Europe is a Ponzi scheme. Central banks and governments give money to the banks so that the banks can buy the bonds of defaulting governemnts. Crazy!
But the markets are winning. They are forcing us to deleverage by reducing our incomes (becoming poorer), forcing business to cut prices because of slower demand (deflation), and reducing our entitlements becaue we cannot afford them. Because we are not productive enough to afford them. Because we are not creating enough wealth to afford them.
Enjoy this interview. Refreshing as usual.
George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager
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