IN THIS ISSUE ...
Market News Briefs ...
-In Uncertain Times, Gold Beckons Again - USA TODAY
-Stock Market Rally in Retreat - CNNfn
-War Fears Push Oil Above $30 a Barrel - FT.com
-CNN'$ terror tapes - NY Daily News
-Certification: It's All Fine, We Promise - CBS
*CONQUER THE CRASH - Book Review Part IV - David Bradshaw, IFP
*LOOKING FOR THAT ELUSIVE SILVER LINING - Jeff Steele, Tribune
*A DEFLATIONARY MOSAIC - Stephen Roach, Morgan Stanley
*GOLD MEDDLING; A DERIVATIVES NIGHTMARE - Thom Calandra, CBS
*CHARLTON HESTON EXEMPLIFIES COURAGE - Ted Baehr, MOVIEGUIDE
Quotes of the Week ...
"Bull markets are born on pessimism, grow on skepticism, peak on optimism and die on euphoria."
-SIR JOHN TEMPLETON, Templeton Fund
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"I am very much of the view that the 20-year bear market in gold coincides with the 20-year bull market in the dollar... gold will come to supersede the dollar as the reserve currency of choice among central banks."
-RICK RULE, Global Resource Investments, quoted by CBS 8/14/02
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"We who fear God have no place to fear anything less."
-DUDLEY HALL, author, pastor "Dudley's Weekly Word" sclm.org
Laughs of the Week ...
Thanks for your thoughtful commentary on the subject of "Fool's gold" I find it helps to read from gold critics and comrades.
Did you know that some types of gold have performed very well over the last 25 years, according to a Uof PA Study by Dr. Ray Lombra? His findings were presented to Congress in 1998.
Rather than talking gold down, how about talking United States gold and silver coins up? London Financial Times did so last week ... RARE COINS PROVE TO BE A SOLID INVESTMENT.
Aside from the big money that collects the very best of everything (like the 1933 Double Eagle for $7.59M) U.S. rare coins offer smaller investors and collectors a needed tangible portfolio hedge, especially during turbulent times like these. If we are moving into a new deflationary dip in the economy and a prolonged bear market in stocks, a new gold rush could take place globally. Time will tell, but in the meantime, the owners of historic gold coins are seeing their assets grow tax free in 100% privacy ... these people are no fools.
I believe that the "Bull Run For Hard Assets" that MISSY SULLIVAN speaks of at Forbes.com has only just begun. Incidentally, we quoted Missy our Market News Digest ...
Say thanks to her if you have a chance... let's compare gold numbers again next year.
At your service,
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Reply from Mark Lewis:
"Hi, and thanks for your note. Your points are well taken. FYI, that eye-catching "Don't Buy Gold" headline was written by Slate, not by me. I didn't mean to imply that gold is always a bad investment (that would be an especially foolish thing to assert given the performance of gold funds this year)."
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"Ginko...what does that do for you?," asked a patron at the
local Jamba Juice store here in Phoenix.
"Well.......I think it is good for...ah...improved memory," said the store manager with just enough confidence to convince the curious patron.
-EDITOR, a daily patron of Jamba Juice - in search of humor.
Learning From History ...
"The will of man is not shattered, but softened, bent, and guided, men are seldom forced to act, but the are constantly restrained from acting. Such a power does not destroy, but it prevents existence; it does not tyrannize, but it compresses, enervates, extinguishes, and stupefies a people, till each nation is reduced to nothing better than a flock of timid and industrious animals, of which the government is the shepherd."
- Alexis de Tocqueville, Democracy in America
MARKET NEWS BRIEFS ...
In Uncertain Times, Gold Beckons Again - USA TODAY
by John Waggoner, August 14, 2002
Violence in the Middle East. A drop in the value of the U.S. dollar on world currency markets. The worst bear market since the Great Depression.
In short, it's a glorious time for the gold market — the best since 1999, when a computer glitch threatened to leave the world living on bartered corn and rainwater.
