... back to 'guru' impersonation ... <g>
... abstracted from an e-mail to a few investor friends today ...
... don't Knight Greenspan, Crown him - with a big spoon ... <g>
... Actually, within the next three years, Greenspan, in my opinion, will have developed the deserved reputation of the worst and most despised central banker in the history of the U.S., if not the entire world ... mainly due to many negative economic events that have not (as yet) occurred, in the U.S. and world economies, but will surely develop or be magnified in the next 12 to 24 months ...
... specifically, the world wide recession (which has only barely started) will worsen and become the worst recession since the 1930's (actually, many people will come to refer to it as the "21st century depression") ... it will be correctly viewed as having started in the US, and mainly caused by Alan Greenspan's policies ...
... the U.S. Dollar will lose 20% plus of its value from where it is today, gold prices will escalate higher .... and equity prices (with many bear market rallies in between) will continue to decline through 2003 and maybe into 2004 ... and that says nothing about real people issues like unemployment ...
... all the signals are there ... deflation, a huge debt and mortgage bubble, almost no savings, rising deficit spending, gigantic balance of payments deficit ... ridiculously low interest rates (bonds are also a large bubble) ... likely war in Iraq coming ... and worldwide geopolitical instability as a result of our lack of action with the Israel/Palestinian issue combined with our aggressive stance on Iraq ...
... did I forget anything ... <g>
... I genuinely hope I am wrong in all this, but this has been developing for many years, and is not very different from what I have seen coming and talked about for a long time ...
Ken |
