CEO of KLA on Pilbara, page-4

Thanks mate, but I don't listen to doom and gloom (but I did in the past - and it did not help)

That's not to say that a another crash, or stern pull back, will not come, but it will come from left field and no one will see it coming. Specially not the doom and gloom merchants (and yes they are 'merchants' because they sell their DG message).

My take is that many weak countries have been propped up by globalization and trade agreements (Italy, Greece, Turkey et al) and that can't last forever, sooner or later the strong will get sick of the weak.

The weak will have to go back to eating bread with their coffee, rather than cake. Mind you slumming it in Italy/Crete is not my idea of hell on earth - who is the real winner here!!

But really countries should be what they are, not what Germany or Russia or the NY banks say they should be.

Happily Oz is isolated, but still, it spends far too much on welfare, which takes away the drive and spirit inherent in nearly all men to be independent and fare for themselves, and far too little on infrastructure and real wealth creation.

All in all I am bullish the future, even if we find 1k koz of gold in the Pilbera and mine it at $100 an oz, and drop the price to $800 an oz and send KL and co to the wall. Of course we stalwarts will have to be content with Mercedes rather than Lamborghini.