The worst brings out the best in the precious metal:
Gold has spiked to $314 an ounce, from a three-year low of $256 in April 2000. Mutual funds that invest in gold-mining stocks have soared 37% the past 12 months, vs. a 23% loss for the Standard & Poor's 500-stock index. Investors have poured $650 million into gold funds this year — so much that some funds, such as Vanguard Precious Metals, have closed their doors to new investors.
The gains have sparked a new gold rush. The U.S. mint sold 48,000 gold Eagles in July, 60,500 ounces in all, up 20.6% from a year earlier.
Fervent gold investors believe the government is desperately trying to squash gold prices and prop up the stock market. "The last thing they need is a gold rush," says Doug Casey, editor of International Speculator, a gold-oriented newsletter. He thinks gold will win out. "Gold is like a coiled spring," he says. He predicts it will top $1,000 an ounce.
Gold is a direct bet against the monetary system: Gold investors figure an ounce of gold is always worth something, even if the government is in shambles and currency is worthless. For two decades, the powerful U.S. economy kept the dollar strong and gold prices low. But lack of confidence in the financial system and the specter of more terror attacks are pushing gold prices up — and individuals back into the gold market.
Gold dealers report that business hasn't been better since, well, December 1999, when Y2K fears were at their height and gold popped to $318 an ounce.
But most gold transactions are private, so there's no way to tell exactly how much gold has changed hands this year. Privacy is a big reason people buy gold. Cash purchases greater than $10,000 have to be reported to the government, but you can buy an unlimited amount by check.Once purchased, gold can't be tracked by anyone, including the Internal Revenue Service. [ED. NOTE: Bullion sales are tracked upon resale]
Why are investors racing for gold?
SHAKEN TRUST. Clark Peterson, 54, was a public relations officer for a military recruiting office in the Murrah Federal Office Building in Oklahoma City in April 1995, when a bomb ripped into it, killing 168.
"I'm a survivor," he says. He has been buying gold for a couple of years. And the collapse of Enron deepened his suspicion of corporate accounting. "When I see big boys like that go kerplunk, all I can say is that a lot of others have been dishonest with the books," he says. Gold coins have solid value, he says. "With a stock, I'm not in control of how a firm handles itself," Peterson says.
SHAKEN DOLLAR. For many years, foreign investors rushed to dollar-denominated investments, such as U.S. Treasury bills, when war or bad economic news made the world seem dangerous. But this year, a falling U.S. economy and an open-ended war on terror has forced the dollar lower on world markets, prompting many investors, including foreign buyers, to purchase gold instead.
SHAKEN SAVERS. Many gold buyers are simply looking for an alternative to the stock market, or the 2% to 5% they could earn in money market mutual funds, bank CDs and bonds. "We've seen a lot of new buyers come in, including my stockbroker and my sister," says Marc Watts of Gaithersburg (Md.) Coin Exchange.
But many newcomers to gold investing run the risk of doing the same thing they did in the stock market: buying just because the price is rising. "It's a funny thing — they don't want to buy gold when it's at $250 an ounce," says Leon Hendrickson, a gold dealer in Winchester, Ind.
Some think the rise in gold prices comes from a fall in confidence in the entire monetary system, not just the stock market and corporate accounting.
The government recalled and melted its gold coins in 1933. The dollar has been backed only by the government's good word since 1973, when the country came off the gold standard. The value of the dollar today is a reflection of the world's belief in the U.S. economy. When confidence in the dollar is low, people start buying gold. To gold fans, the fall of the dollar and the rise of gold is a long-awaited — and frequently predicted — vindication of the gold standard.
Economists and politicians have debated the wisdom of taking the U.S. off the gold standard for decades.
"It was a mistake," says Jack Kemp, a former New York congressman and secretary of Housing and Urban Development. A floating-rate currency system has led to disasters in Latin America and other developing nations, he says. "We need to get a distinguished group together to rebuild the monetary system."
