Sunday, May 29, 2016

SOBERING READ

Here's sobering read or at least it should be. We've been talking about it for a while.
zerohedge.com/news/2016-05-28/dont-listen-ruling-elite-world-economy-real-trouble.

Note what gold has been doing for the last eight or so sessions versus the dollar. If anyone out there can prove that we have any connections to or any way to make a profit by pushing gold, let them speak now or forever sew their mouths shut.

Do we own gold? Yes. Not a crime yet, though it has been in the past. Are central bankers around the world piling up gold of late? Yes.  Do we trade gold or have any open positions that would profit near term? No. We own gold for one reason, risk management.

And despite what you might think and hear, we believe you're going to need some, lots of, risk management in the not too far off future. Do we have a time limit or specific date? No. We don't know when and neither does anyone else. Does that make us or them wrong? You decide.

There's a lady, Annie Duke, a champion poker player, author and consultant to businesses. We don't know and have never met her. Deception in poker, she notes, is necessary. It's a zero sum game. But not in relationships and business, especially if you want to have a long term meaningful, healthy relationship.

That should be your first question: Is there and has there been any deception going on out there? If so, can you make a reasonable case for it and support your points? It's called expository writing by another name. Deception when it comes to the ruling class is the norm not the exception.

Here's an excerpt.
Andy Xie says the world's elite that are attending the G7, G20, Davos and other wasteful meetings are wrong to try to pin the blame for the turmoil on people’s psychology; all signs point to a prolonged period of global stagnation and instability.
Before the current G7 meetings waste of time, The G20 working group meeting in Shanghai didn’t come up with any constructive proposals for reviving the global economy and, instead, complained that the recent market turmoil didn’t reflect the “underlying fundamentals of the global economy”. The oil price has declined by 70 per cent since June 2014, while the Brazilian real has halved, and the Russian rouble is down by 60 per cent. The global economy is on the cusp of another recession, and these important people blamed it all on some sort of psychological problem of the people.
Over the past two decades, the global economy has been blessed with the entry and participation of 800 million hard-working Chinese, plus the information revolution. The pie should have increased enough in size to make most people happier. Yet, the opposite has happened. The world has gone from one crisis to another. People are complaining everywhere. This is due to mismanagement by the very people who attend the G20 meetings, the Davos boondoggle, and so many other global meetings that waste taxpayers’ money and put inept leaders in the limelight.
One major complaint that people have is that the system is rigged – that is, the rising income concentration is not due to free market competition, but a rigged system that favours the politically powerful. This is largely true. The new billionaires over the past two decades have come mostly from finance and property. Few made it the way Steve Jobs or Bill Gates did, creating something that makes people more productive.
That rigged system that favors the powerful is called intervention.

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