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http://pensionpulse.blogspot.com/2010/05/relax-its-not-as-bad-as-you-think.html
Thank you,
Leo Kolivakis
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Leo your standard nonsensical response to your debunking with apeasing vids and pictures is a lot like the Japanese here.
http://www.southparkstudios.com/clips/103420
William Greiner, chief investment officer at Scout Investment Advisors, talks with Bloomberg's Matt Miller and Carol Massar about the outlook for U.S. inflation. Greiner also discusses the outlook for U.S. stocks, corporate earnings and Europe's financial crisis. (Source: Bloomberg)
Another thoroughly unconvincing liar steps up to the podium.
"Americans are becoming more self employed, but not because they want to, because they have to."
Really? According to this recent WSJ article, more and more peole are voluntarily quitting.
There is NO business to be had.
Here is some reading for you (sorry no videos of frolicking young folk who have daddies paying for the trip):
http://globaleconomicanalysis.blogspot.com/2010/05/atlanta-fed-asks-how-...
Some good news out there? Sure, but hold on.
Americans are becoming more self employed, but not because they want to, because they have to. And are they making any money, that is the real question.
Car sales up 25%? Well they fell in the toilet! 5 cars sold compared to 4 previously. Wow.
Forecloses make a new record high. Record numbers of people on food stamps (and climbing). Unemployment benefits extended again. Love to see Hugh Hendry debate this guy.
That was a 'question' I had when reading the paper. Nevertheless, self employed jobs paying off by themselves is irrelevant as I concluded.
The relevancy is that it brings down the number of unemployed people and that very likely, to start their own business, people have borrowed money or at least consumed stuff. Among other things.
Like I said Bro Leo, you're still pretty young.
Enjoy the weekend.
It's Hammer Time! Don't be such a killjoy and don't take life too seriously.
Enjoy your weekend!
Big projects, like the two I just got laid off from. One, a 5 story hospital--$115 MM=no solar. Second, Terminal 2 at San Francisco International Airport, complete rebuild=no solar there either. The electrical rooms had switchgear similiar to the Stanford Linear Accelarator I spent a year on. Gee, no solar there either. DOE project, btw.
Like it or not, we are hardwired to consume masssive amounts of energy. Yet we cant even prevent or contain a massive oil breach under the ocean.
I think we're in for a rude awakening. Even (H)Ackman and the other kook will be in for a suprise.
I think you all need to CHILL OUT:
Really helpful, Leo. Videos of some brain-dead folks. Nice counter-argument.
Ever consider we're the brain-dead folks trying to make sense out of these markets? Maybe those party animals got it right and we're the ones who are out to lunch!
That's a toss-away, Leo. Do you hire somebody to fill in on off days to post fluff?
Such a dour person, lighten up!
The only reason China didnt oft it's EU debt is because there was nobody to sell it to. The global economy is so horrible that oil is under $75.00/bbl. Six billion people on a planet with dwindling natural resources, forced to eat genetically altered food to survive, all obsessed with the Western lifestyle cant bode well for the future.
If you were an Electrician, Leo (I am), you'd understand the limitations of solar energy.
Seriously, I wish you were correct. But you are still pretty young, and obviously havent seen/experienced as much as I. Google Richard Russel. He is in his eighties. One of you will be proved right.
We are just one bankrun away from a Global Great Depression.
are you...talkin to me?
A fact check on this Leo:
"Bailouts and quantitative easing followed"
I don't think so. 2009 is the first QE in our history. We have run up big deficits before to dig out of a hole. But we have not let the printing press run for $2 trillion before. Ever.
So we are standing on loose ground. The entire system rest on as simple assumption. All of that debt can be rolled over without an issue. Leo there is $60T of liabilities out there. That could easily fall to $50T. I think it is a slam dunk that we will gert to at least that level of contraction. That is a global recession, at a minimum.
