistic then he gets out of debt and sells as many assets as he can
> comfortably live with,

You mean "can comfortably live without", presumably, but why sell
assets at all, unless they're in hock, such as mortgaged houses?

At some point between moderately and very pessimistic, real assets
are to be preferred to a crumbling currency, aren't they?  Paid-for
houses can at least be lived in, and can generate rental income in
whatever currency emerges, even though it be Hawkwind CDs, heaven
forbid.