The following is by Robert Fitzwilson, Founder of the Portola Group and 40 year
veteran trader of the U.S. stock market, money management, and world economics.
There are many tools with which to confiscate wealth. Property taxes have always been a favorite whether one is an owner or a renter. There have recently been disturbing initiatives directed at the $17 trillion in U.S. retirement accounts as well as brokerage accounts in general. Last week even the pope came out in favor of wealth redistribution. This was ironic coming from one of the wealthiest entities in human history, the heir to the apparatus of the Roman Empire. One can only imagine what 2,000 years of donations and reinvestment would look like on their balance sheet.
Some amazing comments were made last week. It is hard to tell whether it is just outright ignorance, propaganda, or both. One of them was that falling productivity would be good for future hiring. Another was that rising inventory levels were good for the economic outlook. Last week we were told that a million people dropping out of the work force was great since the unemployment rate dropped.
We live in an economic insane asylum. Imagine a business where management said that sales were flagging, inventories were growing, laid-off employees were filing more unemployment claims against the business, there was no money in the checking account other than what we borrowed at exponential rates, and everyone thinks “mission accomplished.” It is bizarre and tragic.
My Comment: Set your physical, spiritual and economic house in order. RB
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