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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

We Couldn't Have Said It Better archive print

December 18, 2015

“We’re headed for a very severe monetary crisis and period of great instability.” David Stockman, Economist

“A new generation of academic appeasers advances to grovel and ask how the university might make amends.” Patrick Buchanan, Author

“With no ability to directly manipulate the Baltic Dry Index to ‘pretend’ everything is awesome, it remains among the best ‘real’ indicators of the state of the global economy and it’s in the toilet.” Zero Hedge

“Silver prices need to rise 15% - 20% just for the average producer to break even. Marginal producers with higher costs are in even more trouble. Silver production is already in significant decline.”  Clint Seigner, Author

“We are now just one big shock away from a global downturn, and the next one seems most likely to originate in China, where heavy debt, excessive investment, and population decline are combining to undermine growth.” Ruchir Sharma, Morgan Stanley

“American academia is, by and large, idiotic.” Bret Stephens, Wall Street Journal

Decmber 10, 2015

“Democrats are playing for all the marbles: the transformation of the nation. And unless and until most wake up, America will slip under the waves of class warfare, radical wealth redistribution, insolvency, weakness and irrelevancy – exactly how the Left wants her.”  Monica Crowley, Editor

“The multi-billion-dollar climate change lobby may now be the greatest threat to freedom on the planet.” Stephen Moore, Economist

“Dave Walker, who headed the Government Accountability Office under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.” The Hill

“We are under the governance of former tenured economics faculty who think they know more than they can possibly know.”  James Grant, Editor

“Late last week, a consortium of financial regulators in the United States, including the Federal Reserve and the FDIC, issued an astonishing condemnation of the U.S. banking system. Most notably, they highlighted continuing gaps between industry practices and the expectations for safe and sound banking. That sounds ominous. One would think that if the banking system’s ‘regulators’ were actually doing their jobs the banking system would never find itself in a situation where ‘continuing gaps between industry practices and the expectations for safe and sound banking’ could occur. But for the second time in a decade here we stand.” Mark J. Lundeen, Editor

“JPM is the lead sled dog in everything related to gold and silver (and other commodities), most particularly in manipulating prices.” Theodore Butler, Analyst

“The national debtWhy aren’t politicians talking about the whopping $18.1 trillion and rising that our government owes to foreign countries, private corporations and its retirement programs? Not only is the U.S. the largest debtor nation in the world, but according to Forbes, ‘the amount of interest on the national debt is estimated to be accumulating at a rate of over one million dollars per minute.’ Shouldn’t the government being on the verge of bankruptcy be an issue worth talking about?” John Whitehead, Editor

“The unreliability of Chinese official economic data has become almost a cliché.” Noah Smith, Author

“China is confronting a massive debt problem, the scale of which the world has never seen.”  Charlene Chu, Analyst

“The climate change lobby is starting to get downright dangerous. Now it wants to put you in jail if you dare question the group-think ‘settled science.’” Stephen Moore, Economist

“What a miserable five years for the silver bulls! All of this misery was created by the selling of nonexistent silver at the COMEX by zombie banks which should have been liquidated in the aftermath of the 2007-09 mortgage crisis. When the market ultimately prices real silver bullion correctly (without including bogus paper silver futures contracts), the market situation will change rapidly. See what silver did from February 2010 to April 2011; it moved from $15 to $49 in little more than a year. Do not be surprised if we soon see a repeat performance.”  Mark J. Lundeen, Editor

November 9, 2015

“An increase in the quantity of money and fiduciary media will not enrich the world. Expansion of circulation credit does lead to a boom at first, it is true, but sooner or later this boom is bound to crash and bring about a new depression. Only apparent and temporary relief can be won by tricks of banking and currency. In the long run they must lead to an all the more profound catastrophe.” Ludwig von Mises, Economist

“If China catches a cold, the rest of the world won’t be sneezing – it will be headed for the emergency room.” Nicole Foss, Editor

“What happens when the financial breakdown comes is there is a great margin call. Everybody says, ‘I want my money back and I’ll take your collateral if I don’t get it back. If I do take your collateral, I will sell it for whatever price I can get and cut my losses.’ So, this is truly a house of cards.”  David Stockman, Economist

“The Fed is beginning to wake up to the fact that there is no easy escape from its artificial zero interest rate policy. The Fed will not be able to move very far off of the zero-bound range before the yield curve inverts and the U.S. and indeed the entire global economy, melts down.”  Michael Pento, Author

“The annual value of all silver mine output is perhaps $15 billion. By contrast, the U.S. government increases its official debt by that much in less than a week.”  G.E. Christenson, Editor

“The main impact of suppressed interest rates is to encourage yield-seeking speculation, to give low quality creditors access to the capital markets, to misallocate scarce saving, to subsidize leveraged carry trades, to reduce the long-term accumulation of productive capital, and to foment serial bubbles and crashes.”  John Hussman, Analyst

“You’d have to be in full denial mode not to see that it’s getting ugly out there in global markets: currencies are melting down, trade and shipping are tanking, commodities are swooning and global stock markets are increasingly on central bank life support.”  Charles Hugh-Smith, Editor

“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” Winston Churchill

“Where do people put their money when they can’t trust banks or governments? They flee into precious metals. And as they do so the demand for gold and silver rises sharply while the supply is constrained by limited stockpiles and falling production levels. So the price will go up and this will compound to gold and silver prices nobody can even commit to print at the moment.” Peter Cooper, Editor 

“Obama has not merely appeased Iran out of fear; he sympathizes with its anti-American grievances.”  Daniel Greenfield, Editor

“The eventual collapse of a colossal government venture will indiscriminately engulf an entire society and economy, including its millions of beneficiaries and benefactors, resulting in widespread disorder and misery.” Mark R. Levin, Author

November 2, 2015

“Canada’s Stephen Harper succeeded in steering Canada away from left-wing economic foolishness onto a path of responsibility. A trained economist, Harper cut taxes, backed free trade, cut spending, created a budget surplus, reduced national debt, revived economic growth, avoided a U.S.-style housing crisis and deftly sidestepped much of the global warming nonsense that now hobbles the U.S. economy.  And during his years in office, Canada’s middle class became the wealthiest in the world, surpassing the U.S.”  Investor’s Business Daily

“Government’s purpose is not to make the individual a slave or a sacrificial animal to some declared ‘higher cause,’ because there are no higher causes separate from the purposes, values and goals that individuals choose for themselves.” Richard Ebeling, Author

“Over time bubbles embody a degree of risk where they stealthily begin to dictate ongoing monetary accommodation.”  Doug Noland, Economist