On those solar stocks. I think you should consider who are the buyers. It is not individuals that create the growth. It is big projects. Funded by central governments and municipalities. That same group is pledging to cut expenses and do austerity. Where is the money coming from to do the solar roll out? QE? I hope you don't think that would work.
Have a nice weekend though.
bk
Bruce,
Pick up a copy of Graham Turner's book, No Way to Run an Economy. Fed has used QE before - in fact, it was instrumental to get us out of the Great Depression. As for solars, QE or no QE, this is the future. I see a world where solar will be powering our cars, buildings, ships, plants, you name it. Governments need to lay down an industrial plan to promote the alternative energy revolution. Without a coordinated plan, it will never happen and many jobs will go elsewhere like China.
I would buy into his thesis, if he would answer that question.
Leo, you should consider changing your pen name to 'Sunny Jim' like the old Force cereal cartoon.
'High o'er the fence leaps Sunny Jim, Force is the food that raises him!'
Leo,
How could you? Now that we've finally turned Harry Wanger into a bear, we have to go to work on you! How sharper than a serpent's tooth.
The comment made by Mr. Altshul about the 290,000 jobs added by the economy is so stupid as to be scary. And I can assure you, as someone who worked in the senior ranks at Citigroup, that organization was, and continues to be, the worst managed financial institution in the world. Bar none. I'd rather use my money as toilet paper than put any of it in their stock.
Mitchman
I posted an article about the Census hiring and firing workers. Some they fire for being five minutes late, some for other cheesy reasons. Some they rehire.
But each time an opening is filled it counts as a new job.
Pretty tricky way to bump up the new job stats.
Leo is channeling the ghost of Dennis Kneale's "the recession is over" call
Kayman and Gully Foyle: Well said. At least the people on this blog understand what the heck is going on in our financial world.
Let the pump monkeys keep pumping and living in their delusional world.
Gully Foyle: Re: Question #1. Who is involved in the US food stamp program and benifits financially from it? answer JP Morgan. Source Max Keiser.
Re: Question #20. Ressession? No it is a Government financed depression.
Saveus
I keep posting the same theory.
Things will be propped up, or slowed down depending on your perspective, until the 2012 election.
The next guy, a White Republican, will be promoted as the savior who has to make the tough choices.
Inauguration day 2013 is the start of the end.
Everything will be allowed to fall apart. Martial law will be imposed. Food riots in the streets.
Maybe the Lakota and the La Raza will use the turmoil to grab what they can. The Lakota already have but haven't gotten any press on their secession in a few months.
Expect to see some states battle the Federal government for sovereignty.
Balkanization here we come.
Say hello to Jesusland boys.
It becomes a really interesting decade after that.
I don't know who the guy talking on Pension Pulse is with the bed head hair cut but when he talks about the early 80's crisis and the late 80's crisis being worse than it is now I say BULLSHIT. In the 80's we still had manufacturing here and we also entered into a time when President REagan stepped in and SLASHED government regulations and taxes and took the government off our backs. Back then the government was the problem and Washington knew it and acted upon that. Now government is the "answer"?????/ WTF. We are in a death spiral here.
Have you interviewed any of the recent grads lately.? Oh my GOD. Please, dear Lord, this is who I am depending on to keep the SS ponzi scheme going in my old age? We have so many systemic problems: entitlement mentality of government workers, entitlement mentality of 95% of the under 30's, all manufacturing gone to China, Mexico and India, abysmal substandard education at a ridiculous premium price. I know in NYC and DC they look around and see everything 'BUSINESS AS USUAL' but out here in the real world it is the BIG ONE.
I cannot understand why we can't get the 50% non-governmental players out here to quit "voluntarily" paying their taxes every month..... or their payroll taxes, and quarterly taxes. 90 days people. They can't put 150 million of us in jail. The system has to come down and be rebooted. We need the government employees to go and get a real job.