Rep. Ron Paul, R-Texas, says the legacy of leaving the gold standard has been a 30-year bout of inflation manifested in different ways, such as increased debt. "The Federal Reserve is inflating like crazy," he says. His solution — which he has no illusions about becoming law — is to legalize gold as an alternative currency.
"Government intervention in the gold market was at the heart of the Clinton administration's strong-dollar policy," says J. Taylor, editor of J. Taylor's Gold and Technology Stocks newsletter. "There has been a concerted effort by the government to discredit gold."
To newsletter editor Casey, it's inevitable that gold will triumph in the end. "The dollar is an unsecured liability of the U.S. government, and the government is bankrupt," he says. "It's an IOU of nothing." To Casey, gold is the answer because it's always worth something — and it can't default. His prediction: Gold isn't going through the roof — it's going to the moon.
Gold fans argue that the yellow metal is good in any situation, even if the economy sinks into a period of falling prices, as it did during the Great Depression.
"Gold is best looked at as a crisis hedge," Casey says. "If your bank won't let you get your money out, it's best to have something of value in your hand."
Most coin dealers say that if you buy rare coins, buy them for their intrinsic beauty and collectible value first. Gold investor Peterson acknowledges that his gold bet is more than a little speculation. "If you look at the history of coins, they do shoot up at times ... when they get to the point where they just go wild, you have to get out."
Investors have felt gold's allure for centuries. These days, the allure is its store of value, if only in comparison with the stock market. "I've had farmers, businesspeople, people from all walks of life" as customers, says gold dealer Hendrickson. They might not be able to sell real estate or stocks quickly, but they can call Hendrickson and turn gold into cash. "It's always worth something."
RELATED STORIES AT BUYCOIN.COM
Stock Market Rally in Retreat - CNN/Money
By Alexandra Twin, Staff Writer
NEW YORK (CNN/Money) - U.S. stocks closed sharply lower Tuesday as investors retreated from the previous session's strong rally on a variety of deals and downgrades in telecom and media.
The Dow lost 118.58 to 8,872.21. the Nasdaq fell 17.96 to 1,376.58, while the Standard & Poor's 500 index gave back 13.28 to close the day at 937.42. A pullback was unsurprising, said a number of market watchers.
In a move to cut its debt load, troubled telecom Qwest Communications is selling its QwestDex phone book publishing unit to two private equity firms for $7.05 billion.
In the day's economic news, the government said the trade balance declined in June to $37.2 billion from a revised $37.9 billion in May. Economists surveyed by Briefing.com expected to see a gap of $37.5 billion.
War fears help push oil above $30 a barrel - FT.com
By Adrienne Roberts, August 20 2002
New York oil prices broke through $30 a barrel on Tuesday for the first time in 15 months.
Analysts cited a cocktail of factors, including US energy inventories, the prospect of an attack on Iraq and technical issues.
On the New York Mercantile Exchange, the contract for September delivery, which expired on Tuesday, rose to $30.11, surpassing an earlier high of $30.10 a barrel.
FULL STORY: FT.com
CNN'$ terror tapes - NY Daily News
By STEPHEN BATTAGLIO, DAILY NEWS STAFF WRITER
CNN's exclusive videotaped look at Al Qaeda activities came at a price.
Executives at the cable news organization acknowledged Monday that a five-figure sum was paid to sources in Afghanistan for access to a hidden archive of 250 hours worth of video documenting Al Qaeda's terror training and its testing of chemical weapons of mass destruction.
A longtime source in Afghanistan led CNN senior international correspondent Nic Robertson to the people with the tapes two weeks ago.
Robertson, who has been reporting from Afghanistan for a year, would not characterize his sources or how the transaction for the tapes was done. But he said none of the money paid went to Al Qaeda.
"From what I know about the people we were dealing with, absolutely not," Robertson told the Daily News.