“While the Federal Reserve may hike interest rates simply to ‘save face,’ there is indeed little real support for them doing so. Tightening monetary policy further will simply accelerate the time frame to the onset of the next recession. Of course, the Fed knows this which is why they recently floated the idea of ‘negative interest rates.’ In other words, they already likely realize they are screwed.” Lance Roberts, Editor

“The market rebound of recent weeks has essentially been grounded in exuberance that the global economy is deteriorating so quickly that central banks will insist on accelerating their monetary interventions.” John Hussman, Editor

“Can high officials of government ignore the law and refuse to produce evidence when it is subpoenaed? If they can, then the whole separation of powers – the checks and balances in the Constitution – gives way to arbitrary government by corrupt officials who are accountable to no one.” Thomas Sowell, Author

“We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment the Black Horsemen will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking, ‘What time is it? What time is it?’ But none of the clocks have any hands.” Adam Smith, Author

“Worried about climate fraud, Congress is investigating a federal agency for allegedly manipulating weather data to show recent global warming when there is none. So why is the agency refusing to cooperate?”  Investor’s Business Daily

October 30, 2015

“Once you understand the economics of the Austrian school and the philosophy of liberty, you never look at anything – not the state, the media, the central bank, the political class, nothing – the same way again.” Llewellyn H. Rockwell, Jr., Economic philosopher

“Circumstances are evolving quickly and likely do not have a happy ending for the U.S. economy, the U.S. dollar or the U.S. stock market.” John Williams, Economist

“More than 90% of the 10 billion ounces that existed in world inventories 75 years ago has been vaporized. Silver inventories went from being more plentiful than gold to less plentiful.  There is no way that is currently reflected in price.” Theodore Butler, Analyst

“Gold is in the process of retesting its breakout from a multi-decade consolidation stretching back to 1980. The significance of such a retest cannot be understated: multi-decade consolidations usually lead to multi-decade advances, with targets many times the previous consolidation high.”  Christopher Aaron, Editor

“Global business activity is slowing down and the majority of the developing nations are experiencing severe economic problems.  Over in the developed world, Japan is contracting again, the eurozone is barely growing and even America’s leading economic indicators are suggesting trouble ahead.” Puru Saxen, Asset Manager 

“Global central banks have made a Faustian bargain with our economic soul selling our future for a false stability today. Absent continuous intervention, a large deflationary crash in the global economy is inevitable. The greatest risk is that if central banks continue a policy of competitive devaluation and hyper-asset bubbles the end result will be an even more devastating crash, followed by sovereign defaults, and then class warfare. The next Lehman Brothers will be a country.” Artemis Capital Management

“If torture is wrong, why did they televise the Democrat debate?” Bernard Goldberg, Author

“Virtually every position the Democrats take makes it evident that ‘business’ is nothing but a whipping boy for them. Democrats love to rail against ‘Wall Street.’ But it isn’t ‘Wall Street’ who will be hurt by the oppressive regulations and increased taxes Democrats propose – it will be other businesses that hire the majority of Americans.” Laura Hollis, Professor

“Fed chief Janet Yellen’s hesitations and the market turmoil since August seem to validate that it is impossible to stop the accommodative monetary policy, unless you accept that doing so would trigger a new global crisis.”  Christopher Dembik, Analyst

“Since the economic downturn of 2008, the critics of capitalism have redoubled their efforts to persuade the American people and many others around the world that the system of individual freedom and free enterprise has failed. These critics have insisted that it is unbridled capitalism, set loose on the world, which is the source of all of our personal and societal misfortunes.” Richard Ebeling, Economist 

“Underlying economic fundamentals do not support a turnaround in broad economic activity. Without meaningful growth in household income and without the ability or willingness to take on meaningful new debt, the consumer simply has not had the wherewithal to fuel a sustainable economic expansion.” John Williams, Economist

“The world economic order is collapsing and this time there seems no way out.” Will Hutton, Economist

“By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”  John Maynard Keynes

“The ‘engine of our economy,’ the ‘cradle of innovation,’ the ‘land of tomorrow’ – whatever breathless hyperbole the fawning media is using this week – is a sham. Silicon Valley has become a factory of hype, funneling gobs of early-stage capital into whatever half-credible concepts it can think of, and then pimping the artificially-inflated initial results of those tarted-up ventures to whichever ‘greater fool’ is willing to acquire it or buy its IPO.” Adam Taggart, Editor

“There is an elaborate vocabulary and mathematics for derivatives that goes well beyond the knowledge of most financial professionals, let alone the general public. They are created by the largest and most prestigious financial firms in the world. Yet, once the veneer of these layers of impenetrable mathematics, jargon, and the perception of overwhelming financial authority is pierced – what is left is nothing more than a basic form of insurance scam, i.e. collecting premiums for policies that can’t be honored.  And if something does go wrong with that scam – then it is all of us who will pay as taxpayers.” Daniel Ameriman, Analyst

“The importance of growth cannot be overstated. There is not a single example of a country emerging from widespread poverty without sustained economic growth.” Marian L. Tupy, Analyst

October 20, 2015

“Actual U.S. economic activity has not recovered from its collapse into 2009; it is not recovering, and it is not about to recover.” John Williams, Economist

“The whole gospel of Karl Marx can be summed up in a single sentence: Hate the man who is better off than you are. Never under any circumstances admit that his success may be due to his own efforts, to the productive contribution he has made to the whole community. Always attribute his success to the exploitation, the cheating, the more or less open robbery of others.” Henry Hazlitt, Economist

“In 2009 China stepped further into a huge stimulus cycle that would eventually lead to the largest misallocation of capital in the history of the modern world. Empty cities don’t build themselves.” Michael Pento, Analyst

“The glib rhetoric that accompanied the pullout of American troops from Iraq was displayed once again when the rise of ISIS was dismissed as just a junior varsity team trying to look like a serious threat. But now that the Islamic State controls a big chunk of Iraq and a big chunk of Syria, it is the Obama foreign policy that looks like the work of a junior varsity team.” Thomas Sowell, Author

“I’m looking at inflation problems domestically as the dollar takes a hit. In the process, we will see a very sharp increase in the price of gold. Frankly, I would look at holding gold for the long term and riding out what’s going to be a terrible financial storm.”  John Williams, Economist

“Debt, deficits and entitlement programs are all coming to a head in a few months, all over the world.”  Alan Greenspan, Economist
“My baseline is they [the Chinese] have been buying and the Indians have been buying in enormous quantities. It's virtually impossible to get physical gold in London to ship to those countries. We get permanent requests from Russia, would we please sell our physical gold to India and China. Because there is no physical, only endless promises.” Peter Hambro, Russian Mining Head and Foremost Gold Analyst 

