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Art Cashin Explains Why The Stock Market Is Broken, Shares More Perspectives On Hyperinflation
In today's interview with King World News, Art Cashin confirms that through its endless meddling, intervention and manipulation over the past two years, the Fed has essentially broken the market: "You used to have markets that were not particularly correlated. The asset classes now seem to be so heavily dominated and in inverse relationship to the dollar, and in direct relationship to the euro... It's frustrating having honed my skills over 50 years to be able to interpret news, and look at a piece of economic data, and try and outwit the rest of the world by figuring out how it would work, and now all you have to do is look and see how the dollar is reacting and know how everything else works. And that huge correlation is not good for people because if everything is correlated in a basket like that, it is very difficult for people to hedge and protect themselves, and therefore when assets move they tend to move altogether." In other words, step aside Value Investor Congress - meet Lack of Value Dollar Correlation Congress. But readers have known that for over three months. Just as they know that lately the biggest concern on Cashin's mind is hyperinflation "the difficulty is while you can get what appears to be nominal benefit out of [hyperinflation], when you try to convert to a hard asset, or even use it to try to buy a needed good, and the perfect example is Zimbabwe. If you were from out of space, and just could get the records of the Zimbabwe stock market you would say, "wow, they are having a pretty good time down there." But they are going up because the assets they hold are going higher and higher in a debased currency." And Cashin on his hyperinflationaty musings from earlier in the week: "My hope is that we don't get anything like that - hyperinflation would be destructive to civilization... But you are right, not only Zero Hedge, I think that was the most emailed comment that day all over the country." He may well be right. And he is certainly right about the Shazam moment: "Money only gets velocity when you lend it or spend it. The difficulty with studying things like the Weimar republic, is that the money supply growing drastically the initial reaction was small. There was very little doing, and it went slowly, until it went suddenly, and when it went suddenly, it went parabolic."
With $3+ trilion in excess reserves about to hit bank basements courtesy of QE2, the Fed will have to guard the biggest pent up demand of 'deferred' animal spirits in history. The biggest threat to the world will be not ongoing deflation at that point, but if the economy actually does pick up, and people start borrowing again! Then the money held in bank basemenets will flood the market, flood the streets, and hyperinflation will show up in a matter of seconds. And no, contrary to what Dudley and Sack believe, the cute IOER ploy will not work.
Once again, and we can not stress this enough, everyone should read this free copy of The Dying of Money (link) to understand just how serious our situation really is.
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Money is already dead, since 1971. We just have to deal with the stench of its rotting corpse.
+1 and a stank corpse it shall be.
All you have to do is look at a chart of GDP or the S&P 500 Index in 1967 dollars. The destruction of dollar is damned near complete. Now that we have the first true asset crisis in modern fiat USD history, the Fed has not one single idea on how to deal with it or accept the pain of deflationary deleveraging.
Thus they will continue on the same program but at a faster pace.
Civilization is truly screwed.
If THIS is civilization, I'll take barbarism.
For a civilization to survive, it must recognize and protect natural rights: life, liberty, and property. Instead, we have created an institution that is not answerable to anyone that takes our lives through police brutality and capital punishment, our liberty through conscription and regulation, and our property through taxation (combined with inflation taxes, the average working person in the US now gives up more of their salary to their master than did 18th century slaves, outside of inflation, they give up just slightly less).
So yeah, screw "civilization".
Speaking of the rotting corpse..
This month I interviewed another Von Mises Austrian, Robert Murphy.
The primary topic of our conversation: Sound Money & AU
Link to the interview:
http://thevictoryreport.org/2010/10/16/robert-murphy-sound-money/
~MV
Great stuff. Thanks.
"it is very difficult for people to hedge and protect themselves"
wrong - the hedge / protection is called silver and gold - that's been the case since at least 2002 - what took you so long to realize it?
