70 Sausages for $20.
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Monday, August 31, 2009
Health Care Mob and Sob
Wow! The health care debate has brought out front and center the underlying fear and social discomfort prevalent among most Americans at this juncture of economic transformation, from one of inflation to one of deflation. A quick glance at the media and it looks like everyone is really very upset: A swastika painted in a congressman's office? In Virginia, health care passions flaring up in forums? And senators facing angry crowds at town-hall meetings? This negative social mood is part of the characteristics of a society faced with financial problems, the other characteristics being protectionism, malevolence, fear, and anger. When people continue to lose their jobs or face a foreclosure while at the same time watch their standard of living decline, the negative social mood will intensify. What's next?
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Sunday, August 30, 2009
Is the Worst Over Yet?
President Barack Obama said last Friday that his administration saved the US economy from catastrophe and the worst of the recession may be over, after a surprise drop in the unemployment rate.
But is the worst over?
Bob Prechter's most recent Elliott Wave Theorist gives a warning he's never had to include in 30 years of forecasting – namely, that the worst is yet to come!
What's terrible is that so many people will be surprised when the wave of depression bowls them over. Unless they get tomorrow's news today.
Safeguard your financial future with Bob Prechter’s FREE 10-page market letter and don't get caught by surprise by the depression wave.
End the Fed... Coming Soon!
In the October 2003 Elliott Wave Theorist (page 7) there is the forecast that by the time this economic collapse is over the "Federal Reserve System will be discredited and then abolished." Given the current circumstances the time is ripe for such an idea to grab hold.
Take Ron Paul's new book, End the Fed (out next month) as a starting point, where he "draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional."
Then add his proposed bill to audit the Federal Reserve (HR 1207), which has bi-partisan support in the House of Representatives, and we have the beginning of the end, for the Fed.
As the social mood continues to deteriorate, the Congressman's urgent appeal in his latest book, a combination of describing where it all went wrong and what needs to be done to fix America's economy, is sure to get a lot of attention.
Name It and Shame It
As we approach the end of the current bear market rally, we see a reluctance in the media to call this bear what it is. We see it repeatedly called a 'recession', and even hear current calls that we are coming out of it. We still see the softer, more unrealistic term 'credit crunch' in the US and overseas in countries such as Germany.
Name it! The continued bear market is going into a depression, to rival the Great Depression of the 1930's, and at the end of the day to eclipse it. For those who continue to name it and shame it, they'll be putting their heads in the sand and miss the opportunity to prepare themselves for the biggest financial shock of their lifetimes. To be unprepared for what's about to move from a slow grind into overdrive would be financial suicide.
Fiscal Conservatism to Increase
A changing social-mood is what this deflation is about: the change from prolific spending (via credit) to fiscal conservatism, on a global scale.
New data from the Bureau of Labor Statistics shows imports are starting to drop again... watch out.
Last time this happened was less than a year ago. The last few months have been a break in the downturn but now the brakes are failing. Here comes the second wave of deflation.
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