"A happy new year to you !

"I was struck by today's comment in your daily. I think you underestimate your influence. At least in the popular conception, it took just one young grocer in Tunisia to protest against state corruption (fatally, in his case) and a broader spark of protest and revolution was ignited across the Arab world.

"Edmund Burke said that all that was necessary for the triumph of evil was for good men to do nothing. I wholly concede that our primary remit is to help our clients and subscribers navigate through treacherous markets. I suspect the reason I keep coming back to scratching the itch of presumed historic causes of the crisis is that the problem is in large part political and a crisis of money itself; without a knowledge and familiarity of monetary history, and how the authorities have managed to steal, legally, from our pockets through state-sanctioned inflationism and the malign practice of fractional reserve banks and unsound money and unreserved credit, we have no defence against the future depradations to come.

"So I accept that political and economic agitation is not our bread and butter. But a degree of investor education on the topic of economic and financial prudence, without wishing to sound too high and mighty, I think is practically a moral imperative. The more that we can bring a broader number of investors into this debate and highlight what might be best practice in matters of policy as well as pure investment, the sooner we might emerge from a genuine crisis of financial and monetary mismanagement. A journey of 1,000 miles starts with a single step, etc. etc. I don't think we should feel compelled to lobby, but those of us with a 'bully pulpit' now have, I believe, practically an obligation to give this debate a wider airing. You may think "evil" is too strong a word to describe the economic and monetary mismanagement of our nominal authorities. In this instance I don't believe it is. The wealth and financial security of millions is at stake.

David Fuller's view Thanks and well said, particularly regarding this summary:

"…without a knowledge and familiarity of monetary history, and how the authorities have managed to steal, legally, from our pockets through state-sanctioned inflationism and the malign practice of fractional reserve banks and unsound money and unreserved credit, we have no defence against the future depradations to come."

I agree and this is a key reason why I am very pleased to have permission to post your fine letter which has considerable educative value and is greatly appreciated by subscribers. Long may you continue to write with such insight and passion.

Returning to the theme of navigating markets, I unfurled my banner for Behavioural Technical Analysis in 1970, and Eoin now carries it very effectively in conducting The Chart Seminar around the world. Reaching my three score and ten next month, I am at the stage of life where I am no less interested in events, but recognise the finite nature of my energies. These have to be channelled to be effective and for Fullermoney, I would rather study the markets in the manner of a naturalist, on behalf of subscribers and with their considerable contributions to the Collective, than campaign for reform of the monetary system.