That guy has been bearish all his life. Don't be suckered into what he has been saying because his track records obviously shows he is an idiot when it comes to predicting the market.
Marc Faber says "avalanche of selling" coming
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Nice chart, and very articulate. It's similar to a research conducted by Yardeni Group, which shows the past bull/bear cycles on the S&P (see link below).
http://www.yardeni.com/pub/sp500corrbear.pdf
agree with comagnum 100% eg in post WWII Germany and Austria when the markets collapsed and the paper money became useless, people who fared the best, if not flourished were the farmers and ranchers; the people who fared the worst were the professionals and the academics IE food trumps all else.
I will gladly sell you $10,000 worth of ding dongs for $10,000 of gold right now! Apparently, both of us will feel more secure about the future if we do this trade...right?
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How did the farmers get paid? If the markets wiped out all the wealth and the currency became worthless, what did people pay the farmers with in exchange for the food? Just stuff (barter)? It seems the people would not have enough stuff of value worth trading for? Farmers don't want to go into the "junk" business...do they? If this happened in the U.S. in the future, I bet the government (if we have one) will just "take" the food from the farmers and give it to the people...they don't want dead bodies all over the streets of America! If there isn't a standing government, farmers will be a big target for thievery and invasion...not sure I would want that, unless I had a fortress around my farm.
How did the farmers get paid? If the markets wiped out all the wealth and the currency became worthless, what did people pay the farmers with in exchange for the food? Just stuff (barter)? It seems the people would not have enough stuff of value worth trading for? Farmers don't want to go into the "junk" business...do they? If this happened in the U.S. in the future, I bet the government (if we have one) will just "take" the food from the farmers and give it to the people...they don't want dead bodies all over the streets of America! If there isn't a standing government, farmers will be a big target for thievery and invasion...not sure I would want that, unless I had a fortress around my farm.
Yes, it was barter eg in one case a farmer got a Grand Piano for a bag of potatoes. My source for what I wrote is "When Money DIES" by Adam Fergusson.
How did the farmers get paid? If the markets wiped out all the wealth and the currency became worthless, what did people pay the farmers with in exchange for the food? Just stuff (barter)? It seems the people would not have enough stuff of value worth trading for? Farmers don't want to go into the "junk" business...do they? If this happened in the U.S. in the future, I bet the government (if we have one) will just "take" the food from the farmers and give it to the people...they don't want dead bodies all over the streets of America! If there isn't a standing government, farmers will be a big target for thievery and invasion...not sure I would want that, unless I had a fortress around my farm.
When government forcibly takes food from farmers/ ranchers then productivity drops and black market flourishes.
It seems if farmers are willing to accept pianos in exchange for food, they would accept gold too!
In this case farmer bartered because his wife always wanted a piano, it served a need. I am sure there will be a farmers/ ranchers who will accept gold but the question is how much gold for a bag of potatoes.
Makes you wonder what a desperate government is capable of? Would they force farmers to produce food...or would they temporarily seize farming land and offer food to starving people to work the land? Since countries have different quantity/quality of agriculture, I'm sure standing governments would attempt to exchange gold reserves for food. I still believe gold has a place in a crises mode. Interesting topic!
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