Thought of the day

If there is anything we can learn from history is that a country goes through five major phases in its development.

Phase 1. Free people generate growth.
Phase 2. Growth creates wealth.
Phase 3. Wealth is followed by concentration of power.
Phase 4. Concentration of power causes stagnation.
Phase 5. Stagnation is followed by discontent (Greece, Spain, Italy, Arab Spring).

Why is Europe stagnant for years? Excessive concentration of power - political and financial.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

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