Words To Remember

"True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made." - Franklin D. Roosevelt

An armed society is a polite society. Manners are good when one may have to back up his acts with his life.
Robert A. Heinlein

“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.”
Harry Schultz, age 87

“How do you deal toughly with your banker?”
Hillary Clinton to Kevin Ruud

"The Stone Age didn't end because they ran out of stones; the Oil Age won't end because we run out of oil." - Don Huberts

"The trouble with socialism is that you eventually run out of other people's money."
Margaret Thatcher (paraphrased) - February 1976

Fiat iustitia, et pereat mundus (Let justice be done, though the world perish)
King Ferdinand 1st, mid 16th century

Quid est veritas? (What is truth?)
Pontius Pilate 33 AD

Definition of truth:
# a fact that has been verified; "at last he knew the truth"; "the truth is that he didn't want to do it"

# conformity to reality or actuality; "they debated the truth of the proposition"; "the situation brought home to us the blunt truth of the military threat"; "he was famous for the truth of his portraits"; "he turned to religion in his search for eternal verities"

# accuracy: the quality of being near to the true value; "he was beginning to doubt the accuracy of his compass"; "the lawyer questioned the truth of my account"


I anticipate that we will have a moment of truth in the economy sometime in the next couple of months.  Perhaps I am calling this early, as I have the habit of doing in the past, but the right trigger could set off quite a memorable chain reaction in the financial and currency markets.


  1. Couple of months seems about right to me as well PW.


    The Hopium is wearing off.

  2. >>Perhaps I am calling this early, as I have the habit of doing in the past,

    You say early ? Its almost been two years. Come on PW, that was/has been an awful call and you should eat the humble pie on that one.

    Of course at some point the market will fall, hopefully you won't come out and say "Ah ha I said so.."

    Something for you to take a look.


  3. Thank you for the link Bill. We certainly wonder how long the bond market will put up with this nonsense.

  4. OK Walter you have me there. I have several erroneous forecasts to date. The stock market's behavior has been an enigma to me. So several helpings of humble pie are on my plate.
    On the other hand, I have been quite correct regarding gold. So my forecasts are a mixed bag.

  5. The printed money has to go somewhere Walter, so the FED pumps the Market.

    Please for the love of everything that breaths air tell me your not one of those, " The recovery is at hand shills ".

    This Market is the laughing stock of the world...The Grand Illusion if you will. Ya ya make money, Fiat is not money, never was.

  6. PW -
    >>On the other hand, I have been quite correct regarding gold. So my forecasts are a mixed bag

    Hopefully you didn't misunderstood me as I tend to make lot of mistakes myself as well :-)
    What I am trying to say is usually gold has moved up along with the market, so you should be taking advantage of that as well rather than getting emotional and accepting what is in front.

    Bill - I try to have a completely open mind and try to understand whats going on currently and how/what way it be affected. As I have mentioned in my earlier posts I follow the path of least resistance( JL style).

    I have to answer to my investors at the end of the year and boy o boy you should see the faces(some of 'em) if i don't make the numbers while the indexes are performing better :-)



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