A hedge only until the next Presidential Executive Order #6102 is issued. I'm sure all metal holders will be compensated - at the current US official price. Which, of course, will be somewhat lower than the price established to back the new currency.
Anyone who trots out "They'll confiscate it" doesn't live in the real world or at least near street level.
Hey, they been "Confiscating" pot for 40 years. Have they found it all yet? You can buy it/sell it on any street corner practically.
Ya, the Average guy is worried about 'The Man' confiscating their silver dollars.... ROTF,LMAL.
If you have it, you can sell it. If you have it, they won't find it.
Now tell me 'Ya can't eat it' LOL.
In a broken market, the black market/flea markets on the street will thrive. And it Won't matter if it's illegal or not.
People will do what people will do.
Go to a 3rd world country and see what you can buy on the street. Whether it's illegal or not.
If you want to survive in the "New" economy, you better start thinking like an outlaw or you will perish.
"If you want to survive in the "New" economy, you better start thinking like an outlaw or you will perish."
Very true.
"That woman and all those like her keep evading the thoughts which they know to be good. You keep pushing out of your mind the thoughts which you believe to be evil. They do it, because they want to avoid effort. You do it, because you won't permit yourself to consider anything that would spare you. ... They keep evading responsibility. You keep assuming it. But don't you see that the essential error is the same? Any refusal to recognize reality, for any reason whatever, has disastrous consequences. There are no evil thoughts except one: the refusal to think."
- Atlas Shrugged
That reminds me I leave in a week for the Army, yay, and I was thinking while in there to invest and buy lots of silver on my measly pay check. My primary concern is when shit hits the fan and we hyper inflate I still want to get a new car because well I hate my current car and it doesn't belong to me anyways (dad's) so should I wait til the fan blades are done shitting up the walls or should I try to get one in the midst of shit slinging blades? Can I even pay a dealer in silver?
Buy the car and finance at the lowest rate. Once you are in the army your credit will be great.
If inflation gets brutal you will be paying back your debt at pennies on the dollar. If it doesn't, well, you got the car. Take care of it and it will last you for years past the last payment.
You really shouldn't be too worried. Either you will be shipwrecked in another country when the dollar goes to zero, back in the US rounding up zerohedger's for re-education (and compensated with SDR's or Amero's), or guarding opium and lithium in the Caucasus.
Millenial, where you shipping to Basic? MOS? I'm headed to Jackson in a week, 13B.
We can starve the beast by choosing not to feed it.
Why would you want to keep gold, when u can have these freshly printed Treasuries with pretty pictures on them ? ;)
You are wildly naive if you think that any such executive order would be complied with by more than a tiny (and hopelessly pathetic) minority of the American public. PM's would just disappear into countless walls, backyard holes, and caches in the forest and desert, to await the inevitable and soon-to-follow downfall of such a tyrannical and financially doomed regime. Hell, only roughly 22% of outstanding US gold coins were turned in back in 1933-34 --- do you REALLY think that even that many gold and silver-holding Americans would comply with such an unjust and tyrannical law today?
I say, let them bring it on! Let Obama sign such a law --- he will merely be signing the death certificate of the Federal Reserve and the corrupt and kleptocratic status-quo establishment in the process.
This is going to sound really idiotic, but why buy silver coins at this point if there is that much paranoia about a takeover move by the gov...can't you buy sterling silver flatware? You could say you inherited it.
I remember reading that smelters did well during the depression. Must have been melting something...
http://www.backyardmetalcasting.com/
http://www.myhomefoundry.com/
I've always liked those rodeo belt buckles...
One reason to buy silver coins is because they are a known entity. A chunk of freshly melted-down silver may be fine, but there is a chance it has been debased. Known coinage seems more likely to be accepted. I prefer circulated US 90% silver dimes and quarters because I know the silver content, the worn coins almost scream authenticity and the weights are convenient and common knowledge.