These rose colored glasses
that I'm lookin through
show only the beauty
cause they hide all the truth
http://www.youtube.com/watch?v=7zJq8SIIB9s
Citigroup is the ultimate anomaly in the market today.
Ultimate anomaly? More like the ultimate conspiracy.
"The power of accurate observation is commonly called cynicism by those who have not got it."
--George Bernard Shaw
Don't mean to do a pile-on Leo but, one of the good things about your blogs like this one is that they remind me there is still someone out there to pick up the other side of my trades and as long as that continues, it isn't as bad as I think.
Totally anecdotal, roughly 50% fewer people at the resort I'm at compared to last year, never seen anywhere close to this many watercraft and lots for sale.
Guess everyone took their play money and bought aapl shares instead of timeshares.
Edit; its still early in the day so things could still pick up but last night here was deader than dead, it was almost creepy.
Logging in to give one star... thanks and have a great weekend...
Are you insane?
The macroeconomics of our current situation are horrible. I refuse to allow mark to myth, extend and pretend, as well as other outright lies cheer me up. The fact of the matter is that we are now going headlong into the social unrest phase of this meltdown. Austerity measures for the people and bonuses for the aristocracy! Viva la revolution!!
This posting is so sad and out of touch with reality. I have to assume it is meant to be sarcastic. That can be the only explanation or Leo is really Lloyd Blankfein. Things are not getting better at all. Doom and gloom usually comes before true structural and systemic change. Trust and accountability are completely gone from every single system humans operate under or created. I am not doom and gloom but the writing is on the wall. This posting reminds me of my drug addict clients who stay clean for one month and declare victory. Leo is not wrong - he is delusional. We will survive this but how and at what level of comfort is up to us individually and collectively. Leo - to quote NWA - It's not about a salary, its all about reality. Gangster. Gangster. - and, if Leo can't understand said quote....Bob Marley has a great one - "If the cap fit, let them wear it." Good day to you all and please - everyone - envision a very new solution to clean up the oil already in the Gulf also. When it hits the keys, and it is on the way, it will affect us all in one way or another. That is just reality and if we can't get realistic, we can't fix or do anything. So long, from casino-land, going out in the Ocean today before it gets ruined in a few weeks.
Hey now!
http://blacklistednews.com/?news_id=8878
25 Questions To Ask Anyone Who Is Delusional Enough To Believe That This Economic Recovery Is Real
If you listen to the mainstream media long enough, you just might be tempted to believe that the United States has emerged from the recession and is now in the middle of a full-fledged economic recovery. In fact, according to Obama administration officials, the great American economic machine has roared back to life, stronger and more vibrant than ever before. But is that really the case? Of course not. You would have to be delusional to believe that. What did happen was that all of the stimulus packages and government spending and new debt that Obama and the U.S. Congress pumped into the economy bought us a little bit of time. But they have also made our long-term economic problems far worse. The reality is that the U.S. cannot keep supporting an economy on an ocean of red ink forever. At some point the charade is going to come crashing down.
And GDP is not a really good measure of the economic health of a nation. For example, if you would have looked at the growth of GDP in the Weimar republic in the early 1930s, you may have been tempted to think that the German economy was really thriving. German citizens were spending increasingly massive amounts of money. But of course that money was becoming increasingly worthless at the same time as hyperinflation spiralled out of control.
Well, today the purchasing power of our dollar is rapidly eroding as the price of food and other necessities continues to increase. So just because Americans are spending a little bit more money than before really doesn’t mean much of anything. As you will see below, there are a whole bunch of other signs that the U.S. economy is in very, very serious trouble.
Any “recovery” that the U.S. economy is experiencing is illusory and will be quite temporary. The entire financial system of the United States is falling apart, and the powers that be can try to patch it up and prop it up for a while, but in the end this thing is going to come crashing down.
But as obvious as that may seem to most of us, there are still quite a few people out there that are absolutely convinced that the U.S. economy will fully recover and will soon be stronger than ever.