“The Federal Reserve’s announcement that it will continue to suppress interest rates is going to harm the economy. We won’t be breaking out of the rut we’re in, which is bad news for us and the rest of the world.”  Steve Forbes, Editor

October 13, 2015

“China, Japan and Europe have all been propping up asset prices and building up monstrous debt levels in a futile attempt to ‘stabilize’ their sinking economies.” Fred Hickey, Editor

“The goal of ‘the rule of law and not of men’ has increasingly been abandoned in favor of government picking winners and losers.” Thomas Sowell, Author

“Despite the periodic bursts of hopium for Wall Street analysts, there is no sign that the kids are moving out of mom and pop’s basement.” David Stockman, Economist

“The Fed is now nothing more than a helpless bunch of academic theorist bystanders as they already have interest rates at zero and have poured $3 trillion down the drain in their fruitless Keynesian effort to revive this zombie economy.” Jim Quinn, Editor

“Results are irrelevant to socialists.” William L. Anderson, Economist

“If I could put the economics of Bernie Sanders into a nutshell, it would be this: Burden private enterprise with one directive after another, and then demonize it when it ultimately falls down under the awful weight of taxes, higher costs, and mandates.”  John Williams, Economist

“When yields and interest rates eventually return to free market levels, all financial assets will undergo drastic revaluation.  In effect, actual free market valuations have become toxic to the current system of contrived valuations in stocks, bonds and real estate.” Mark J. Lundeen, Editor

“Something has seriously changed in the silver market as traditional indicators no longer seem to matter. Normally when the price of a commodity falls, so does demand. However, we are seeing quite the opposite as investors continue to buy silver bullion hand over fist.”  SRSrocco, Analyst

“The central bankers will do whatever it takes to avoid an economic decline. They are raised from pups to cringe at the thought of deflation, and to automatically crank up the printing presses if they catch even a whiff of it.” Brien Lundin, Editor

“Printing money to pump up asset prices (stocks, bonds, and real estate) in order to generate ‘wealth,’ which would in turn create increased economic activity was always a harebrained scheme, and doomed to fail. Shifting the money printing name to the fancy sounding ‘quantitative easing’ (QE) never changed the fact that QE was the same old crass money printing that had failed so many times (always) whenever it’s been attempted throughout the ages.”  Fred Hickey, Editor

“One of the biggest problems we face is that there is no historical template for current global market conditions so we’re all flying blind to a large degree. Never before have so many of the most important countries in the world printed so much money and left base rates at near zero for so long.”  Jim Reid, Analyst

“It is no wonder Miami became a boom town. Giddy Brazilians who had enough sense to realize its socialist government had not performed an economic miracle of fishes and loaves exchanged their red hot reals for dollars and trucked northward to condo land in south Florida.” David Stockman, Economist

“The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the time to sell.” John Templeton, Asset Manager

“We will not have any more crashes in our time.” John Maynard Keynes in 1927

“Money has never been so cheap and easy to obtain.” John Ing, Editor


September 15, 2015

“An increase in the quantity of money will not enrich the world. Expansion of circulation credit does lead to a boom at first, it is true, but sooner or later this boom is bound to crash and bring about a new depression. Only apparent and temporary relief can be won by tricks of banking and currency. In the long run they must lead to an all the more profound catastrophe.” Ludwig von Mises, Economist

“If China catches a cold, the rest of the world won’t be sneezing – it will be headed for the emergency room.” Nicole Foss, Editor

“In order to combat the next deflationary collapse of the economy, which has already started to engulf the globe, the Federal Reserve will soon have to join in the current currency debasement derby that is being led by China, Europe and Japan. This means the Fed will not only stay near the zero-bound range on interest rates, but will most likely launch another round of QE in the near future. At that point all central banks will be on a full-on assault to depreciate the value of their fiat currencies.” Michael Pento, Editor
“Tesla loses about $4,000 on every car it makes.” Reuters

“World trade is falling at the fastest pace we’ve seen since the last financial crisis.” Tony Sugami, Analyst

“The U.S. economy remains in ongoing downturn, while the U.S. dollar still faces a massive decline, with implications for a resulting, meaningful upturn in inflation evolving into a great hyperinflationary crisis.”  John Williams, Economist

“Things are lining up perfectly for a global financial crisis and a major recession beginning in the fall and winter of 2015.” Michael Snyder, Editor

“Central banks will be increasingly acting against one another going forward. There will be more surprises and more volatility across the board. Eventually it will culminate in a crash that will make 2008 look like a picnic.”  Graham Summers, Editor

“In the autumn of 2015 we are likely to experience the beginning of the end to the biggest speculative bubble in world history. All bubble assets will implode and the financial system will come under massive pressure. The dollar will fall and so will many other currencies. Money printing will follow, fueling the currency collapse and hyperinflation. As a consequence gold and silver prices will surge.” Egon von Greyerz, Editor

“The old Democratic party is dead, replaced by a progressive, big government, nanny state socialistic party.” Greg Crosby, Author

“Time is now rapidly running out. From China to Brazil, the central banks have lost control and at the same time the global economy is grinding to a halt. It is only a matter of time before stock markets collapse under the weight of their lofty expectations and record valuations.” The Telegraph

“If the Fed raises interest rates in September, we are going to see the mother of all crashes. The world economy is sliding hard and fast. Geopolitical tensions are high. The domestic economy is far weaker than official stats reflect. Housing, contrary to what the stats showed, is in the tank. It would be a colossal mistake, similar to what they did at the beginning of the Great Depression of the 1930s. I wouldn’t be surprised by a QE 4 program getting rolled out in October, the Fed’s solution to everything. That would generate an exciting counter-trend rally, but would soon fade. The QE programs simply did not work, so a QE 4 won’t either.” Robert McHugh, Ph.D.  

