My good friend of 19 years and principal at Bearing Asset Management, Kevin Duffy, writes this great article about the rah-rah guys who want the credit creation party to never end. Guys like Kevin and Peter Schiff get it while punch bowl crowders like Larry Kudlow do not.
The bottom line is: are you prepared? Are you doing research to find out how to protect yourself? Remember, a month before the stock market collapse in 1929 government officials and big-wig financial types were saying everything looked rosy for the forseeable future. They were wrong - really wrong. From 1998 through 2000, I urged my co-workers at a large investment firm I worked for (we had over $200 billion under management at the time) to find out what moves to make to protect themselves. They gave me that pat herd-mentality answer: "it's different this time." Whenever I hear that, I turn and walk away as quickly as I can.
Get dialed in like Kevin Duffy and make the proper financial moves. That nasty '70's term - stagflation - is coming back with a vengeance.
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