So the following are 25 questions to ask anyone who is delusional enough to believe that this economic recovery is real….
#1) In what universe is an economy with 39.68 million Americans on food stamps considered to be a healthy, recovering economy? In fact, the U.S. Department of Agriculture forecasts that enrollment in the food stamp program will exceed 43 million Americans in 2011. Is a rapidly increasing number of Americans on food stamps a good sign or a bad sign for the economy?
#2) According to RealtyTrac, foreclosure filings were reported on 367,056 properties in the month of March. This was an increase of almost 19 percent from February, and it was the highest monthly total since RealtyTrac began issuing its report back in January 2005. So can you please explain again how the U.S. real estate market is getting better?
#3) The Mortgage Bankers Association just announced that more than 10 percent of U.S. homeowners with a mortgage had missed at least one payment in the January-March period. That was a record high and up from 9.1 percent a year ago. Do you think that is an indication that the U.S. housing market is recovering?
#4) How can the U.S. real estate market be considered healthy when, for the first time in modern history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together?
#5) With the U.S. Congress planning to quadruple oil taxes, what do you think that is going to do to the price of gasoline in the United States and how do you think that will affect the U.S. economy?
#6) Do you think that it is a good sign that Arnold Schwarzenegger, the governor of the state of California, says that “terrible cuts” are urgently needed in order to avoid a complete financial disaster in his state?
#7) But it just isn’t California that is in trouble. Dozens of U.S. states are in such bad financial shape that they are getting ready for their biggest budget cuts in decades. What do you think all of those budget cuts will do to the economy?
#8) In March, the U.S. trade deficit widened to its highest level since December 2008. Month after month after month we buy much more from the rest of the world than they buy from us. Wealth is draining out of the United States at an unprecedented rate. So is the fact that the gigantic U.S. trade deficit is actually getting bigger a good sign or a bad sign for the U.S. economy?
#9) Considering the fact that the U.S. government is projected to have a 1.6 trillion dollar deficit in 2010, and considering the fact that if you went out and spent one dollar every single second it would take you more than 31,000 years to spend a trillion dollars, how can anyone in their right mind claim that the U.S. economy is getting healthier when we are getting into so much debt?
#10) The U.S. Treasury Department recently announced that the U.S. government suffered a wider-than-expected budget deficit of 82.69 billion dollars in April. So is the fact that the red ink of the U.S. government is actually worse than projected a good sign or a bad sign?
#11) According to one new report, the U.S. national debt will reach 100 percent of GDP by the year 2015. So is that a sign of economic recovery or of economic disaster?
#12) Monstrous amounts of oil continue to gush freely into the Gulf of Mexico, and analysts are already projecting that the seafood and tourism industries along the Gulf coast will be devastated for decades by this unprecedented environmental disaster. In light of those facts, how in the world can anyone project that the U.S. economy will soon be stronger than ever?
#13) The FDIC’s list of problem banks recently hit a 17-year high. Do you think that an increasing number of small banks failing is a good sign or a bad sign for the U.S. economy?
#14) The FDIC is backing 8,000 banks that have a total of $13 trillion in assets with a deposit insurance fund that is basically flat broke. So what do you think will happen if a significant number of small banks do start failing?
#15) Existing home sales in the United States jumped 7.6 percent in April. That is the good news. The bad news is that this increase only happened because the deadline to take advantage of the temporary home buyer tax credit (government bribe) was looming. So now that there is no more tax credit for home buyers, what will that do to home sales?
#16) Both Fannie Mae and Freddie Mac recently told the U.S. government that they are going to need even more bailout money. So what does it say about the U.S. economy when the two “pillars” of the U.S. mortgage industry are government-backed financial black holes that the U.S. government has to relentlessly pour money into?
#17) 43 percent of Americans have less than $10,000 saved for retirement. Tens of millions of Americans find themselves just one lawsuit, one really bad traffic accident or one very serious illness away from financial ruin. With so many Americans living on the edge, how can you say that the economy is healthy?
