We have passed it
May 20th, 2010 by Randy Toman
What have we past? The points of no turn, maybe, but really what have we passed? I have been told more then once that I do nothing but rant, rave and spew out negative foolishness. So let me just quote other people and then it will not be me but someone else who is trying to tell you something is wrong.
I’ll be quoting a number of folks all quote in the newsletter “Market Update” (Early May 2010), James Cook quotes and/or paraphrases these guys in this newsletter.
Daniel R Amerman CFA;
“Historically, a collapse in the value of a currency necessarily forces a major redistribution of wealth, a the segment of the population that is most devastated by this seems to always be the same. It’s the retirees, and the people close to retirement. When we look to Germany, when we look to Argentina, when we look to Russia—it is the pensioners who are impoverished more than any other group.”
John Williams, Editor;
“My outlook for a hyperinflationary great depression in the United States in unchanged; all that is unfolding now is some of the details that should lead to that ultimate financial/economic disaster.”
Toby Connor, Editor
“I don’t think Bernanke is going to “get away” with the insane monetary policy he’s chosen. Printing trillions of dollars, cutting rates to zero, trying to manipulate the bond market and generally tampering with the natural market forces is going to have consequences…
Ultimately all of Greenspan’s and Benanke’s efforts have just loaded the nation with a monstrous debt burden that we will never be able to repay and soaring unemployment that isn’t going away anytime soon.
Now I’m afraid Bernanke has probably let the inflation genie out of the bottle with his reckless actions. That means surging commodity prices. The fact that almost all commodities resisted the stock market decline on Friday is an ominous warning sign.”
Doug Wakefield, Investment Advisor
“Million of individuals are enjoying the illusion once again, of short-term mania, and the belief that their lives will not be impacted in a major way as long as they keep finding people with similar views that make them feel emotionally comfortable.”
Sol Palha Editor;
“The entire precious metal’s sector appears to be sensing some sort of future disaster for it simply refuses to correct strongly even in the face of a very strong dollar.”
These warnings sign posts are only good if someone takes heed of them and makes corrective action, and then only if they take effect and rights the condition. If there is no corrective action and the same path is continued down, history continues and life passes the sign posts one by one on route to destruction. If we are on this wrong path and heading in the wrong direction, we eventually come to a point where nothing can save the situation. Is there anyone who would say we are heading in the right direction? If it is agreed that we are going in the wrong direction and on the wrong path, it must be agreed that we are passing the sign posts and if that is agreed on, wrong direction, and passing the sign posts, what are the next concerns and/or questions? Quite simply, how fast are the sign posts going by us and/or have we passed the last sign post and destruction is just around the corner.
If there is anyone out there that thinks we are not on the wrong path, please write me, and explain it to me, so I can rest easy and ignore all these sign posts of life that are passing me by.
WE SHALL SEE and I do believe this year.