September 3, 2015

“Measured by the only thing that matters – hard cash income and outgo – the social security system has already gone bust.” David Stockman, Economist

“A new report from the U.S. Army War College discusses the use of American troops to quell civil unrest brought about by a worsening economic crisis. The report from the War College’s Strategic Studies Institute warns that the U.S. military must prepare for a ‘violent, strategic dislocation inside the United States; that could be provoked by ‘unforeseen economic collapse’ or ‘loss of functioning political and legal order.’”  InfoWars

“Bernie Sanders was unemployable outside politics and seems to have financed everything with dubiously obtained unemployment checks.  We’re told that ‘He read Marx, Lenin and Trotsky.” Like them he wasn’t big on working. Marx lived off Engels. Sanders lived off Uncle Sam.” Daniel Greenfield, Editor

“John Kerry recently declared that Israel would be making a ‘huge mistake’ to take military action against Iran. But Mr. Kerry, as usual, is spectacularly wrong. Israel would not be making a mistake at all, let alone a huge one. On the contrary, it would actually be sparing itself – and the rest of the world – a nuclear conflagration in the not too distant future.” Norman Podhoretz, Editor

“The muggers are coming back. The squeegee men are coming back. The crazy people randomly stabbing you on the subway, the gangs shooting each other over turf, the race rioters marching through neighborhoods – they’re all coming back.” Daniel Greenfield, Editor

“The Obama administration is advocating for a regime that has been on an execution spree on an unprecedented level, according to Amnesty International’s latest report. Since the beginning of this year, the Islamic Republic has executed approximately 700 people.” Dr. Majid Rafizadeh, Author

“According to a recent study conducted by Bond University in Australia, sharks are nine times likelier to attack and kill men than they are women.  Such disproportionality leads to only one conclusion: Sharks are sexist.” Walter Williams, Author

“Solar and wind power exists for one reason: subsidies.” Michael Fumento, Author

August 4, 2015

“It’s worth remembering that absolutely no nation has ever survived a debt crisis and it’s equally important to understand that global debt is now about twice the size of the entire world economy – something the world has never dealt with before.” Capitalist Exploits
“Few conditions are more demoralizing than poverty that comes after wealth.” Will Durant, Historian

“In the U.S. there are dozens of state and local pension plans that in the aggregate are underfunded by several trillion dollars meaning they’ve promised this much to beneficiaries, but don’t have it.” John Rubino, Editor

“With no possibility of Greece ever repaying its fictitious debts to the E.U., the E.U. determined that the solution for debt-laden Greece was to loan them more ‘money.’” Michael Noonan, Editor

“In the midst of an intense global economic slowdown that began in 2008, China’s economy amazingly appeared to be unaffected. Perhaps inspired by the movie Field of Dreams, the Chinese government believed in the adage ‘If you build it, they will come.’ And for the next 6 years China built empty cities in spades. New construction remains mostly unoccupied to this day; estimates are that 52 million homes are vacant and 90% of those empty units are purchased strictly for investment purposes.”  Michael Pento, Editor

“Corporate America is currently assuming trillions of dollars of unpayable debt it can never repay, and using it to buy back shares on the open market. Once the economy takes a turn for the worse, management will be forced to cut dividend payments in order to cover this ill-considered increase in borrowing costs or be forced into bankruptcy.”  Mark J. Lundeen, Editor

“Five days before signing, the President of Iran took it upon himself to lead in the burnings of American and Israeli flags to the chants of ‘Death to America! Death to Israel!” David Weinbaum, Editor

“Silver imports into the U.S. have been substantially higher in every month so far this year compared to the same months last year.” GoldCore

“Keynesian silliness is persistently followed in Washington. Spend, spend, spend, deficits, deficits, deficits, borrow, borrow, borrow, print, print, print, but do not succumb to seeking or accepting the truth of the calamity that is being manufactured by our monetary and political leaders. The truth is obvious. Yet the decision makers remain in total denial or ignorance.” Ron Paul, Author

“Gold is the only form of money whose value does not require a leap of faith.” Peter Schiff, Author

“China built over 23 million cars, trucks, and buses last year, far more than any other country.”  Wolf Richter, Editor

July 17, 2015

“Big government is where nations go to die.” Mark Steyn, Author

“In this perilous era, America desperately needs a leader, irrespective of political party, with the integrity and courage of his/her convictions to understand any discussion about immigration must begin by using the findings and recommendations of the 9/11 Commission about effective immigration law enforcement as a necessary element in the war on terror.”  Michael Cutler, Editor

“China’s selling of U.S. bonds has pressured the bond market down for the past five months. As bonds decline, interest rates rise. This is the last thing the Fed wants. Rising interest rates are deflationary. What will the Fed’s reaction to deflation and rising rates be? They will fight deflation with inflation, by creating billions more fiat dollars.” Richard Russell, Editor

“This run-up in China is not a bubble, and so investors should not fear another crash.” NYU Professors Carpenter and Whitelaw on CNBC in January

“As the rest of the world gawks at Greece and Puerto Rico’s economic misfortunes, what they fail to realize is that China, Japan, Europe and the United States aren’t that much different.” Michael Pento, Editor

“If Yellen increases the Fed Funds rate back to historical norms, or even back to 2006-07 levels, the yield curve would be inverted by more than 2% which would crash our heavily indebted economy. Don’t be fooled by official comments in the media; the Fed Funds Rate has fallen down and it can’t get up without initiating calamity no matter what ‘the experts’ say.” Mark J. Lundeen, Editor

“Once again investors have mistaken a bubble for a recovery, only this time the bubble is much larger and the ‘recovery’ much smaller.” Peter Schiff, Editor

“A strong dollar is putting pressure on the U.S. economic recovery and on the global economy as well. The U.S. does not want a strong dollar and neither does the rest of the world. So it’s just a matter of time until the dollar declines further, which will give gold a boost.” Omar Ayales, Editor

“For three years now we’ve been repeatedly told that the Greek situation was ‘fixed.’ Those were lies.” Graham Summers, Editor

“Junk bonds have had a much harder time this year as investors are beginning to grapple with a sense of reality, and in this reality they’re suddenly seeing some ugly nuances. And over-leveraged, junk-rated Corporate America is going to have a harder and more expensive time playing its games with borrowed money. Investors beware!” Wolf Richter, Editor

“New York’s socialist Mayor Bill de Blasio is moving to abolish bail entirely for some offenses while its city council is trying to get taxpayers to foot the bill. Some might say that they’re insane liberals who don’t seem to understand how bail works, but I would say that they understand it all too well and they they’re defiantly committed to pro-crime policies that hurt working New Yorkers.” Daniel Greenfield, Author

July 7, 2015

“While so many commentators focus on the so-called ‘slowdown’ in China, the world will use more metal this year than we used last year, and we will use more metal next year than this year. At the same time, existing mines are steadily depleting. There is an ongoing need to find and develop new mines.” Lawrence Roulston, Editor

“Progressives couldn’t care less if equality requires the decimation of property values, an increase in crime and the destruction of a neighborhood’s character. Equality, even if it is equality of misery, is all that matters. Equality of misery enforced by the heavy hand of the government.”  Arnold Ahlert, Columnist

