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URGENT WARNING: 6 Signs the Great Crash Is Upon Us!
URGENT WARNING: 6 Signs the Great Crash Is Upon Us!
The Greek default proves that all this endless quantitative easing idiocy couldn’t live up to the promises. It has proved unable to create sustainable long-term recoveries in highly indebted developed countries with poor demographic trends.
The Greek parliament caved into totally repulsive demands, as I said on Monday that it would. They did it out of stark fear of the chaos a Grexit would bring before free market forces resolved their trade and budget imbalances.
I don’t believe they did the right thing. From the looks of the discontent on the ground, many Greeks don’t either. Be that as it may, this can has been kicked just a little further down the road, yet again.
But the whole mess made investors nervous. As did the recent collapse of China’s stock market which just added to the growing concerns.
Investors are right to worry. I’ve been saying for years that the greatest trigger would be the bursting of the massive, unprecedented China bubble.
How can it not?!
Its stock market soared 159% in less than a year. It gained 30% in justtwo months!
Then its stocks took a nose dive, losing 35% in less than 30 days.
Understand that if China’s stock market had lost just 20%, it would have meant nothing. But, as I’ve always said, a drop of 30% to 40% in short order is a clear sign of a first wave down in a major bust. That’s why I’m always telling you to rather be safe than sorry. If you don’t follow a reliable, proven investment strategy – like any of our premium research services, from Boom & Bust, Cycle 9 Alert, Max Profit Alert, BioTech Intel Trader, Triple Play Strategy and Dent Digest Trader – waiting passively for that extra 1% or even 5% is like playing Russian Roulette.
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An Insider’s Take: How the Fed Ruined the Economy
An Insider’s Take: How the Fed Ruined the Economy
Let’s start this off with a quote by Ben Bernanke to get your blood boiling:
When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation.
He has a memoir coming out in October called The Courage to Act. The courage to act!? Artificially inflating the economy with worthless money is about the least courageous thing I can think of.
There was one Fed governor I actually trusted, but he resigned in 2011. His name was Kevin Warsh. Bush appointed him in 2006, making him the youngest Fed governor ever at age 35.
His view is directly in line with people like me and David Stockman. It was appropriate for the Fed to step in with QE1 in late 2008 and early 2009. It kept the banking system from totally melting down out of sheer panic. But after that, they should have stepped out of the way and let the free market engineer its own much-needed correction and re-balancing.
That’s why Warsh resigned. He didn’t believe in the Fed’s asinine policies that launched QE2.
Below is an article he ran with Stanley Druckenmiller, founder of Duquesne Capital, in the Wall Street Journal on June 19, 2014. I’ll let him make the argument himself since he does it so eloquently.
Harry
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