Paying for newsworthy video footage is a common practice in TV news. But television news executives said there was no bidding war for the video CNN aggressively packaged and promoted throughout the day under the title "Terror on Tape."
Certification: It's all fine, We promise - CBS
By Mark Hulbert, CBS.MarketWatch.com, Aug. 14, 2002
ANNANDALE, Va. (CBS.MW) -- Today is shaping up as a non-event.
Today, of course, is the day by which the CEOs of the 947 largest publicly traded companies must certify the accuracy of their companies' financial statements. Many a commentator has argued that the bull market will now be able to take off in earnest, since the CEOs' word allows us to invest with confidence.
Don't bet on it, say a surprising number of investment newsletter editors.
First, according to some, it simply is unrealistic to expect a large company's CEO to personally certify the accuracy of his company's books at anything more than a superficial level.
As Richard Band of Richard Band's Profitable Investing points out, "Most CEOs signing off are keeping their fingers crossed, because there is NO WAY they can wade through all the intricacies and vouch for accuracy in such a short time."
Even if the newsletter editors were inclined to place more confidence in the CEOs' certifications, they still wouldn't hold their breath that today will mark a bullish turning point in the market.
"Check out the wording of the statement at the SEC Web site ... The fine print ensures that many CEOs won't have to sign anything for many weeks to come. And since accounting has become so complex, we won't learn about all the toxic waste on the books for many months yet!"
In fact, many newsletter editors see the entire certification process as little more than a cynical attempt by our politicians to manipulate us into thinking that all is well again. As Smith puts it, "August 14th is NOT some magical turning point."
24K LOGIC: Conquer the Crash - Book Review & Summary
You Can Survive and Prosper in a Deflationary Depression
by Robert R. Prechter Jr.
June 2002, Wiley Pub.
Reviewed by David Bradshaw, IdeaFactory Press
SUMMARY REVIEW - PANIC NOW (AVOID THE RUSH) A Nightmare on Wall Street is about to spill over onto Main Street and virtually no one is prepared for it, according to Robert Prechter. IF, after 18 months of pessimistic economic news and a painful 2 1/2 year bear market in stocks, you're convinced that the worst must surely be over, then you need to read this book.
PART 4 - HOW TO PROTECT AND PROFIT
Finally, what you've been waiting for, Prechter's suggestions on what to do (and what not to do). The short version is to buy gold and sell almost very thing else - especially if you are worried about a U.S dollar crash. Safety is the key word here given that most Americans are clueless about how to prepare for a deflationary depression which has been delayed since 1933.
Interesting, on Tuesday, July 30, 2002 the only know surviving U.S. $20 Double Eagle gold coin minted in 1933 was sold at auction in NYC at Sotheby's for $7,590,020. Some collectibles are setting new record prices because they are an important part of American history. 1933 signaled a major turning point in American history - if Prechter is right, 2002 will also prove to be a major turning point.
Part (or book) Three will cover your questions about stocks, bonds, real estate, collectibles, cash, banks, insurance, commodities, precious metals, personal protection, political change, paying off debt and employment. The bottom line: Take action!
The "#1 recommendation is to NOT be long in stocks, mutual funds or index futures." He feels shorting the market is OK and recommends a managed bear fund. Prudent is mentioned.
"Only short term high quality, AAA rated"
"What screams bubble, giant historic bubble...Falls hard after stocks...(see chart 4)...your last chance to sell at the top... buy your dream home "McMansion" for 10 cents on the dollar." Recommendation: If possible, "join the 1/3 of title-holding Americans ... even trade down." After all, voluntary downward mobility beats involuntary, right? One possibility to consider on this point is to buy a duplex or triplex and be willing to live there for a few years - it generates income and provides for your housing.
"All assets go down during deflation except cash...the worst cash equivalents are money market funds (Fannie Mae) ... the best are short-term (90-day) T-Bills... unless the dollar goes into a free fall - then gold and silver.