“It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder or more efficiently, saving more, investing more, and producing more.” Henry Hazlitt, Author

“Last week HUD announced that it was moving forward with new regulations that essentially will force about 1,250 communities nationwide to construct cheap housing units in wealthy neighborhoods and then actively recruit the poor to move in.” Jason Riley, Author

“If it were only the economic decline threatening our future, there might be hope. It’s the moral decline that spells our doom.” Walter E. Williams, Author

“The unemployment statistics are obviously BS. Ninety-three million people aren’t even counted any more. If the unemployment rate were calculated on the number of full-time jobs and the true work force, the unemployment rate would not be the absurdly delusional 5.6% claimed by the bureaucratic con artists.” Charles Hugh-Smith, Editor

“Is it worth radically altering our economies and lifestyles and giving government even more power over us for a climate change faith that has not been fully debated and is problematic at best and wrong at worst?” Cal Thomas, Editor

“If Greece defaults, will the Fed bail out Europe?” Paul-Martin Foss, Executive

“I’m going to put discretionary monetary rule by former college professors at the head of the list of errors over which our descendants will roll their eyes.” Jim Grant, Economist

“The true test of central bank omnipotence may be upon us.” Mark St. Cyr, Author

“Government ruins people in two ways: by giving them money and by taking their money.” James Cook, Editor

“The Fed knows that the only things propping up American markets are free money and blind faith by the public that banks and government will act to stop any pain or economic suffering. When the free money is gone and that faith disappears, then we will have an epic catastrophe on our hands.” Brandon Smith, Editor

June 30, 2015

“The College Board holds a virtual monopoly on U.S. history testing across the country. Their mission is not to assimilate new generations of students into the American way of life, but to turn them against capitalism, individualism and American exceptionalism in favor or left-wing activism and poisonous identity politics.” Michelle Malkin, Author

“It takes a lot of patience to be contrarian. You need to have a lot of discipline. That’s the hardest thing to get on the planet right now, an investor willing to stick it out. It is a challenging way to approach building a portfolio so it is a good thing it sometimes pays off so dramatically.” Paul Wong, Analyst

“The herd is absolutely enormous and it will not take but a few to peel off toward the ‘sell’ side to move prices into the snowball/stampede. The only reason that hasn’t happened yet is that the vast majority simply still don’t want to believe in any downside, especially one where the Fed got it all wrong; easy money is too much fun.” Jeffrey Snider, Investment Manager

“The air is coming out of the bubble because the Fed halted or paused its quantitative easing program. So I believe that the Fed is going to have to do another round of quantitative easing, that they’re not going to raise rates and that’s going to be a shocker.” Peter Schiff, Editor

“U.S. healthcare is unsustainable. That it will break in the next decade is predictable. We are collectively wandering the beach, picking up seashells, while a mighty tsunami wave is approaching that will wash everyone on the beach away. We can either deal with the lifestyle and cultural causes of our mounting ill health or be swept away when the system crashes.”  Charles Hugh-Smith, Editor

“Fidel Castro gave interminable speeches calling for revolutionary sacrifice. But he lived large, with a private island, a yacht, some 20 homes across the island, a personal chef, a fulltime doctor, and a carefully selected and prepared diet.” Mary Anastasia O’Grady

“Progressivism is the fear that someone, somewhere might be making a profit.” William McGurn, Editor

“We can categorically state that, in the event we hit an iceberg, there aren’t enough lifeboats to go round. The world economy is like an ocean liner without lifeboats.” Stephen King, Analyst

June 15, 2015

“Not worrying about paying for anything is classic liberalism. If they aren’t raising taxes, they are borrowing money from China to achieve their ‘vision,’ though it’s more like a mirage.” Cal Thomas, Columnist

The little bit of money a teenager can earn through after-school, weekend and summer employment is not nearly so important as the other things he gains from early work experiences. He acquires skills and develops good work habits, such as being prompt, following orders and respecting supervisors. In addition, there are the self-respect and pride that a youngster gains from being financially semi-independent.” Walt Williams, Economist

“Meritocracy is the only known way of staying competitive in a global economy. A nation that discriminates against the most successful in favor of quotas where all cultures are ‘represented’ no matter what the merits of achievement won’t stay competitive for long.” Investor’s Business Daily

“The Fed’s unconventional monetary policies have also created dangerous risks to the financial sector and the economy as a whole.” Martin Feldstein, Professor of Economics

“Global debt is now in the region of $200 trillion. The McKinsey Global Institute recently published a report highlighting the bloated, unsustainable levels of debt that have been accumulated globally and the huge risks when interest rates begin to rise again.” Mark O’Byrne, Analyst

“We live in an age where bad economic news is not only unwelcome, but it is routinely overlooked or excused. On the other hand, good news is spotted and trumpeted even when it doesn’t exist.” Peter Schiff, Author

“They haven’t confiscated precious metals yet. We are still relatively free to buy them. And in their vain attempt to mask the inevitable fall of money, they’ve made the price dirt cheap – not only relative to actual production – but relative to the amount of false debt and unbacked credit created.” Jeffrey Lewis, Analyst

“Most crime, except perhaps white-collar crime, is committed by people who vote Democratic.” Walter Williams, Editor

“The status of the dollar as a global reserve currency is by no means guaranteed. A fiat currency which suffers continual debasement through currency creation on a scale never seen before in history will not be tolerated indefinitely.” Mark O’Byrne, Analyst

“There’s no proof that man-made warming has caused any problems. In fact, there’s no evidence of man-made global warming or man-made climate change. There are far too many natural variables that cause climate change to cherry pick climatic shifts and blame them on man.” Investor’s Business Daily

“Greece could trigger a $9 trillion chain reaction.” Graham Summers, Editor

“On any list of calamities threatening the world economy, a China crash ranks near the top…China’s economic predicament resembles the United States’. It needs a formula for sustainable growth that’s not dependent on repeated bursts of artificial stimulus, whether by deficit spending or prolonged easy credit.” Robert J. Samuelson, Economist

“Washington is like a ravenous dog when it comes to spending. It always wants more, no matter how much you give it.” Investor’s Business Daily

“President Obama’s 2011 abandonment of Iraq was a betrayal of America’s promises to millions of Iraqi men, women and children. The ISIS victories, and the horrors that follow them, are a direct result of that betrayal.”  Mario Loyola, Journalist

“An increase in what the average American pays in health care costs as a result of the Affordable Care Act has swallowed all the savings from the fall in gas prices.” Michael Pento, Analyst

