Monday, January 10, 2011

Harry Shultz's Last Newsletter: We Are Way Worse Than The 1930's

(snippet)
In his last issue, Schultz does not attempt a grand summing-up. But he does observe this:
“Roughly speaking, the mess we are in is the worst since 17th century financial collapse. Comparisons with the 1930’s are ludicrous. We’ve gone far beyond that. And, alas, the courage & political will to recognize the mess & act wisely to reverse gears, is absent in U.S. leadership, where the problems were hatched & where the rot is by far the deepest.”
He writes favorably of investment advice given in a recent interview by former Reagan Office of Management and Budget Director David Stockman:

“Stockman replied (to my huge surprise, coming from a former top government official) ‘Get some gold, beans, water, anything that Bernanke can’t destroy. Ron Paul is right. We’re entering a global monetary conflagration. If a sell-off of U.S. bonds starts, it will be an Armageddon.’”

About gold, Schultz retains his long-term bullishness. He quotes the respected Seeking Alpha service:

“For gold to match the growth in US M1, M2, public debt & budget deficit, gold will have to reach $1,800, $2,400, $7,800 & $13,200, respectively. While I can’t imagine gold going to $13k, these numbers tell me that calling gold a bubble is a bit premature. In my view, money supply, public debt & the budget deficit are in a bubble, not gold, not yet.”
Schultz’s comment: “Wake me up at $2,400 gold.”
More Here..


Riots in Bangladesh as Stocks Dive 
Quote: "The finance minister lured us into the stock market, he told us it was safe, but now we have lost everything. They artificially jacked up the prices of junk shares and now our savings have vanished," Kabir said.

Giant Tax Increase For Illinois 

3 comments:

  1. let me say first. we need riots now people. Tonight. tomorow. Next week. Anytime soon grab poles, bats, rocks, hammers, wooden clubs, stuff. we dont kill humans, we smash there property yes. hammer to the window of car. bat to street sign. rock on limo. poles to store doors. They mess with us once they mess with us no more. Get going. no more spectation, thought, words. Lets get action now. One Nation folks!

    - Sam

    ReplyDelete
  2. "sam" are your comments automaticaly produced/ created by a computer spam program ,responding to key words in articles with calls for mindless violence?

    Before it was use ice blocks, now its store doors ,poles ,bat to street sign etc etc and
    "bad things are coming" but the politicians are good ,so print more money !
    Dogs eating ice cream bats to smash bad bank windows next?


    or when do we get to rope and pitchforks ?
    what about a few posts from "son of sam" for a change ?

    ReplyDelete
  3. Those Bangladeshi are as dumb as the Americans. They listened to their government and now they are broke. LOL

    ReplyDelete

Everyone is encouraged to participate with civilized comments.