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The politicians apparently believe this massive infusion of new money and credit will "jumpstart" the European economy, which will then produce enough tax revenue and banking profits to finance these new debts. Don't laugh...
How did this happen? How did a giant oilfield suddenly appear in Texas – an area that's been thoroughly studied and drilled since the 1930s? I asked our in-house resource analyst, Matt Badiali, to explain.
I know these numbers must sound like pie in the sky. After all, U.S. oil production fell every year from 1991 until 2009. The decline led some pretty smart folks to declare we'd reached "peak oil."
Simply put, just like GM, the U.S. government has taken on ridiculous debts that it cannot pay back. But then the million-dollar question arises: If Porter is right, what do I do with my money?
I'd never seen a Wall Street firm give a leveraged currency presentation to retail clients before. While this kind of trading can be very profitable, it is extremely risky – especially right now.
But what stocks do well when inflation is rising... when the government bond market is correcting... and when earnings multiples in the stock market contract? Two things in particular: energy and precious metals.
Consider how these factors worked in your own neighborhood. As interest rates fell, more people could afford a bigger mortgage. And as more credit became available, more people were competing to buy homes. Prices rose. Rising prices allowed more credit to become available. As more credit was available, interest rates fell more. The cycle continued.
Right now, today, without counting any of the unfunded liabilities of our government (which are very real obligations, by the way), our national debt is $12 trillion. There are roughly 100 million American households.
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