I'm tempted to buy more California muni bonds but in a seriously inflationary economy new ones will quickly lose value. I'd rather not take the risk right now. I'll admit that it gets boring sitting on lots of cash and staring at small exposures to China, gold stocks, and muni bonds. My thing is that I've convinced myself that the massive risks of buying now are too great for me to take. We face a likely crash in Europe that may have incredibly destructive effects on U.S. banks holding European sovereign debt. The inability of the U.S. Congress to agree to deficit cuts means austerity will probably come fast and furious, hitting GDP hard and restarting Great Depression 2.0.
Sorry folks, but what I do with my own money isn't going to be very exciting until trans-Atlantic economic annihilation puts everything on sale.