Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Sat Dec 15, 2007 10:07 am Post subject: Schultz sees an apocalypse now!
Quote:
NEW YORK (MarketWatch) -- The Fed flops and Wall Street is worried. But one letter veteran has been here before, not that it makes him any cheerier.
Shultz's latest letter, just in, is absolutely apocalyptical: "A financial tsunami is upon us," he says, caused by lax credit and complications introduced by Wall Street's derivatives craze.
recession, possibly depression; bank failures; exchange controls;
[/b][/i]housing prices down by 50%;[b][i] credit card company failures; money market fund dangers; tripling of U.S. jobless numbers; federal bail-outs
His advice, translated out of his shorthand style: "If you have not already done so, take immediate measures to safeguard your assets against the global derivative crisis ... Most urgent is close out time deposits, buy non-U.S. government bonds."
Schultz says "the second biggest danger is owning U.S. dollars in any form, (it) has crashed and going much lower ... use dollar rallies to exit dollars or sell short ... This is not a time to seek profits, but to protect what U have ... Portfolio diversification is essential in troubled times."
Posted: Sun Dec 16, 2007 5:04 pm Post subject: Re: Schultz sees an apocalypse now!
KevO wrote:
so, should I sell?
I sold about half of my portfolio last week. After reading that, I may sell the other half.
Not sure what to do with the cash though, I've never invested in metal or currencies. _________________ The shovel with a wheel - The Wovel.
http://wovel.com/
Joined: Mar 26, 2007 Posts: 30 Location: L.A.'s suburban wasteland
Posted: Sun Dec 16, 2007 11:11 pm Post subject: Re: Schultz sees an apocalypse now!
KevO wrote:
so, should I sell?
When I saw the dollar start to crash, I got my first credit card in ten years. I'm using it to buy gold and useful things. (I'm glad I didn't use my good credit to "invest" in a house!)
Then again, my grandfather's advice was to never take investment advice from a man who has a job. That includes me.
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