Just my reasons for buying silver coins. I'm not worried about the govt though.
he will merely be signing the death certificate of the Federal Reserve and the corrupt and kleptocratic status-quo establishment in the process.
And starting the next Civil War. Except this time it won't go as planned since California will be cut off from the Northeast and the Southeast/Midwest/Mountain States/Southwest will emerge victorious over the Federal Empire. New U.S. capital? How 'bout Dallas.
No one likes Texas. Or Texans.
Thank you for telling us all what we think.
Another god damned johnny reb... Just shittin' - I would stand next to my southern brother any day.
I'll take Dallas. But they have to get rid of Jerry Jones.
In the least, we should declare DC an economic disaster zone, store our nuclear waste there and quarantine it for a thousand years...
Why do you think Obummer moved his trip to nov 6th from nov 9th?
He'll be out of country for over 3 weeks and thats when the g20 meet is
meeting on korea, not to mention Bill gates is invited and accepted said invite , its also
the "tipping point" occurrence of webbot prediction...hmmmm
also the Institute of International Finance announced its calling
for a global currency.. and bringing it up at said meeting, likewise
back in july 2010 the UN called for global currency change see link here
http://www.un.org/esa/policy/wess/wesp2010files/wesp2010.pdf
way too much is falling into place , this isnt just all coincidence
its by design , to think otherwise is silly.
If the market is being manipulated now by pomo and fed printing --- then what does ole Art Cashin call the mbs fiasco perpetrated by th big banks
I guess Art could make successful bets before
And not now
So this market is manipulated
---
The definition of manipulation is in the eye of the beholder
Uncle Ben would not call this market manipulated
If the market is being manipulated now by pomo and fed printing --- then what does ole Art Cashin call the mbs fiasco perpetrated by th big banks I guess Art could make successful bets before And not now So this market is manipulated --- The definition of manipulation is in the eye of the beholder Uncle Ben would not call this market manipulated
If the market is being manipulated now by pomo and fed printing --- then what does ole Art Cashin call the mbs fiasco perpetrated by th big banks I guess Art could make successful bets before And not now So this market is manipulated --- The definition of manipulation is in the eye of the beholder Uncle Ben would not call this market manipulated
Good. Let it all burn down.
http://www.newyorkfed.org/newsevents/speeches/2009/dud090729.html
Link above is from the IOER link provided in next to last paragraph. After reading the speech I have the impression that not only does the FED know what they are doing, they are absolutely convinced that their actions are the perfect ones.
I will sleep much easier with my head on a pillow on top of 100 oz's of silver.
.
.
Here you go: http://www.cnbc.com/id/30517124/Art_Cashin_Rally_Is_Still_Suspect
Shit, nice ninja edit Real Estate Geek!
Thanks for the book link ZH.
In with the Caturday laughs (my first playlist for ZH):
http://www.youtube.com/view_play_list?p=8584FE99F413E42F
http://i8.photobucket.com/albums/a44/SpiderGirlie/Caturday.jpg
CM, you are QUICK! Thanks.
(I posted "What's with the mask?" and about a minute later realized I could use Google too. I then pulled my ninja move, but apparently I wasn't ninja enough!)
all the people in suits with 'bigbuildingitus' ,like Bernanke et al, think that spreadsheets, models and formulae will provide a means of avoiding the forthcoming carnage. Forget it, the value of money as a valid currency is determined by the collective perception of millions of ordinary mortals. They decide, and once they think that piece of paper is represents jack sh*t, guess what , we will have mega inflation.
Love that Napkin Art. Still learn more from a passing market musing of Art's than almost anything else from anyone else. What a mentor he would be...
Art reminds of the way old people used to be a long time ago, in this country, full of wisdom and knowledge that their years have bestowed upon them.
I would agree with that...just the amount of perspective he has seen is amazing.
Who was the hater that junked you by the way?
and Art works for ? Last Year Sept 09, he said the Big one was coming..never came.
http://www.youtube.com/watch?v=fWNVT_AdWfc
yeh, it's broken but , what did he do to stop it?
