The End of Retirement

I suppose I shouldn’t have been surprised by the flurry of responses to last week’s Archdruid Report post on the twilight of investment. “Men will forgive the murder of their fathers sooner than the loss of their patrimony,” Machiavelli wrote a long time ago, and the principle can be applied more generally: if you really want to rile people, threaten the money and property they think is securely theirs.

Unfortunately the word “security” can be applied to any financial asset in today’s economy onl