In this video, Nigel Farage, once again says it like it is…while in the kings lair the mood is apathetic and pathetic. Barroso is an agent for the banks and special interests, his plans are an extenuation of US Fed policies and will likely end up faring even worse that the US fed due to the fact that the EURO zone can not really issue and print new sovereign currency by decree. What a mess we weave and how unimportant it is the people who have warned about it for the last few years…its so unimportant that its not even necessary for Barroso to listen to the one guy who stood up and dared to tell the truth and has been right BTW.
We are watching the story play-out exactly as I have been presenting on this blog. Sprott, Paulson, Wall street pundits have totally missed the configuration of the precious metals…arrogant fools that they are…their reputations will also likely follow. Zerohedge, Marc Faber and Jim Rogers have also missed the significance of what is going on…though they are deserving of respect.
These assets are not an alternate to fiat money they are a source of fiat money and will need to be sold to generate required cash. As the banks close, as the system comes to a screeching halt people will continue to use anything valuable in a “Mad Rush" to generate “CASH”. This of course will likely take Oil and Gold down very much lower than most are expecting. Gold likely into the $500 to $600 range and Oil further, likely into the $8 to $20 range. Silver is going to get annihilated and will likely come to rest below $2.
It is truly amazing to watch the convictions of the masses take them just where convictions such as this usually go…It is also sad.
As I am not surprised by today’s action in the least…I think the next real surprise may be the heights to which the dollar rises and depths to which assets fall. Clearly, the boys in Washington, having been led by the illustrious Larry Summers, can make no mistakes - or any that they will admit to. The reality is, of course, rather different. What we really have is a comedy of errors. Given that, I am very long the dollar and quite short assets and comfortably sitting with big profits again this month. I am now approaching triple digit returns for almost all of my segregated accounts for the month so far, which I have never done before…personally, I see the markets following through in a big way and this may be the biggest month of trading afforded to us all in a long long time.
If this market is confusing to you, my suggestion is to do anything but being complacent - its likely to be a very uncomfortable ride unless one is very clear and focused. Stand aside in that case and wait for a healthier and more compatible market.
On another note, I am doing a webinar tomorrow at http://bigmiketrading.com. I will be discussing lots of trading related issues and an in-depth discussion regarding psychology and risk. I invite you to attend. You can register at this link:
I have to say, I fail to understand why everyone seems to refer to Larry Summers and the work brilliant in the same sentence. Larry is an idiot who uses degrees, big words and misdirection to promote an agenda which has financially devastated everyone it has touched…well except himself I guess.
It is clear, especially when you take into account my previous post, that the central planning community is aware of the destructive nature of their policies. They have now decided to give up the ruse that they are trying to protect us and provide stability. they have decided to crash asset prices. This is apparent due the clearly conflicted agenda that is coming from all the big bureaucratic mouth pieces.
Various credit agencies, for one example, have recently downgraded major government debt in clear contrast to their previous patterns of behavior. Anyone who believes that they had such a turnabout due to self-reflection and introspection or because they just felt like it was time to do the right thing, can simply refer to Warren Buffet’s recent tax propaganda and hype for reference. Certainly, if I ran a company that required long assets by its very nature and then required manipulation, backroom deals, bailouts and cronyism to function…I would want the eak out every little bit of extra tax I could, so that I could try to influence its use and ultimately so it could be used to prop up my credit money inflated balancesheet that I know is going to get decimated.
The reality is that the amount of money raised by taxing the rich is insignificant in the big picture and Warren Buffet has officially lost any credibility that he still had left. Obama is a disaster and Ron Paul will likely become president in the case we have a major financial and economic collapse - this is something I have predicted for many years in private and publicly.
Well, here we have it, the biggest collapse of all time is not just going to happen - the cronyists in government and in their contingents are making certain that it does. In the past, they would have tried to suppress unwanted negatives and mask their agenda…now big tax increases, sovereign debt downgrades at precisely the wrong time are the norm and their agenda is being laid more and more bare for all to see…and what’s more, it is NOT a random amalgamation of events…it is sanctioned from the highest levels and specifically designed to destabilize our markets and economies. Anyone, therefore, thinking that the Fed will come out tomorrow being a dove and an angel is likely going to get a swift and sharp jab to the upper jaw…Ben is done, but his job is not. His and Timmy’s job is to transfer the wealth of a sovereign nation and people into private hands, he has not completed that job and will not quit until he has.
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