Art your a dinosaur replaced by a computer server in NJ. lol
If you had lived in 1981 and declared "The Soviet Union is going to collapse within a decade and the US will rule the world", people would have viewed you as a lunatic. At that time, the US was suffering from skyhigh inflation and unemployment. On the other side, the Soviet Union was reaching its tentacles around the globe. But you know what happened 10 years later.
It's just about the timing.
In 1981 the father of a friend of mine told me what I thought were the musings of a nut. This guy, who said he worked for the CIA, told me that the Soviet Union would need to attack the U.S. by, can't remember the year but, essentially the story came true. It wasn't random timing. As he explained it, if the Soviets didn't make a major offensive, their declining military strength would pass their ambitions by - game over. I haven't thought about this admission in years. Weird.
The man had eyebrows only surpassed by Groucho Marx ...
I remember last yr he kept saying "some Big event" was coming... A Big Event..lol
Now at Dow 11k he says Hyperinflation coming Ok art.
June to September 2010.
Without POMO I think some big event probably would have happened.
I think his entire point is we no longer have a market, as such making predictions is kind of silly. You have government manipulation and the chance that stops working and boom.
Then just ignore him. Keep doing whatever it is that works for you and consider what Art says as the senile rantings of a fringe kook.
Good luck with that...I think you'll need it.
Not a typo, he said that. Oh well, Art can be excused.
I'd like to know I'll be that coherent at his age.
And a nice shout-out to Zero Hedge...
Truly a madman at the controls. Or is he the only one who knows how bad the alternative is ?
A quick question if anyone knows:
If the trearury of a public compnay buys in every share of its stock then who owns the company?
A quick question if anyone knows:
If the trearury of a public compnay buys in every share of its stock then who owns the company?
Whatever holdout owns the last share, owns the whole company.
People are already "spending" their cash as fast as they can.
Before it becomes worthless.
And the prime assets of choice?
iPods, iMacs, iPads, and the 4G iPhone:
In fact, they are demanding the 4G iPhone, over any other competitive product, no matter what.
Here's proof:
I have also noticed the direct correlation between the number and frequency of use of i-gadgets of all varieties, and the shallowness and lack of character of the person thus obsessed. Suffice it to say, I do not even own a cell phone, much less ANY i-gadgets. They are the curse of modern life, and only subtract value from it, substituting perpetually mindless chatter and short-term, shallow gadget-manipulation for true and meaningful social engagement. But I am not surprised to find you hyping them --- it fits right in with your persona here.
"shallowness and lack of character of the person thus obsessed"
you forgot to say anything about the social networking sites like Facebook which allow socially needy people to pretend that they have a life
Indeed.
Not to mention how many near misses/accidents happen because of them. It used to be most dangerous on the roads after the bars let out. Now it's when school lets out.
My woman owns a gadget because my 'IPud' stopped working.
Not to mention that the people that create those types of "social" sites are the kinds of people that say shit like:
"If I can't be happy, then I want everyone to feel as miserable as I do".
If you have a facebook, myspace or other similar account... my advice is to dump it completely.
When my grandmother died, we used Facebook to coordinate the funeral. It worked exceedingly well.
Just because you can't use a medium to its full advantage doesn't mean that it has no use. People used to think the same thing about telephones that you are now thinking about social media. They thought face-to-face was the only "real" way to communicate.
Go look at the social section of any small/mid-size town from 1900s to 1940s. It was the Facebook of their time.
"Ms. Singer's children will be visiting Butte, MT for the summer."
"Mr. Durden and Mr. Summers will be fishing at Reserve Creek for the next three days."
Check your local archives and see for yourself. Nothing new under the sun.
