Author Archives: Notable Quotable
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“George Bernard Shaw famously observed that he knew three types of economists. Those who were brilliantly right. Those who were brilliantly wrong. And those who taught. Judging by her tenure at the Federal Reserve’s helm and her advocacy now as Treasury Secretary of a super-sized budget stimulus package, it would seem that Janet Yellen falls into Mr. Shaw’s brilliantly wrong category. For this, the country is likely to pay dearly.”
Desmond Lachman, economist
1945
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“A lot of people come to me asking how they can get rich quick…It’s the most disturbing question I get. Why? It’s the wrong question. It tells me that they don’t have the foundation of financial intelligence required to use their money well if they do – somehow – become wealthy. This is because most people don’t understand that, when it comes to being rich, it’s not about how much money you make. It’s about how much money you keep.”
Robert Kiyosaki
Daily Reckoning
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“If we observe the empires of the world that have existed over the millennia, we see a consistent history of collapse without renewal. Whether we’re looking at the Roman Empire, the Ottoman Empire, the Spanish Empire, or any other that’s existed at one time, history is remarkably consistent: The decline and fall of any empire never reverses itself; nor does the empire return, once it’s fallen.”
Jeff Thomas
International Man
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“If we are lucky, the next Fed-caused downturn will cause only a resurgence of 1970s-style stagflation. The more likely scenario is the type of widespread economic chaos not seen in America since the Great Depression. The growth of cultural Marxism, the widespread entitlement mentality, and the willingness of partisans of various sides to use force against their political opponents suggests that this economic crisis will result in civil unrest that will be used to justify new crackdowns on individual liberty. Those who understand the causes of, and cures for, our current predicament have two responsibilities. First, prepare a plan to protect your family when the crisis occurs. Second, do all you can to spread the truth in hopes the liberty movement reaches critical mass so it can force Congress to make the changes necessary to avert disaster. Since the crisis will result in a rejection of the dollar’s world reserve currency status, individuals should consider alternatives such as gold and other precious metals.”
Dr. Ron Paul
Former Texas Congressman and candidate for president
Ron Paul Institute for Peace and Prosperity
Septermber 2018
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“Such moves would signal the beginning of the very last and most disruptive stage of the long-term debt cycle. So, watch central bankers’ actions – i.e., see if they increase their bond buying when interest rates are rising led by long-term interest rates and when the markets and economy are strong – because that action would signal that they are experiencing supply/demand problems. Also, watch the rates of change in the injections of these stimulants in relation to the effects they are having on the economy’s vigor because the more stimulants that are being applied per unit of growth, the less effective they are and the more serious the situation is. I know this all sounds crazy to you. It sounds pretty crazy to me, too. However, I have seen this confluence of circumstances leading to this sort of dynamic many times in my study of markets and economies over the last several hundred years and I experienced this dynamic myself (in 1970-80).”
Ray Dalio
Bridgewater Securities
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“There are certainly forms of instability that have been introduced by algorithmic trading that will increase as we put more and more faith in these algorithms. The February 2018 flash crash was instructive. The culprit was a slightly esoteric exchange-traded product that has a rebalancing mechanism inside of it. And that rebalancing mechanism ended up destroying the product on one specific day when the market moved a little bit more than the product was designed to handle. The product was required to trade a lot of instruments in response to that move. But then those trades exaggerated a small move and it became a big move, which required more rebalancing—and everything spiraled out of control.”
Anonymous algo-trader
LOGIC
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
______________________________________________________________________
“I’ve been involved in markets since I got with E.F. Hutton in 1975. So, you know, a long time. I’ve never seen such a confluence of events of upside and downside potentials that are so strong that will impact each other like icebergs crashing into one another. Fiat currencies, we think, are at the doorstep of collapse. We will now see events unfold in a chaotic manner. It’s not going to take five years for this to happen. It’s going to happen in the next year or so. ……” – Michael Oliver, King World News
______________________________________________________________________
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“If you want to protect your savings, gold, and silver are important assets to own, especially the physical asset, not just financial instruments. Equities only help while monetary policy continues to create asset inflation, but that can stop abruptly when money supply growth coincides with nominal GDP growth, as the multiple expansion effect dies. Sovereign bonds are not a solution as both the price and the yield make them the most expensive asset.”
Daniel Lacalle, PhD, economist
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable QuotableTemplate
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.”
David Ricardo
British political economist (1772-1823)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“Gold has been around for thousands of years. Bitcoin has been around for 20 years.”