"One day this category will be the most important asset to own...despite my convictions that gold and silver will go lower at the bottom, buy it anyway for five good reasons; 1) The projected economic outcome "could be different." 2) Prices will fall less than other assets 3) Gold has fallen for over two decades, due to rise. 4) Gold will soar after the depression. 5) You'll have it - perfect wealth insurance. "If you are concerned about gold confiscation by the government, pay the premium," buy gold with enough collectibility (15% minimum) to not be considered a bullion coin (subject to 1933 Executive Order).
"Not a wise investment, unless you get in on the ground floor...or unless you are collecting for pleasure" and not strictly for profit. Prechter does conceded that if inflation results from the stock market crash that could alter his forecast for some assets. I surmise that U.S. rare coins would be a perfect hedge for a surprise bout of inflation. Prechter is clear about recommending bullion and semi numismatic gold if/when deflation hits.
"Between 1929-1933 over 9,000 banks closed. So-called "bank runs" were common. Today banks are even more vulnerable as a result of the $90T in derivatives worldwide. He recommends checking on your bank's rating immediately via Weiss or Veribanc.
Prechter expects "conflicts will escalate in a bear market... society polarizes - social, religious, political, racial - ... we have an increasing number of people with little of nothing to lose and anger to spare...dig out your Y2K preparedness checklist."
"hen stock markets crash historically we through out the leaders...more polarization in party...radical politics... nations split and shrink...regional government challenges national government...nuclear threat grows."
PAYING OFF DEBT - EMPLOYMENT
"Remain or become debt free...goal of at least 50% home equity (the national average)...ask yourself, 'how can I help people in a depression?' and make money in the process."
BOTTOM LINE: TAKE ACTION NOW!
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FOR MORE INFORMATION:
Conquer the Crash website
LOOKING FOR THAT ELUSIVE SILVER LINING - JEFF STEELE, Tribune
Experts advise investing in precious metal, August 13, 2002
Most investors are well aware of gold's glittering price climb since last summer. What's less discussed, however, is that silver has risen right alongside it.
Gold surged to more than $320 an ounce in July from a high of about $270 in July 2001, though it has since settled back to about $312. Silver has followed suit, climbing to more than $5 an ounce in July from a high of $4.31 a year ago before slipping back to about $4.63 an ounce.
For investors intrigued by the prospects for the metal termed "the poor man's gold," that raises a question: Will silver continue to sparkle as an investment opportunity in the months ahead?
Precious metals experts say good arguments exist for silver going higher, but also point to factors that could weigh against increases in its price. Among those fairly upbeat about the prospects for silver is Michael Clark, managing director of FideliTrade, a precious metals trading firm based in Wilmington, Del.
One reason Clark recommends that investors hold silver is that there's little chance of an overabundance of it flooding the market.
Investors know enormous reserves of gold are held by central banks around the world, and to some extent concerns about central banks selling their gold have had a negative effect on the price of gold in the past.
A DEFLATIONARY MOSAIC - Stephen Roach, Morgan Stanley
August 15, 2002
I continue to believe that the balance of risks on the price front has shifted away from inflation to deflation. The evidence, in fact, is building that more than a casual whiff of deflation is already in the air in the United Sates. Unfortunately, that’s exactly what the model of the post- bubble economy would predict -- an overhang of excess supply that could lead increasingly to widespread price destruction. How serious is this risk?
Deflation, in the strict sense, is defined as an outright decline in the national price level. On that count, the United States has yet to qualify. Only one of the major price gauges -- the Producer Price Index -- is flashing any meaningful deflation at this point in time. The PPI for finished goods was down 1.1% on a year-over-year basis in July 2002; moreover, prices of intermediate producer goods were down 1.5% over the same period, whereas prices of crude materials goods are off at a 6.2% annual rate.
