Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: patron_anejo_por_favor who wrote (1834)	3/11/2004 9:34:39 PM
From: mishedlo	Read Replies (1) of 116555

Patron - look at this - thoughts anyone? financialsense.com The greatest stock mania in the history of the world is now in its fifth year of correction and will continue to set new records for length and depth in the years ahead. The greatest debt mania is still in full force and awaiting a major interest rate increase to signal its end. The real estate bubble appears to still be in full sway in the U.S. and other foreign countries. What will finally bring it to an abrupt end is not visible as we write, but it too will end. The huge issuance of corporate and tax free bonds by industry and governments have been transformed into insured, highly-rated income securities being sold to individual investors in huge amounts. If these guaranteed income promises are not kept, the value of these securities will plummet. The idea of having an insurance company guarantee the interest payments on a bond has never been tested in a major economic slump or depression, but it surely will be tested in coming years and especially in tax-free bonds with many city and state governments in dire financial straights. The most amazing thing to this writer is that the bullish hype from Washington and Wall Street, spread daily by our public press and TV, has kept the general public from seeing the enormous bubbles in which they have become totally entrapped. When they finally awake to the magnitude of their debt burden, news of our next great depression will be in the headlines of our daily newspapers.

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