David W. Tice & Assoc., Inc.

The leading economies of North America and Western Europe have fallen
victim to a dangerous illusion… One day the mist will clear,
exposing the true extent of past follies.

If you find these ideas thought provoking, you will want to view the video tapes
of this one-day symposium hosted by David W. Tice & Assoc., Inc.
featuring some of the world's leading economists and visionaries.


The Credit Bubble and its Aftermath:
A Time for Dialogue
Tuesday, September 21, 1999


Listen to presentations on-line

In an age of unprecedented sophistication the need for level-headed supervision of the financial system is paramount. Whatever freedoms an open society affords, access to unlimited credit facilities cannot be counted among them. In the same way that currency counterfeiting undermines the value of money, reckless offers of credit alongside phony promises of wealth precipitate financial ruin and the misery of large-scale bankruptcy, as the poor Albanians discovered when their pyramid investment schemes collapsed in 1997. In their extreme forms, both counterfeit currency and reckless credit expansion pose a direct threat to the authority of government and the rule of law. Without a legal system and a law enforcement agency, no one would be truly free to pursue his or her own affairs. It is no less true that a centralized authority with powers to sanction and regulate the total supply of credit must circumscribe the financial freedom of individuals. The alternative in both cases is anarchy: the denial of property rights, of access to compensation or redress and a rejection of social responsibility.

For the moment, anarchy in the global financial markets masquerades as an agent of national prosperity and personal freedom. It is a compelling disguise, underpinned by many clever arguments and supported by many persuasive advocates. There are some falsehoods that are easily exposed and thwarted, while others are so subtle and complex that they can remain undetected for long periods. The longer they last, the greater the collective delusion and the greater the subsequent disappointment. But one day the mist will clear, exposing the true extent of past follies. The purpose of this symposium is to clear up this mistaken impression, and present the case that the leading economies of North America and Western Europe have fallen victim to a dangerous illusion, related to the anarchic development of global capital and credit markets. On one level, the thesis is very straightforward: that both citizens and governments have become heavily addicted to borrowing and no longer care about the consequences.* The question is how we get out of this quagmire, and will traditional policy actions simply exacerbate our economic problems and cause a meltdown.

This symposium is designed to bring together some of the brightest minds in the world to discuss the credit bubble and its historical precedents and how providing even more credit to the system may not be the answer to our problems. We have scheduled the event for September 21, 1999 at the Waldorf Astoria, New York, NY, from 8:00 - 5:30 p.m.

*(taken from Debt & Delusion - by Peter Warburton)

Speakers




Video or audio cassette tapes of the Credit Bubble Symposium
may be ordered by e-mail, telephone, or regular mail.

Videos: $100 per set
Audio Cassettes: $75 per set

A copy of handouts accompanying presentations is included with each order.

To order by phone: Call Renay Kennedy at (214) 696-5474 with your credit card number, number of sets needed and format preferred (video or cassette). VISA, MasterCard and American Express accepted.

To order by mail: Please send the following information with a check to 8140 Walnut Hill Lane, Suite 300, Dallas, Texas 75231, or include your phone number and we will call for a credit card number.

Name:
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Number of video tape sets @$100 each: _____
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To order by e-mail: Please send the following information to rkennedy@tice.com and we will call for a credit card number.

Name:
Company:
Street address:
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Phone number (IMPORTANT):
Number of video tape sets @$100 each: _____
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The Credit Bubble and its Aftermath
Symposium Agenda


8:00 - 8:15 a.m.    Introduction & Objectives - David Tice

8:15 - 9:45 a.m.    Panel - Lessons from Past Bubbles

Frank Veneroso, Veneroso Associates
Marshall Auerback, Veneroso Associates
Frank Shostak, Ph.D., Ord Minnett

Break

10:30 - 11:45 a.m.    Panel - Moral Hazard, Debt, Banks & Derivatives

Doug Noland, Tice & Associates    Coin in the Fuse Box
Stuart Feldstein, SMR Research    The Danger In Consumer Credit
Charles Peabody, Mitchell Securities    Banks: Transmission Mechanism for the Bubble

11:45 - 12:30 p.m.    The Economic Consequences of Bubbles

Marc Faber, Ph.D., Marc Faber, Ltd.

12:30 - 1:45 p.m.    Lunch in the Hilton Room

Lessons We Should Have Learned
Henry Kaufman, Ph.D.,
President, Henry Kaufman & Co., Inc

2:00 - 2:45 p.m.    Central Banker Options & Strategies

Lawrence D. Lindsey, Ph.D.,
Resident Scholar and Arthur F. Burns Chair of Economics, AEI

2:45 - 3:30 p.m.    Panel Discussion with Faber, Kaufman, Lindsey, & Warburton

Break

3:45 - 4:30 p.m.    Panel - The Aftermath - What to Do?

Frank Veneroso, Veneroso Associates
Peter Warburton, Robert Fleming & Co Ltd

4:30 - 5:00 p.m.    Final Panel - What We Learned, Questions & Answers

Auerback, Noland, Peabody, Shostak, Veneroso, & Warburton

5:00 - 6:00 p.m.    Cocktail Hour in the Empire Room