June 1, 2015

“Under this administration our immigration laws have become meaningless, with millions of illegal aliens being granted official identity documents even though their mere presence in the United States represents a violation of our nation’s immigration laws, which are among the most fundamental laws of any nation. Those laws were enacted to prevent the entry and continuing presence of aliens whose presence poses a threat to the safety and well-being of our nation and our citizens and have absolutely nothing to do with race, religion or ethnicity.” Michael Cutler, Editor

“Cries of ‘No justice, no peace,’ are the battle cry of the leftist rabble hell-bent on the destruction of civil society.” Matthew Vadum, Editor

“Increasingly in the United States, the degree to which a law is enforced – or whether a person is indicted – depends on political considerations. And when the law has become negotiable, civilization utterly collapses.” Victor Hanson, Editor

What will the second quarter look like in Las Vegas? Weak. Do you hear me? Weak. This notion of a big recovery is a complete dream. I don’t think Las Vegas is experiencing a great recovery. I think it’s still very patchy and I think that that’s probably why our non-casino revenue in the first quarter was flat. I’d be thrilled if it was flat in the second quarter.” Steve Wynn, Casino Owner

“The huge increase in the Fed’s balance sheet may have succeeded in rescuing financial markets back in 2007 to 2009, but six years later those rescue efforts have placed today’s financial markets at even greater risk.” Mark J. Lundeen, Editor

“In a world saturated with excess automotive capacity and dominated by some of the most formidable engineering, manufacturing, and marketing organizations on the planet – Toyota, BMW and Ford, to name just three – there is no way that an amateurish circus barker like Elon Musk will ever make a profit selling electric vanity cars to the 1%. Tesla burned $570 million of cash in the just completed quarter alone.” David Stockman, Economist

“When it comes to rank hypocrisy and leftist-inspired double-standards, there’s nothing quite like the New York Times.” Arnold Ahlert, Columnist

 “The good news is that there will be no 25-year recession. Nor will there be a depression that will last the rest of our lifetimes. The bad news: It will be much worse than that.”  Bill Bonner, Editor

The credit bubble has grown so large that the supposed central bank gold would have to be valued at $40,000 to $80,000 per ounce to back all the debt.” G. E. Christenson, Editor
“Analysts fear that a lack of investment by silver miners could see production plateau over the next few years at a time when demand from the fast-growing solar power industry is expected to pick up rapidly.”  The Telegraph
“There is a broadly shared perception, driven by what’s happening in state capitals and city halls, that government has become visibly incompetent. Over the decades, as the private sector discovered it could not afford unionization, defined-benefit pensions, and absolute job security, the public sector made these ever more generous personnel policies routine. Government has been the only sector of the economy shielded from creative destruction. More recently, cities with budgets that have ballooned no longer provide essential government services, and fiscal crises at the state level have shown how unsustainable this model is.” Charles Murray, Author and Political Scientist

“Silver bullion remains one of the most undervalued commodities and store-of-value assets in the world today and therefore one of the greatest opportunities.” GoldCore

“From an investment standpoint, market conditions remain characterized both by obscene valuations and still-negative market internals. It’s that combination that continues to suggest potentially vertical downside risks.” John Hussman, Editor

May 28, 2015

“New Jersey Governor Chris Christie proposes to phase out Social Security benefits for retirees earning $80,000 to $200,000 and above.” Star Parker, Columnist

“Money is sound when it fulfills its functions as a means of payment and store of value as smoothly and reliably as possible in people's everyday lives. Sound money retains its value and is generally accepted. It also makes an important contribution to social harmony and material prosperity. Sound money is therefore a central pillar of society.” Dan Popescu, Editor

“Money left in the hands of individuals, even rich ones benefits the economy more than sending the money to the government to be spent by bureaucrats.” Market Watch

“A black swan event is a metaphor for an enormous problem that develops underneath the surface and then suddenly puts the whole financial system at risk. The financial crisis of 2008 was a black swan event. Today, market conditions are ideal for a new black swan event to develop.” Secular Investor

“President Obama doesn't have the slightest idea how to fix Baltimore. His solutions fall back on liberal bromides going back 50 years. After the riots of the 1960s, the left's go-to solution to urban problems has been more social programs. Since then, we've gotten more social programs – and just as many urban problems.” Rich Lowry, Columnist

The Fed is not infallible. The economy is already in recession. Corporate revenues and profits are falling. The consumer isn’t consuming. The market is being elevated by nothing but Wall Street hot air and HFT computers. This time is not different.” Jim Quinn, Editor

May 12, 2015

“Municipal bonds, like all bonds in 2015, have large derivative positions riding on them. The consequences of a bond debacle anywhere in the world would spread far and wide. The bull market in financial assets that began in the early 1980’s could very well come to an end in 2015, providing the rocket fuel necessary to launch gold and silver into the stratosphere as trillions of dollars flee counterparty risk. I’ll tell you a little secret: Mr. Bear is the biggest precious metals bull there is.” Mark J. Lundeen, Editor

“Never, ever invest in the present.” Stanley Druckenmiller, Asset Manager

“QE programs are in and of themselves hard evidence of government insolvency. Solvent governments do not need to monetize their own debt obligations with a printing press.” Brandon Smith, Editor

“A successful leftist regime is a contradiction in terms.” Daniel Greenfield, Editor

“Retail sales and housing starts now have joined with industrial production, the trade deficit, real construction spending and real new orders for durable goods in signaling an outright contraction for first-quarter 2015 real GDP.” John Williams, Economist

April 22, 2015

“With liquidity-strapped consumers unable to fuel sustainable growth in consumption, a full business recovery could not have taken place since 2009, and a recovery will not be forthcoming until consumer structural income and liquidity problems are resolved.” John Williams, Economist

“If you take all the expenditures that the government is expected to make, as projected by the Congressional Budget Office (CBO), all the spending on defense, repairing the roads, paying for the Supreme Court Justices’ salaries, Social Security, Medicare, Medicaid, welfare, everything and take all those expenditures into the future…and compare that to all the taxes that are projected to come in, the difference is $210 trillion. That’s the fiscal gap. That’s our true debt.”  Laurence Kotlikoff, Economist

“There is a big financial storm coming.” David Stockman, Economist

“Look what’s going on in Japan. They are printing money, and it’s hyperinflation. It is monetary hyperinflation which, at some stage, is going to be a price hyperinflation. It’s only a matter of time.” Alasdair Macleod, Economist

“Where are the liquidity worries at the moment? Equities would be the toughest to exit…it’s like a 5-lane highway going in and goat trail coming out.” Kyle Bass, Asset Manager