#18) The mayor of Detroit says that the real unemployment rate in his city is somewhere around 50 percent. So can the U.S. really be experiencing an economic recovery when so many are still unemployed in one of America’s biggest cities?
#19) Gallup’s measure of underemployment hit 20.0% on March 15th. That was up from 19.7% two weeks earlier and 19.5% at the start of the year. Do you think that is a good trend or a bad trend?
#20) One new poll shows that 76 percent of Americans believe that the U.S. economy is still in a recession. So are the vast majority of Americans just stupid or could we still actually be in a recession?
#21) The bottom 40 percent of those living in the United States now collectively own less than 1 percent of the nation’s wealth. So is Barack Obama’s mantra that “what is good for Wall Street is good for Main Street” actually true?
#22) Richard Russell, the famous author of the Dow Theory Letters, says that Americans should sell anything they can sell in order to get liquid because of the economic trouble that is coming. Do you think that Richard Russell is delusional or could he possibly have a point?
#23) Defaults on apartment building mortgages held by U.S. banks climbed to a record 4.6 percent in the first quarter of 2010. In fact, that was almost twice the level of a year earlier. Does that look like a good trend to you?
#24) In March, the price of fresh and dried vegetables in the United States soared 49.3% - the most in 16 years. Is it a sign of a healthy economy when food prices are increasing so dramatically?
#25) 1.41 million Americans filed for personal bankruptcy in 2009 – a 32 percent increase over 2008. Not only that, more Americans filed for bankruptcy in March 2010 than during any month since U.S. bankruptcy law was tightened in October 2005. So shouldn’t we at least wait until the number of Americans filing for bankruptcy is not setting new all-time records before we even dare whisper the words “economic recovery”?
http://theautomaticearth.blogspot.com/2010/05/may-28-2010-lent-spent-and...
Ilargi: No, I'm by no means the only one who thinks this thing will not end well.
Let's start with Gerald Celente of Trend Forecasters:
"It did collapse. It collapsed in March of 2009. The world equity markets collapsed. What they did was they propped them up. And they propped them up with stimulus packages worldwide. The United States has lent, spent and guaranteed $11 trillion, to prop up this economy.
So the collapse happened. But it hasn't crashed. And we are looking for the crash to come.[..]
I want to make this clear: capitalism is dead in America. And it’s not socialism, like all these people are yelling about. The merger of state and corporate powers, by definition, according to someone who knew the definition really well, is called fascism. That's what Mussolini called it. Fascism has come to America."
Hedge funder Hugh Hendry needs less words:
'I would recommend you panic'.
Canadian fund manager Eric Sprott has this (about the US):
"The debt, the deficits are enormous. The industrial capacity has been gutted. One cannot make a positive story for it other than some temporary trading phenomenon because something else is uglier than the dollar."
The US M3 money supply (the most comprehensive number, albeit no longer supplied by the government, is sinking like an anvil, with an annualized rate of contraction of 9.6%. And even though nobody I’ve read seems prepared to call this spade for what it is, this, dear grasshoppers, is what constitutes deflation. Not falling prices, they are but a consequence of a falling money supply and velocity (which today is slower than the heavy mud BP so far fails to use to plug its "leak").
And as much as it may seem astonishing to see the money supply fall that hard and fast, it does so, and we at The Automatic Earth did tell you well in advance. The deleveraging going on inside all the fields combined that make up the economy is simply too much of a force to plug with a bunch of trillions of dollars and/or golf balls. Yes, the comparisons between the failed and failing US financial policies on the one side, and the botched beyond belief BP disaster inevitably come to the forefront as President Obama visits the Gulf region for a second time in 38 days.
