“The next decade, and perhaps longer, will be incredibly stressful, even for the well-prepared. At this point, the best advice is relax: stay calm, focused, and rational. Remember, there will be some silver linings. Brutal and at times as indiscriminate as the crisis will be, there will be a measure of justice. Many fantasies, especially those of government as manna from heaven and central banks as guarantors of ever-rising markets, will be demolished. Rendezvous with reality are never bad things.”
Ideas and actions have consequences, fortunately. Debt booms bust. SLL is back in action after a week-long trip. Nothing that happened over that week, culminating in yesterday’s worst equity market drops in months, followed by today’s so-far hefty drop (never dismiss the possibility of an end-of-day “save” to make people feel a little better over the weekend) is surprising. SLL has been warning of exactly this outcome since last fall. Even the rally in oversold precious metals has been predictable (see “Buy Gold and Silver,” SLL, 7/20/15). The surprise has been how long the equity collapse was in coming. SLL was a little early, but a little early informed by competent analysis is better than a little late informed by complete cluelessness.
SLL has not been the only one making this call, but the competent camp has been far outnumbered by the clueless. Such was the case during the 2007-2009…
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