“The current cycle is very unusual, because never before have we seen central banks intervening on such a large scale and pumping so much money into global financial markets. Hence, global financial markets are more distorted than ever before and accordingly, the risks are very high. Investing becomes very difficult in such an unprecedented environment, as it can’t be compared to previous situations.” Felix Zulauf, Asset Manager

“Worldwide debt is estimated to be $200-$300 trillion and getting worse by the day. It becomes a sort of self-fulfilling prophecy (increasing debt), whereby the economies can’t face tighter credit conditions but are in need of even more lax credit conditions to prevent and make sure that the economies and debt structures don’t implode. It started with Greenspan lowering interest rates after every crash followed by Bernanke and now Yellen (who is left to deal with the @#$%&#) but we have arrived at the end of the road. There is no more room for lowering interest rates that are practically zero or negative. Next to that consumers don’t have any more room left of their disposable incomes to take on and service more debt and thus any stimulus is superfluous or plainly said it just won’t work! No more stretch in the system, it is the end of the road, game over!” Gijsbert Groenewegen, Editor

“Silver prices are largely set on the COMEX futures – paper silver. A company can post the margin and sell short thousands of contracts with no actual metal available thereby creating artificial supply.” Gary Christenson, Editor

April 13, 2015

“Every time you think the U.S. establishment can do more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and debt, additional laws and higher taxes.” Frank Suess, Editor

“Janet Yellen’s verbal hair-splitting is starting to make medieval ritual incantations sound coherent by comparison.” David Stockman, Economist

 “Climate change propaganda is simply a ruse for a socialist agenda.” Walter Williams, Editor

“The inequalities that stem from the workplace are now trivial in comparison to those stemming from family structure. What matters for success is less whether your father was rich or poor than whether you knew your father at all.” Lawrence Mead, Political Scientist (1997)

“The anti-capitalistic mentality has brought about today’s essentially bankrupt ‘middle of the road’ welfare state system, in which governments and big business are in a tight embrace that utterly deadens economic progress.” Pater Tenebrarum, Editor

“When no one is borrowing money, monetary policy is largely useless.” Richard Koo, Economist

“Nine out of ten lawsuits filed worldwide are filed in the U.S.” Frank Suess, Editor

“Japan is a bankrupt old age colony. China is the most monumental credit and construction Ponzi in human history. Europe is a terminal victim of socialist welfare and statist dirigisme. All three are attempting to defer the day of reckoning via resorting to a final spasm of money printing and central bank manipulation that is so desperate and crazy that it can only end in disaster.” David Stockman, Economist
“A Greek exit from the euro and national bankruptcy may also be finally about to happen. That’s a hugely positive event for gold as a safe haven asset. Where else do worried Germans park their cash in a euro crash? Gold is about to have its run as a speculative currency vehicle as the ultimate money that no central bank can print.” Peter Cooper, Editor

“The Federal Reserve’s monetary interventions have certainly boosted asset prices, but have done little for the real economy. With asset prices excessively extended and valuations at the second highest level in history, it seems to be a ‘fire in search of a match.’” Lance Roberts, Asset Manager

“When you believe that you are spending someone else’s money, it’s very easy to write a blank check, which is precisely what Western nations have been doing for years.” Graham Summers, Editor

March 31, 2015

“It’s when a society produces a huge surplus of wealth that the parasites multiply and become a powerful force, demanding to be supported and exaggerating their hardships, while politicians, feeling their pain, cater tenderly to their ‘needs.’” Joe Sobran, Author

“If you worked a lifetime and saved $100,000.00, you’re making $400.00 a year in interest from a lifetime of savings. I think there will be a revolt sooner or later of the American public against this disastrous crushing of the saver in order to essentially accommodate Wall Street’s appetite for liquidity.” David Stockman, Economist

“Silver uses include electronics, medical applications, water purification, batteries, solar technology, industrial catalysts, nanotechnology and photography. It’s incredible just how critical this precious metal is to industry.” Pierce Wellington, Editor

“They will reflate, there won’t be growth, there will be blood!” Bruno de Landevoisin, Editor

“Counting all discouraged workers, February 2015 unemployment was 23.1%.” John Williams, Economist

The world is now drowning in unpayable debt and this is why: as the U.S. government goes deeper into debt, banks have more ‘reserves’ from which to make loans for Greek government bailouts or sub-prime auto loans. The problem with all this is that creating credit requires no capital or labor from the banking system.” Mark J. Lundeen, Editor

“No likely way out for central banks. Your money will be worthless.” Carlo Civelli, Billionaire

March 9, 2015

“It would be helpful if Mr. Obama acknowledged that one reason for the income gap between the extremes – the rich and the poor – is that there are too many fatherless families among poor Americans. Young women having babies with no husband around is a road to poverty. But this isn’t something the president – or liberals in general – like talking about.” Bernard Goldberg, Author

“At least the Germans recognize that if the EU nations are going devote 49% of GDP to state spending, including nearly a quarter of national income to social transfers, as was the case in 2014, then they bloody well can’t borrow it.” David Stockman, Economist

“People are confident in the dollar because they believe the Fed can raise interest rates, and we can actually afford to pay the higher rates – which we can’t.  We can’t do it.  If the Fed raises rates, we will have a financial crisis.  We would have no ability to service our debt if we had to pay a market rate of interest, but our creditors haven’t figured this out yet.” Peter Schiff, Author

“Extending imprudently massive loans to marginal borrowers always plants the seeds of disaster, and extending and pretending turns a potentially containable disaster into an uncontainable financial calamity.” Charles Hugh-Smith, Editor

“Keynesian economics is little more than clipping the coins.” James Cook

“This brazen call to end austerity and return to profligate spending is spreading in Europe like wildfire.” Michael Pento, Editor

February 27, 2015

“GDP remains the most worthless and the most heavily modeled, massaged and politically manipulated of government economic series.” John Williams, Economist

“This down cycle is likely to be remembered for a hundred years.” Crispin Odey, Asset Manager

“Obama is doing his best to drive this country over a cliff – at the bottom of which most people would find an America that we barely recognize and that is contrary to everything the Founding Fathers envisioned.” David Limbaugh, Editor

“The Keynesian apparatchiks of the world’s governing class and their fellow travelers on Wall Street are pushing the global economy and financial system to the brink of disaster.” David Stockman, Economist

“The economy being talked about in the media just doesn’t exist, no matter how you view the unemployment rate. There is no spending because there is no income. Going from really bad to less bad is not recovery, just another fact of an unstable economy plodding its way toward the next dislocation.” Jeffrey Snider, Asset Manager

