This appears to be the case. Not sure how long it has been the case but I suspect a couple of years and probably will remain the case for a few more years yet. Only when we get a Modric recoup (which might be a Bale recoup in the summer depending on whether we make top four) can we spend anything decent on replacements.
By and large our squad is good. Still need to offload some of the dead wood (Jenas was a good start this transfer window). I know Gomes has gone (on loan to Hoffenheim) but having so many keepers is madness.
We have Friedel and Lloris. That's it. Beyond that, we have to start relying on youth players.
As for your first point, again, it's understandable, but goes against Levy's long held assurances that the stadium would not affect transfer spending. And I fail to see the point of re-investing what we receive for the likes of Bale and Modric, and no more. Surely we would be a better team if we bought someone to complement them, instead of to replace them?
In the end, it comes down to taking risks; a club like ours, sensibly managed, cannot afford to take too many of them. Yet we can't afford to take absolutely no risks either; that would stifle innovation, and see us slide backwards even as our vaunted stadium goes up. We have a good, young manager, who is tactically astute and capable of implementing a system of play that will outlast his tenure, if put into effect properly. Much like Mourinho and his legendarily direct counter-attacking style at Chelsea, which lasted all the way to the CL final last year. I genuinely believe AVB can do that, if given the backing.
However, if the only way he can get Damiao is if we sell Bale, and the only way we can get Moutinho is if we sell Dembele or Sandro, then we're not backing him at all. We're hindering his ability to help the club. And why that is the case, when we apparently haven't spent even the entire fees we received in the summer (if the Telegraph is any indicator)......it's just disheartening.
I'll probably re-evaluate Levy's actions in a few weeks and come to different conclusions, but right now, with three draws and a loss in our last four games, it's a bit difficult to do so.
As for Gylfi, he's one of the last players we should consider selling. His talent is undoubted, he just needs confidence.