Dennis Gartman
Markets analyst
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“My studies of the 17 major financial crises since the founding of the Republic reveal that over-optimism is an important driver of the bubbles that eventually become busts. As the legendary investor, Sir John Templeton, once said, ‘The four most dangerous words in investing are ‘This time is different.’ Such was the mind-set that real estate prices could only rise (2008), dot-com companies would forever grow and be profitable (2001), or that the Russian government would never default (1998). “
Robert F. Bruner,
The Hill
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“We need to put this [global economic inequality] alongside the financial crash, which brought home to people that a very few individuals working in the financial sector can accrue huge rewards and that the rest of us underwrite that success and pick up the bill when their greed leads us astray. So taken together we are living in a world of widening, not diminishing, financial inequality, in which many people can see not just their standard of living, but their ability to earn a living at all, disappearing. It is no wonder then that they are searching for a new deal, which Trump and Brexit might have appeared to represent.”
Stephen Hawking
Cambridge University
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“We believe 2020 marked the secular low point for inflation and interest rates. The 40-year bull market in bonds is over.’”
Michael Hartnett
Bank of America
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“But this bubble will burst in due time, no matter how hard the Fed tries to support it, with consequent damaging effects on the economy and on portfolios. Make no mistake – for the majority of investors today, this could very well be the most important event of your investing lives. Speaking as an old student and historian of markets, it is intellectually exciting and terrifying at the same time. It is a privilege to ride through a market like this one more time.”
Jeremy Grantham
GMO
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“I expect that the coming decade – and possibly even the next 12 months – will be a disaster for the U.S. stock market. … Measured from current extremes, I expect that the unwinding of this bubble will drag S&P 500 total returns below Treasury bill returns for least a decade, and possibly two. Yet like other bubbles, I expect that most of the damage will come off the top, resulting in market conditions that are reasonably investable within a year or two. Presently, the valuation measures we find best correlated with actual subsequent market returns are at the most extreme levels in U.S. history. Moreover, as I’ve detailed before, the low level of interest rates does nothing to improve those prospective returns.”
John Hussman
Hussman Funds
(November 2021)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“Markets tend to veer between two extremes: fear and greed. But right now, the dominant emotion appears to be confusion. . . As one top hedge fund manager says: ‘No one has a view, and everyone is positioned accordingly.’”
Robin Wigglesworth
Financial Times
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“The logic that Modern Monetary Theory, for example, with its academic aura and blissful projections of deficits without tears (and money creation sansinflation) has slowly left the fringe of economics and entered its forefront as a sound, indeed ‘logical’ new path forward. Equally, ‘logical’ are the titles given to such popular policies as ‘Yield Curve Control’ or ‘Quantitative Easing,’ which, as many of us already understand, are just clever, even logically titled concepts masking the far more pernicious reality of extreme debt expansion supported by extreme money creation which leads logically to extreme currency debasement.”
Matthew Piepenberg
Gold Switzerland
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Notable Quotable
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
“For we have reached a critical point. In a sense, it is true that the mists are lifting. We can, at least, see clearly the gulf to which our present path is leading. Few of us doubt that we must, without much more delay, find an effective means to raise world prices; or we must expect the progressive breakdown of the existing structure of contract and instruments of indebtedness, accompanied by the utter discredit of orthodox leadership in finance and government, with what outcome we cannot predict.”
John Maynard Keynes
The Means to Prosperity (1933)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Ready to move from education to action?
DISCOVER THE
USAGOLD DIFFERENCE
Contemporary precious metals services.
Traditional appeal.
1-800-869-5115
Extension #100
8:00 am to 7:00 pm MT weekdays
Prefer e-mail to get started?
[email protected]
ORDER DESK
Great prices. Quick delivery. All the time.
Modern gold and silver bullion coins
Historic fractional gold coins (bullion-related)
Historic U.S. gold coins
________
CURRENT PRICES
11:42 pm Thu. April 18, 2024
Live Prices • Order Anytime
|
American Eagle
Please call or e-mail the Order Desk if you have questions. |
|
Want to learn more about investing in gold and silver? This solid, in-depth introduction offers the basic who, what, when, where, why and how of precious metals ownership you've been looking for.
And when it comes time to make your first or next precious metals purchase, we invite you to discover why thousands of discerning investors have chosen USAGOLD as their precious metals firm. |
Top Gold News & Opinion Join us for our live daily newsletter LATEST POSTS
_________________________
|
A contemporary web-based client letter with a distinctively old-school feel. |
