by Doug Casey
International Man: The Fed’s unprecedented money printing, trillions of dollars in government bailouts, and artificially low interest rates have changed people’s behavior.
There’s a shift from saving to spending, borrowing, and gambling.
Many people are becoming day traders who otherwise would not. They’re treating the markets like a casino.
What are your thoughts on all this?
Doug Casey: The stock market originated as a means for raising capital for new productive ventures, a means of price discovery for what they were worth, and a means of providing liquidity when investors wanted to buy or sell. An entrepreneur provided an idea and the labor, and the public provided the capital. It was simple, and useful to everyone. But a relatively minor part of the economy.