Nothing wrong with using Facebook to coordinate events, in fact it makes sense because so many people are rotting their lives away playing senseless games. I'd love to know how many productive hours a day are wasted by people acting like they are accomplishing some new phase of their game? I must admit my own vice of reading ZH but I believe that to be real life university. When these nitwits spending 8 hours a day on Farmville try to harvest their crops for food, I'll be harvesting real food. Sorry, I only take silver and gold as payment, or some other service. What, you have nothing to offer except Farmville experience. Have a nice day.
People don't want to hear about hyperinflation, they believe in it about as much as little green men. Now with the dollar falling taking center stage in the news some of my coworkers are starting to realize what I've been harping on for 2 years is really happening. You.can see it in their face when the subject comes up. They are all saying I could have, should have, would have. Not too late I tell them, but guess what, they're all leveraged to the max. I sure hope they're good with cardboard and duct tape, they're going to need it to make their shelters.
Face to face, you probably had a better shot that your interlocutor was not a Federal Agent ...
Not that there's anything wrong with Federal Agents mind you ...
http://www.guardian.co.uk/world/2010/mar/16/fbi-facebook-crime-study
"Now get offa my lawn!"
Some of us get a lot of use out of those gadgets, or can see a lot of potential in them. I, for example, was able to get rid of the cable bill without pissing off the family too much thanks to the Apple TV. I would love to have an iPhone, as I am always finding myself in need of some bit of data or information, but far from a computer. One of the technicians in my lab has one, and has used it to his advantage, as he can show me any piece of data I ask him for without having to go back to the lab (highly useful in meetings). An iPad would be even more productive in such a circumstance, though it is pretty large to be carrying around all the time.
Actually, it's "Get DA HELL offa my lawn!"
And I know --- my grandfather used to yell it at the neighbor's kids all the time. It was the only full sentence in English that I ever heard him utter.
I think Art should show up with a bag over his head sometime.
BAG over his his head , I fell off the chair when i read this,Nice 1 BUGS !!!!!
I picture Art and Rick together doing it giggling as they stand there. thatd be outstanding
Inflation in a NO growth economy. Gold at historic record high levels. High unemployment with lower consumption. High level of liquidity outflows, yet the market goes higher on less volume. Ultra high insider selling to buying. Asset deflation. This all spells that those who hold wealth in FRNs are transferring them into ANYTHING that will hold value.
The market, gold, general commodities and some high end blue chips are all heading higher in price, because of cost/push inflation. Art is right on the money when he says, "until it went suddenly." Hyperinflation is purely a currency event that starts out slowly, then changes rapidly. We are seeing the advent of the slow stage, that could carry on for who knows how much longer? Until QE 2.0 kicks in? Hyperinflation is the causative event of printing. First comes the lack of confidence in the FRN, then inflation, which quickly morphs into hyperinflation, causing vast amounts of printing, and the death of the fiat currency in question.
if the pigs want inflation why no cola for the ss pensioners?
The only inflation they want is for maggot bonuses.
FDIC just increased it insurable amount to infinity. FDIC already broke including payment from banks 2 years in advance. I beleive there is already a slow run on the banks in progress. The FED and Treasury trying desperatly to halt withdrawals of the minute reserves the banks have. QE2 may have to include banks, brokerages, both side of all derivatives including RMBS and CMBS plus all OTC, insurance co's and many public and private pension funds. Pick a number 3 trillion, 7 trillion or infinity. Default thru hyperinflation is the only way to wash debt from the system and the world. We may all be billionairs by Xmas. Maybe a bank holiday real soon.
Just sayin.
The big IF is money velocity. Money velocity is NOT going to pick up. Through Fed stupidity, the prices of commodities is going to go up - until the economy suffers another deflationary crash like in 2008 when oil hot $147. Bernanke thinks a person with no job and a maxed out credit card is going to rush out and spend money because prices are going up. Fool.
The Fed doesn't control the economy. It's the capacity and desire of people to borrow that creates lasting inflation.
What the Fed IS creating is a sense of latent anger and frustration from the public that are mercy to their little academic theories on what to do about the economy.