“Don’t forget that price manipulation started with silver and if you ever want to know the inner workings of how that works, find Ted Butler on the internet and read his research on this. Ted Butler is the silver guru.” Chuck Butler, Editor (no relation)

February 13, 2015

“The Saudis have very deep pockets – a lot of cash on hand. The Saudis can keep this going for a long time and they’re doing it. Fundamentals are in place that are going to keep driving it lower, $40 is very attainable and maybe even a little below.” Kevin Kerr, Analyst

“Earnings per share are up. But that’s just because of share-buybacks. If you strip out share buybacks earnings per share are not up and corporate profit growth is negative.”  John Butler, Editor

“2015 is shaping up to be very bad for fiat currencies and very good for gold and silver.” Alasdair Macleod, Editor

“It is certain that the price of physical gold (held outside the banking system) will reflect the destruction of wealth and paper money that is coming and will act as financial insurance. Gold and silver have now finished the correction since 2011 and have started the move to new highs. Eventually the metals will reach levels which are unthinkable today.” Egon von Greyerz, Editor

“I think it is a virtual certainty that there are going to be a lot of ‘dead bodies’ in the leveraged hedge fund community, as the size of the moves we’ve seen have undoubtedly hurt some people.” Bill Fleckenstein, Asset Manager

“In the coming days and weeks there will be more fallout from the Swiss National Bank disaster…The entire world has signed onto the notion that central banks are all-powerful. We now have evidence that they are not.” Bruce Krasting, Editor

“In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure. Entrepreneurship is the most sure way of development.” Bono, Musician

“The plunge in oil prices is not a ‘tax cut’ and it doesn’t put a dime in the pockets of the consumer. That whole notion is just one more example of ritual incantation – a baseless repetitive refrain that flows from Keynesian doctrine and Wall Street bullhorns.” David Stockman, Economist

“The complacency about Japan in the economic and investment communities is astonishing. Japan is committed to a scale of monetary inflation that if continued can only end up destroying the yen.” Alasdair Macleod, Editor

“The reality is that the global markets are much larger and more powerful than the central banks. What happened in Switzerland will be repeated elsewhere. It’s likely that these attacks will happen fairly soon.” Bruce Krasting, Editor

“If it’s not a hard asset, it’s no asset.” Tom Chatham, Editor

“I suggest that my subscribers buy physical silver and gold while the metal is still available. There is a giant secret stirring under today’s market. China, India, Russia and almost every central bank is buying physical gold. I’m guessing that within another year, physical gold will be swept off the market.” Richard Russell, Editor

“The rumors of Russia selling its gold reserves were greatly exaggerated as not only did Putin not sell, Russian gold reserves rose by their largest amount in six months in December to just over $46 billion.” Tyler Durden, Editor

“Major central banks claim to be independent, but they are totally under the control of politicians.” Steen Jakobsen, Economist

 “The scale of China’s cement production is astonishing. Over the past two years, it has produced more than 4.2 billion metric tonnes of cement, more than the United States produced in the twentieth century.” Tadashi Nakamae, Economist

“We expect politicians to lie, but an Obama speech is more than a few lies. It’s an absence of truth.” Daniel Greenfield, Editor

“I predict that the Fed will start charging negative interest rates on bank reserve accounts, which will ripple through the markets and result in negative interest rates on savings at banks…If savers won’t spend their money, the government will take it from them.” Patrick Barron, Economist

January 22, 2015

“Anyone with even a minimal amount of intelligence should be able to see the massive financial bubbles that the central banks of the world have created, and anyone with even a minimal amount of intelligence should be able to see that we are heading for a massive financial implosion which will be extraordinarily painful.” Michael Snyder, Editor

“China is nowhere near as mighty as we seem to think, Europe is a basket case, emerging economies are being strangled as we speak by the surging dollar and the Fed taper, and we’re just getting started.” Raul Meijer, Editor

“They are trying to make the stock market go up and drag the economy along with it. It’s not going to work. There’s going to be a big accident.” Bill Fleckenstein, Analyst

“The Eurozone will be in deflation by February, forlornly trying to ignite its damp wood by rubbing stones. Real interest rates will ratchet higher. The debt load will continue to rise at a faster pace than nominal GDP across Club Med. The region will sink deeper into a compound interest trap.” Ambrose Evans-Pritchard, Editor

“At any time the Western house of cards could collapse.” Paul Craig Roberts, Author

“The 2008 collapse was just a dress rehearsal compared to what the world is going to face this time around.” John Ing, Editor

“We will eventually come to realize the age of perceived central bank wisdom, was the age of foolishness. And the wisest investment strategy will be one that can not only prosper from our current false spring of hope, but can also protect from the inevitable winter of despair.” Michael Pento, Editor

“Continental Resources is the biggest player in the Bakken.  Their free cash flow – cash from operating activities minus capital expenditures – was minus $1.1 billion in the third-quarter of 2014. That means that they spent more than $1 billion more than they made. Their debt was 120% of equity. That means that if they sold everything they own, they couldn’t pay off all their debt. That was at $93 oil prices.” Arthur Berman, Oil Analyst

“There are some laws to history and one of them is that money not linked to some form of physical standard is doomed to a short, ignominious existence. The historical record is crystal clear on this. All purely fiat currencies eventually fall to their intrinsic value of zero.” John Butler, The Golden Revolution

“Merrill Lynch had been among the most prolific creators of the very worst subprime mortgage bonds. Had they been left to the mercy of the market – had Bank of America not saved them – the Merrill Lynch people would have been tossed out on the street. Instead, right before their acquisition, they rewarded themselves with massive bonuses that Bank of America wound up having to pay… Even more incredibly, the Merrill Lynch people ended up in charge of Bank of America’s equity division and set about firing most of the people in it. A lot of those people had been good, loyal employees of the bank.” Michael Lewis, Flash Boys

January 6, 2015

“In the wake of the oil tsunami, which is a long way away from having finished washing down our shores, there’s the demise of emerging markets. It’s the smaller, emerging countries that will blow up in spectacular fashion, and then spread their mayhem around. And make no mistake; to be a contender for a bigger story than oil going into 2015, you have to be major league large. This one is.” Raul Ilargi Meijer, Editor

“As a nation we are about to be slammed by the hardest times that any of us have ever experienced.” Michael Snyder, Editor

“You can’t have currencies crashing in more than a handful of significant countries, and interest rates undulating, without a lot of slippage among the swaps. My guess is that a lot of things have busted wide open there, and we just don’t know about it yet, like fissures working deep below the surface around a caldera.” James H. Kunstler, Editor.