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David Stockman: The World Economy Is At An Epochal Pivot

A 'Great Reset' approaches
Friday, August 10, 2018, 7:00 PM

David Stockman warns that the global economy has reached an "epochal pivot", a moment when the false prosperity created from $trillions in printed money by the world's central banks lurches violently into reverse.

Stockman's main warning is that there's no bid underneath this market -- that when perception shifts from greed to fear, the bottom is much farther down than most investors realize. In his words, it's "rigged for implosion".
 
He predicts a Great Reset is imminent. One that, for those who see it coming and take prudent action today, will offer tremendous, perhaps once-in-a-lifetime, investment opportunity once the dust settles.
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Ronald Stoeferle: Gold Is Dirt Cheap Right Now

And a new bull market for the metal is beginning
Tuesday, June 12, 2018, 11:38 AM

Fresh from releasing his exhaustive 230-page annual report titled In Gold We Trust, Ronald Stoerferle joins us to summarize his forecast for the yellow metal.

Stoerferle, an author of several books on Austrian economics and head of strategy and portofolio management at Incrementum AG, concludes that gold is extremely cheap right now in dollar terms. And he sees a new bull market beginning for the precious metal -- one likely to quickly build momentum as the next (and long overdue) financial market correction arrives. » Read more

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Simon Black: Priced To Fantasy

Stock prices today simply aren't justifiable
Tuesday, April 10, 2018, 11:53 AM

Chris and I have been on a ship this week, presenting at The Real Estate Investor Summit At Sea.

We were able to steal away for an hour to sit down with fellow presenter Simon Black (founder of SovereignMan.com) and this excellent discussion ensued. We didn't have any agenda prepared; it's just us three riffing and sharing our thoughts on the most likely implications of the biggest macro risks that have our attention right now. » Read more

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This Is The Turning Point

The driving trends of the past decade are now reversing
Friday, April 6, 2018, 11:32 PM

The saying "the worm has turned" refers to the moment when the downtrodden have finally had enough, and turn on their powerful oppressors.

The worms have finally turned against the privileged elites -- who have benefited so greatly from globalization, corruption, central bank stimulus and the profiteering of state-enforced cartels. » Read more

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Off The Cuff: The Bond Market Will Have A Rude Awakening Soon

Higher interest rates will unleash a world of trouble
Thursday, February 22, 2018, 8:54 PM

In this week's Off The Cuff podcast, Chris and Wolf Richter discuss:

  • The Coming Rude Awakening For Bonds
    • Spiking yields are about to crash prices
  • Multi-TrillIon Dollar Deficits
    • The US is spending much more than it admits to
  • Kryptonite For The Housing Market
    • Higher interest rates & unfavorable tax code changes
  • Pension Woes
    • Most pension plans will soon be in a world of pain

Chris and Wolf marvel at the bond market's apparent indifference so far to rising rates. Rising rates, of course, mathematically mean bond prices should lower -- but that hasn't happened much yet. With the 10-year Treasury nearly at 3% now, that resistance can't last for long. Especially if the Fed proceeds with its declared program of quantitative tightening this year.

Wolf explains the ticking time bond in the bond market thusly...

Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today.
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Off The Cuff: Will The Dollar Weakness Continue?

Current policy is not condusive to a strong currency
Friday, February 16, 2018, 6:44 PM

In this week's Off The Cuff podcast, Chris and John Rubino discuss:

  • The Falling Dollar
    • Are we finally being punished for our spendthrift policies?
  • The Falling Bond Market
    • Expected with rising interest rates...
  • Volatile Stocks
    • They are still far too overvalued, so expect another big drop
  • Gold Finally Looking Good?
    • Gold's technicals (and fundamentals) are looking their best in years

The US dollar has fallen in price relative to other currencies quite dramatically over the past few months. This is an area of particular expertise for this week's guest, John Rubino, who points out that current policy being pursued by the US administration is not likely to help the dollar strengthen anytime soon.

Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today.
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Danielle DiMartino Booth: Don't Count On The Powell Fed To Rescue The Markets

The new Fed Chair may break from his predecessors
Sunday, February 11, 2018, 4:29 PM

The recent gut-wrenching drop in asset prices began on the first day of the job for new Federal Reserve Chairman Jerome Powell.

How is Mr. Powell likely to react to a suddenly sick-looking market? Will he step in forcefully to reassure investors that there's a "Powell put" in place as a backstop?

To address these questions, former analyst at the Federal Reserve Bank of Dallas, Danielle DiMartino Booth, returns to the podcast this week. In her opinion, having studied Powell's previous statements, she thinks those expecting him to continue the market support his predecessors provided will likely be quite disappointed.

Powell appears to be no large fan of continued quantitative easing, and has long been on the record as concerned about the eventual pain its unwind will cause. He very well may resist riding to the market's rescue at this time, allowing natural market forces to finally have their way: » Read more

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Red Screen At Morning, Investor Take Warning

It's time for safety. And it's beginning to pay better, too
Friday, February 9, 2018, 9:12 PM

Growing up as I did in coastal New England, this old rhyme was drilled into us as children:

Red sky at night, sailor's delight;

Red sky at morning, sailor take warning.

I'm reminded of this rhyme because the markets are giving us a clear "red sky" warning right now. One that comes after (too) many years of uninterrupted fair winds and smooth sailing.

 
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What The Crypto Crash & Stock Market Plunge Have In Common

Only one thing matters in bubble markets: sentiment
Monday, February 5, 2018, 5:57 PM

Did the stock market bubble just pop, just as the cryptocurrency one has? » Read more

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It's Looking A Lot Like 2008 Now...

Did today's market plunge mark the start of the next crash?
Friday, February 2, 2018, 9:57 PM

Economic and market conditions are eerily like they were in late 2007/early 2008.

Remember back then? Everything was going great. Home prices were soaring. Jobs were plentiful.

The great cultural marketing machine was busy proclaiming that a new era of permanent prosperity had dawned, thanks to the steady leadership of Alan Greenspan and later Ben Bernanke. And only a small cadre of cranks, like me, was singing a different tune; warning instead that a painful reckoning in our financial system was approaching fast.

It's fitting that I'm writing this on Groundhog Day, as to these veteran eyes, it sure has been looking a lot like late 2007/early 2008 lately... » Read more