By contrast, inflation, as measured by the Consumer Price Index, was running at a positive +1.1% year-over-year rate in June 2002. Moreover, the broader GDP chain-weighted price index is sending a similar verdict -- a +1.0% year-over- year inflation rate in 2Q02. While these trends are exceedingly low by standards of the past 50 years, they still leave the US economy in the positive inflation zone -- at least for the moment.
Most believe it’s too much of a Japanese-like scenario to happen in America -- that the United States must be unique. But is it? Sure, there are many important differences between America and Japan. Yet post-bubble economies always seem to have one thing in common -- they are far more deflationary- prone than most believe.
In other words, a post-bubble, low-inflation US economy is already in the throes of an unusually intense disinflationary shakeout. As a result, America is now closer to the brink of outright deflation than at any point in the past 48 years.
The United States is not Japan. But that doesn’t mean we shouldn’t heed the important lessons of Japan. It’s time to stop pretending that deflation can’t happen in America.
GOLD MEDDLING; A DERIVATIVES NIGHTMARE - Thom Calandra, CBS
Aug. 16, 2002
SAN FRANCISCO (CBS.MW) -- Where there's red ink in a stock price, there's trouble -- and that bodes ill for the largest U.S. investment banks.
There is overwhelming evidence this year that a company's plunging equity is almost always a sign of worse to come. Shares of Tyco dropped precipitously, to levels no one thought possible, earlier this year. Only to keep falling, again and again, on repeated rounds of horrible charges leveled against the company's accountants and top executive.
The same can be said about shares of AOL Time Warner, Vivendi, Elan Corp, Qwest Communications, the airlines, the drug companies. In other words: most major industries, with the possible exception of food and beverage companies.
The big question for most of us is when other shoes will drop on companies whose shares are reflecting deep trouble. This applies, of course, to Vivendi and other media companies that face a cash-flow crisis, always a red flag to banks and bond holders.
The world's largest investment banks are almost surely next on the hit list of endlessly falling equities. Standard & Poor's Ratings Services just said it may cut credit ratings on Merrill Lynch, Morgan Stanley and J.P. Morgan Chase.
Bill Murphy, a gold advocate, has long warned his subscribers about the dangers of a massive bank default tied to tricky interest-rate and bullion derivatives. J.P. Morgan Chase is the largest issuer of gold-linked derivatives in this country. The contracts are designed to help gold companies, central banks and others manage -- and some say mismanage -- the market for gold.
"The S&P credit counter-party downgrade of J.P. Morgan Chase is significant," Murphy, editor of pro-gold publisher LeMetropole Cafe, tells me. Murphy is also chairman of the Gold Anti-Trust Action Committee, a nonprofit group that believes investment banks and government agencies, including the U.S. Treasury Department, have been depressing the price of gold for years in an effort to keep interest rates low and currencies sound. The banks and agencies also profit from gold-lending practices that benefited for years from sub-$300 gold prices, Murphy and his growing number of followers charge.
"Not only do the banks have potentially huge gold derivative problems, but that could set off an interest- rate derivative problem," Murphy said Friday. "Morgan has something like $23 trillion in derivative positions on their books, according to the Office of the Comptroller of the Currency. It is the norm to account for 2 percent of those derivatives to be at risk. That is a mighty big number."
Derivatives are financial instruments such as options, futures, interest rate swaps and variable-price contracts. Murphy says the suffering stocks of J.P. Morgan, Goldman Sachs, Lehman and others are already reflecting a coming nightmare in the banking world. "A credit downgrade will increase their costs and make it harder and harder for certain bullion banks to carry their enormous gold short- sale positions," he says. "It will invoke credit committee crackdowns."
Murphy, who sees the $315 level for spot gold prices as a line in the sand for the investment banks, says counter- party derivative problems "could set off a daisy chain of severe financial problems, or defaults. That is what happened in the energy industry when Enron went bust."
The price of spot gold Friday morning was $314.25. "The smoldering gold volcano will explode," says Murphy, a former professional football player who worked in the commodities and futures business before moving to Texas to start LeMetropoleCafe.