Where are his priorities? Why does he act as he does? It was clear for many from the get-go that Deepwater Horizon had the potential to be the worst environmental calamity in US history. Where was Obama? How does a president decide he doesn’t have to be where it hurts? Now, after all this time, he shows up and claims that Washington won't let the people of the Gulf of Mexico fall. Problem is, Washington, and the president, already have. And neither can have those 38 days back.
California's municipalities are, ever more of them, considering bankruptcy as a last resort to escape at least some of their worst and darkest dreams. So does Miami. New York State seems set to increase borrowing from its own funds to keep up appearances a little longer.
Never mind. It's over, guys, it really is. Look at the stock markets, look at Europe, look at Sacramento, Miami, Ohio, Illinois. Does anyone near you really still believe that we’ll have an economic recovery, with real economic growth, anytime in the next little, say, decade? If they do, please refer them to the M3 number. And if they don't even get that one, give up. You must surely be talking to a pride of religious crazies.
Fannie and Freddie need more aid (and much more than they let on, they feed it bite-size), while the lenders they urge to buy back non-performing loans from them cry foul, and want the government to furnish them with taxpayer money or else. Exactly like the public/private pension plans Congress is, and I kid you not, considering bailing out. Everyone will be bailed out who has sufficient political influence, it’s all just like a giant auction where Washington, Sacramento and Albany are selling the kitchen sink right before your eyes and right before dinner time.
In the game of political musical chairs, you're doomed and done for if you don't have that influence, if you’re neither rich nor a member of an organization present on Capitol Hill or its state peers. The final bits of bread are being laid out on the table as we speak, and if you don’t have a seat, you are now expendable. The US Senate today didn't even bother to stay open for an emergency unemployment extension bill; other matters, like getting home for a nice meal or two at the country estate, were more important. At least it leaves no doubts as per their genuine intentions.
It’s hard to gauge, for all sorts of reasons, how long the American people will keep on taking all of this lying down. Does it need to be children starving by the side of the road? And even then, who will do what?
In Europe, these matters are far less obscure, opaque and oblique. We've seen Athens, and multiple times. And if you take a good look at what's lined up in budget cuts and austerity measures in Spain, you know it's only a matter of time till human bulls will wreak havoc on the streets of Pamplona. France wants to lift its retirement age above 60 years of age, and though I think that's reasonable considering what their neighbors do, I don’t kid myself about the power and the riot potential the French have in them.
Behind the European fighting spirit there is something that seems largely lacking stateside: the profound heartfelt conviction that it's not the poorest who should pay for the games of the richest. And I know that’s not what today's French protests are about, but that is where it's all heading. If the unions in Paris get their way, someone else will have to pay. And that will be the poorest, the eldest, the youngest and the sickest, in short anyone who has no voice but their sole own one.
But they will find a common voice, just not through orderly meetings that elect chairmen and secretaries. They'll find it out in the streets, when they meet people just as desperate as they are, and just as angry.
Until quite recently, I figured the unrest would lay dormant through the Northern Hemisphere summer, what with holidays, heat, nice weather, pretty girls and all. And certainly in Europe with the soccer World Cup, something the Spanish, Greeks, Italians, Portuguese, Brits and all the rest hold dear above their own yaya's, grandmothers.
Today, I'm not so sure anymore. The soccer matches may even well set off the political blazes. This thing can blow up in our faces any moment now, with one fire igniting another across countries and within them. There’s just too many people falling by too many waysides, and too many of them will very simply not go gently into that night without a fight.
People on both sides of the Atlantic have been taught to believe that they have a right to a decent human existence, and to a genuine pursuit of their own happiness. They will not abandon these lessons lightly.
This should have stood as an article in its own right. Excellent.
well done. thank you.
imho, it's much worse than people think
1. you can't budget for shyte with prices being so volatile in commodities, healthcare, and no one knows where taxes will go, and let's not forget fee's on this and that for as far as folks can see
2. what i see coming is humungous, gigantic volatility in currencies, and how does that translate into global company balance sheets, when they are grappling with item 1
the world is always better off because work does produce progress, three tree's, first volatility in interests rates, no more with all the world zirp, volatility in commodities, and beginning volatility in currencies, if it was a war, they've destroyed folks savings, captured all commodities markets, and now working on the next and last pocket to be picked clean
10% annual deficit with gov't more than 40% of economy, with return of sub 3% add to GDP. What of next year? 15% deficit, for 2% add? And next? 25% for 1% add?
