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Richard's Remarks

 

The Federal Reserve's balance sheet is north of $3.5 trillion. Anybody who understands numbers knows that this is absurd and ridiculous. With the debt of the US surging to almost insane levels, nobody on the planet seriously believes that the US debt will ever be paid off -- unless it is paid off with teensy weentsy dollars that are comparable in purchasing power to today's pennies.

 

Based on today's relatively "calm" markets, I'd say that most people believe that our day of reckoning is many years into the future. When the experts are putting trouble off for years into the future, as a rule their timing turns out to be optimistic, and the markets will discount trouble in a matter of weeks or months rather than decades.

 

So where should we look for this "decades into the future" trouble? The logical place would be the Treasuries, which are backed by the full faith ... Log in or subscribe to continue reading.


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