"When the gold cartel took gold down in the past, it stayed down for years and months," Murphy said. "Then it was months and weeks. Now gold is popping back in days, a day and hours."
Read more about GATA and Bill Murphy
CHARLTON HESTON EXEMPLIFIES COURAGE - Ted Baehr, MOVIEGUIDE®
HOLLYWOOD, CA. (ANS) (ANS) -- On August 1, 2002, Charlton Heston wrote to me: “Dear Ted: Of course you may print my Harvard speech. I’d be proud to have it in MOVIEGUIDE®. Thanks for asking. God’s good grace to you, my friend. Cordially, C.H.”
On August 9, Mr. Heston let the world know that he had symptoms of Alzheimer’s. This news shocked many who regarded Mr. Heston as one of the great men in Hollywood. For us whom he personally blessed, the news brought heartfelt prayers.
Mr. Heston had blessed the Christian Film & Television Commission™ ministry by speaking at our 1994 Annual Faith & Values Awards Gala and Report to the Entertainment Industry. I also had the opportunity to interview him several times.
During one interview, he discussed his return to faith and church. He said that during the filming of the TEN COMMANDMENTS director Cecil B. DeMille had fallen from a tall ladder while arranging the lights. The fall was so bad that no one thought that DeMille would come back to the film. The next day, however, DeMIlle showed up and gave everyone on the set a small New Testament and told them about his faith in Jesus Christ. Mr. Heston said that that testimony convinced him that the Gospel was true and brought him back to church.
Mr. Heston exemplified his faith throughout his life off the silver screen as well as on it. Mr. Heston supported Martin Luther King Jr. in the 1960s civil rights movement, chastised Time-Warner at a stockholder’s meeting in 1992 for releasing a song by rapper Ice Titled “Cop Killer” and assumed the presidency of the National Rifle Association in 1998. He helped to increase the NRA’s membership rolls from 2.8 million at the time of his election to its current 4 million.
Mr. Heston insists that there is no conflict in his support of gun rights and civil rights, saying both are about freedom. “I’m confident about the future of America,” he said in his announcement. “I believe in you. I know that the future of our country, our culture and our children is in good hands. I know you will continue to meet adversity with strength and resilience as our ancestors did and come through with flying colors -- the ones on Old Glory.”
In his videotaped announcement, the 78-year-old Mr. Heston proclaimed, “I’m neither giving up nor giving in. But it’s a fight I must someday call a draw. I must reconcile courage and surrender in equal measure. Please, feel no sympathy for me. I don’t.”
Mr. Heston added, “If you see a little less spring in my step, if your name fails to leap to my lips, you’ll know why. And if I tell a funny story for the second time, please laugh anyway.”
His statement also acknowledged the support of his wife, Lydia; their children, Fraser and Holly; and their three grandchildren.
Mr. Heston starred in many great movies, including the Oscar-winning best picture THE GREATEST SHOW ON EARTH, the blockbuster religious epic THE TEN COMMANDMENTS, the classic TOUCH OF EVIL, the epic BEN-HUR, receiving his one and only Academy Award, for best actor, EL CID, THE GREATEST STORY EVER TOLD, THE AGONY AND THE ECSTASY, and the science fiction epic PLANET OF THE APES.
Of course, it is our prayer that Mr. Heston be healed. Please pray for him.
And, Chuck, I return your greeting with love and admiration, “God’s good grace to you, my friend.”
NOTE from Dr. Ted Baehr: For more information from a Christian perspective, order the latest MOVIEGUIDE® magazine by calling 1-800-899-6684(MOVI) or visit our website at Movieguide.org
ABOUT THE EDITOR:
David Bradshaw is the editor of Swiss America's Market News Digest and Real Money Perspectives. He is the founder of Idea Factory Press... publisher of Rediscovering Gold in the 21st Century... and The Big Picture. Contact at email@example.com