No. Bernanke will print for that person to afford commodities once they have to recognize cost push inflation. They denied COLA to deny the latent inflation they already know exists. SGS has it well above published CPI. The Administration will heed the cries, and will respond in a Peronist fashion.
The truly sad thing is,
that's exactly what has been happening.
At least, they all rush out. Then they drive around all day.
Gasoline use in the USA is hitting new records.
And now, as everybody realizes that no one has any reason to pay his mortgage anymore,
they will have even more money to spend ....
"The Fed doesn't control the economy"
I beg to differ, one that controls the currency and quantity thereof controls the economy. Therefore the FED has direct control of the economy.
What the Fed does not control is the 535+ mindless spendthrifts in Congress!
Most of congress, the govt. and US fiscal and international policy is owned and operated for the exclusive benefit of the same people and entities who control the Fed. Big $$$$$ controls all-- you just haven't figured that out yet because you are lost in the bozone.-- exactly where the big money wants you to be.
GOLD updated chart showing parabolic move.
http://stockmarket618.wordpress.com
Art been taking the public money for a long time, but even he seems shocked at the game today.
Art, the game has moved to a new level, the goals are not what they were..
The big game is control of the world and the final insurance policy for the elites has been set in-place.
Nothing will ever pose a threat to the elite..
as the masses and back waters of the world are impoverished to the point that they can never mount a counter attack.
game over, welcome to the matrix...NOT
the elite of course are delusional..much like old king George and the American Revolution, He never, ever ,once thought that the colonials would succeed..never once.
The elites achilles heal, THEY ARE INSANE.
As insane as the lead imbibing Roman rulers
their very existence is insanity on public display.
God makes those insane who he plans to destroy is no idle threat.
King George was correct, only his timeline off.
Fox Sunday morning news had a short blurb about being optimistic and your finances. Says stocks are an excellent place to put your money and then shows you a stack of Gold bars while saying not to fall for "investment fads" The whole story reeked of government propaganda, made me want to puke. Can't believe Fox would show such crap.
You certainly missed the point, dear. Putting your money in gold is not an investment. It's just a protection against the collapse of the global fiat money system. You don't make money from gold or silver. You are just protecting your wealth.
Finally, do remember to bring a sickness bag watching TV these days. There are so many nauseating programmes at the moment.;-)
Well to me with the US$ loosing value I would get out of US stocks and into non dollar denominated assets. I would think that there would be/should be a mass exit from this market
The US Stockmarket is a totallly manipulated one with Wall Street, The Big banks, The Fed, The Treasury Sec , the SEC all being in cahoots with the Media that is owned by them. All stock movements are being done with American taxpayer money while the sharks get out on their own holdings.
What one sees, hears and reads from the media is just plain junk meant to take your money and assets away.
The other day one of my fellow employees at work mentioned that I must be happy with the price of gold. The VP laughed and very smugly commented,"When your electrician tells you to buy gold, you know it's in a bubble." His little assclown brown noser in purchasing was heartily in agreement. I told him I purchased in 2008 when it was under $900 an ounce and a 50% increase in 2 years isn't bad is it? Shoulda seen the look on that condescending assholes face, the definition of priceless.
How many ordinary people, in mass, will be able to "borrow" money anytime soon? Even so, how much money will be abled to be borrowed, even with huge banking reserves? Is the mortgage crises over? The US currency is worthless? Compared to what? How many "real" world currencies are out their? Gold? There is not enough to go around for the masses. And, when it's spent, it's gone. So, how do the masses get these "inflated" fiat dollars to spend that will cause hyperinflation?
How did the masses get the currency in their hands to fuel the Zimbabwean hyperinflation, or the Weimar hyperinflation, or even the 2002 Argentinian currency crash? The mechanism(s) may be obscure to YOU, but it happened, and happens, nonetheless.