End of the line. Stamp and mangle the toothpaste tube all you want, ain't no more coming out.
World economies ONLY work in expansion. They have very little means to accomodate contraction and gov'ts will get mean while getting lean.
U.S.A. has 1 in 9 on food stamps, 20% un-, under-, unreported- unemployment, doubled system-wide debt in seven years. C-FIRE economy hollowed out. This is a hard, hard rain. Social programs, competetive currency devaluation, criminal forebearance in accounting standards, state-sponsored market manipulations, historically wide income and wealth disparities.....
All the signs and portents are there.
Reminds me of taking city-slickers to a high altitude wilderness area for a two week "experience". They are full of talk, excitement, assurity of their preparations.
Three days later they are bug infested, bleary eyed from lack of sleep, grousing because they've overeaten their rations, wet, sour, miserable, and pissed off about what could have been memorable for the good. They never realize until too late how SOFT they've become, and how pitifully underprepared they are. Lucky for them there is an end and a return to comfort.
Leo is just the happy camper on the bus up to the trailhead with a snicker's bar and a day pack. Not seeing the purple thunderheads boiling up as far as the eye can see.
And there won't be another StimPack or another bailout, not if any Congresscritter values his seat and his sorry hide.
one Pollyannato person quotes ... and jump over the 50 others that have a correct view of the economic fix of the fiat currencies world wide ,
tell all this to the 22% unemployed , every pension plan in government usa a flush , 32 states hanging on the edge of bankruptcy,,, a national purse checkbook now going on 14 trillion over drawn l , debt approaching 50 trillion at present value ,
expect 700 more banks in us to fold , 8000 business;s redy to fold,, commercial real estate a next shoe to drop..
all western currencies set to go to zero worth.
a more on spot look at what is really happining
Jim Sinclair’s Commentary
The East will lead. The West has given away their inheritance from the founding fathers.
Gold is your only insurance as all fiat currency, if even in an index, have but only one way to go as storehouses of value – down.
An SDR or whatever finally becomes the virtual reserve currency, if not tied to gold in the manner I have outlined many times, will in a short time fail." end
and platudes will not change the course of this economic event .
your advice if followed will be a bad mistake by many..
I can understand why people don't want to see or understand the truth about the imminent future, but that never prevents it turning up all the same.
I am also sure there were plenty of "Leos" becrying exactly the same thing to anyone daft enough to listen or needing comfort back in Ancient Rome as the Ottomans booted in their city gates.
those blessed with the sense of vision always make out better than those who take the approach of the ostrich. its just another form of Darwinism at work.
http://www.youtube.com/watch?v=VXkrkbSEiAU
Contrarians views should be welcomed and even sought out for their value in testing assumptions and hypothesis.
This, I dont understand. If people on this site are so assured in their minds, why do they reject so widly any counter position?
Be it on gold or recovery or anything. Just as it was a battle of words, as if telling was enough to make it happen.
Or maybe some people are so up in dangerous bets they grow nervous every time they read about a unwished outcome.
+1
a baseball team .. with a 30 win 120 lose season will not make the world series ,,
no matter what kind of glasses a person is wearing... how optimistic the fan base. cheers quodos and even if sought out or welcomed,,
the team is dead not kicking and surely needs an overhaul /
http://finance.yahoo.com/news/Emirates-finance-chief-Dubai-apf-282237889...
I thought that Dubai wqas fixed! Seems it did not last even 6 months from the Nov-Dec crises.
I think you are wrong Leo.
Nice try. Thanks for playing.