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Why I’m Looking Forward to the Next Big Crash

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Posted by Bill Bonner - Diary of a Rogue Economist

on Wednesday, 27 May 2015 10:22

UnknownOur beef with our own generation is not that it failed, but that it succeeded too well. 

It took control of government and used it like an ape uses a rock – to crack open a nut. 

But we’ll come back to that in a minute…

The Dow Takes a Dive

First, the Dow dropped 190 points yesterday – or 1%. It is threatening to close below 18,000 for the first time in almost three weeks. We’ll wait to find out.

Yesterday, a London-based magazine and a TV station interviewed us. Both asked if we were “pessimistic.”

“Of course not,” we replied. “We expect today’s financial system to fall apart in a terrible crash and depression. But we’re looking forward to it.”

This was not exactly the answer they were looking for… And there’s not enough time in an interview to explain why this view makes any sense at all. The audience must have thought we had lost our mind.

We also had a meeting with our old friend and editor of the Gloom, Boom & Doom Report Marc Faber yesterday. He helped make sense of our “pessimism.”

“The system is corrupt,” he said. “The government. The banks. The central banks. Big business.”



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Asset protection

HSBC Fears World Recession With No Lifeboats Left

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Posted by Ambrose Evans-Pritchard - The Telegraph

on Tuesday, 26 May 2015 06:38

titanic-painting 1962453bThe world authorities have run out of ammunition as rates remain stuck at zero. They have no margin for error as economy falters

The world economy is disturbingly close to stall speed. The United Nations has cut its global growth forecast for this year to 2.8pc, the latest of the multinational bodies to retreat. 

We are not yet in the danger zone but this pace is only slightly above the 2.5pc rate that used to be regarded as a recession for the international system as a whole. 

It leaves a thin safety buffer against any economic shock - most potently if China abandons its crawling dollar peg and resorts to 'beggar-thy-neighbour' policies, transmitting a further deflationary shock across the global economy.

hsbc lombard yuan 3316486c

The longer this soggy patch drags on, the greater the risk that the six-year....continue reading HERE

 



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Asset protection

Greece Will Default on June IMF Repayment Says Interior Minister; Greek Choice Same As It's Always Been

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Posted by Mike Shedlock

on Monday, 25 May 2015 06:50

UnknownOne way or another the crisis in Greece is highly likely to come to a head in June.

Greek finances are in such sorry shape it needs a third bailout or it will be unable to meet payment obligations in August. And unless an agreement in June is reached to unleash more funds, Greece will not make it to August.

Today we learn, Interior minister warns Greece will default on June IMF repayment.

Greece has again threatened to default on loan repayments due to the International Monetary Fund, saying it will be unable to meet pension and wage bills in June and also reimburse €1.6bn owed to the IMF without a bailout deal with creditors.

"The money won't be given ... It isn't there to be given," Nikos Voutsis, the interior minister, told the Greek television station



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Asset protection

Smart Money on the Move, Yet Again …

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Posted by Larry Edelson - Commodities, Stocks, Technical Analysis

on Wednesday, 20 May 2015 06:43

Larry-glasses-deskThe smart money, the kind that moves first at the slightest sign of trouble, is on the move again.

In a market I’ve previously reported on. A market I call the “off-the-grid” market.

I can’t say I blame these savvy investors. If I had the kind of money we’re talking about, I’d be doing the same thing. Getting off the grid, to the extent possible these days.

Putting it in alternative investments that can help protect your legacy, your children and grandchildren.

Keeping it out of the banks, where your money is sure to be tracked. Where it’s at risk of being “bailed in” should the bank go under, just like what happened to depositors in Cyprus’ banks in March 2013.

Where it’s subject to negative interest rates, a tax on your cash in the bank, which is prevalent throughout most of Europe.

I’m talking about the red-hot collectibles market, and especially art. A market where Christie’s auction house



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Asset protection

Richard Russell – Elite Panicking Out Of Fiat Money Into Hard Assets As Central Banks On Verge Of Losing The War In Gold

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Posted by Richard Russell via King World News

on Tuesday, 19 May 2015 08:33

Screen Shot 2015-05-19 at 8.28.39 AM"In the background the wealthiest 1% are paying astounding prices at auction. Last week for the first time in history, a daily auction at Christie’s brought in over $1 billion. Prices for everything from top New York real estate to Picasso masterpieces are going at new record highs. The big money is preparing for record asset prices, suggesting that the purchasing power of currencies is heading south. The battle for the cheapest currency continues, and the big money is preparing for it. Precious metals and stocks are heading north as investors prepare to retain their purchasing power."

....continue reading Richards comments on Central Banks On Verge Of Losing Gold War As China To Reveal Its Gold Hoard & One Last Thought On The Massive US Debt  HERE



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