"The mechanism(s) may be obscure to YOU, but it happened, and happens, nonetheless." - not obscure at all if you actually understood the way those fiat currencies entered into consumer hands, which is the pont of the post.
"Shazam" - I am still laughing at that one. Unfortunately, as of late, my own personal feelings on this matter are that the probability of it happening have dramatically increased. "Classic" monetary inflation will be bypassed as the system simply refuses to accept further credit (debt saturation). Rather deflation will be the path, until the "shazam" moment comes in the middle of the night. What sucks is that the deflationary journey combined with the suicidal Fed efforts is going to squeeze the crap out of us average folks.
What no one seems to get is that monetary velocity in the Weimar republic was crashing. Not in Reichsmarks, but in terms of the international currency of its time, gold. Hyperinflation was the result of the Weimar republic trying to print money to keep velocity from completely stopping and going to zero. It did anyway, and the only way out ultimately was to repudiate debt.
This is what we are seeing today. The dollar velocity is crashing, so the fed pumps dollars to bring the dollar M2 velocity back up. But when M2 is measured against gold, M2 velocity is crashing.
No much how much money the Fed prints by buying garbage (aka US treasuries, agencies, SPOs, foreign currency), the velocity continues to crash. The drop in velocity kills industry because no one has assets that can be applied to capital expansion. All money is driven to the purchase and exchange of commodities like food and fuel.
The Fed needs to raise interest rates and the US federal government and state government need to default on their debt. If they had any sense, they would default on foreign purchasers and holders of US debt. If they default on US savers there will be no savings to build a recovery.
Such is the state of our affairs.
" If they default on US savers there will be no savings to build a recovery." - there has been no savings to build an economy for a very long time. There has only been the illusion of it by an artificial increase of fiat currency, through consumer debt, which has created a long standing "artificial economy" with "artificial" industries and professions.
I'm Bullish on the market, because I'm Bullish on the Yuan. I think the two go together in an absolute sense.
China is just posturing now, as is everybody else. The long-term solution to currency imbalances is the same for Chinese "Mercantile Dollars" as it was for Petrodollars.
China will have to - it should WANT to - take its place at the table as a leading world economy by recycling its "Mercantile Dollars" out of Treasuries into the world's stock markets and into direct investment in the companies and resources of the developed world, just as it has already been doing in the developing world.
The Dollar Index as it now stands is becoming more and more irrelevant, reflecting petty battles among the Dollar, Yen, and Euro, rather than taking into account the fact that we are moving rapidly into an entirely new world currency regime, which will soon include a Pan-Asian currency bloc with the Yuan, not the Yen, at its head, whether de jure or de facto.
All commodities will soon be effectively measured against Fair and Neutral Baskets of currencies, rather than against Emperor Dollar.
All of this is Bullish for world stock markets - and frankly, for Life on Earth! The reign of Emperor Dollar has been nothing short of disastrous, for almost all Americans, almost all Chinese, and for the world economy as a whole.
What world are you from? Elysium? Also - so ridiculous of people to think of China as the ultimate good. It's there to accelerate the downfall. Fuck all the consumers, myself included. We only wanna make an ashtray out of the Earth. You are bullish on your own destruction what a stupid animal are you
Defaulting on US savers is exactly what I expect them to do. See, I've had savings bonds deducted from my paychecks for a few years. When they started sending notice that the payroll program was ending (stupid move), I went looking for banks that sold bonds. I was shocked to find that many banks and credit unions not only don't sell bonds, but how few will even cash them...
'Fair basket of currencies'...what are we in Fantasyland?
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All you have to do is look at a chart of GDP or the S&P 500 Index in 1967 dollars. The destruction of dollar is damned near complete. Now that we have the first true asset crisis in modern fiat USD history, the Fed has not one single idea on how to deal with it or accept the pain of deflationary deleveraging.
Thus they will continue on the same program but at a faster pace.
Civilization is truly screwed.
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