Peter
Schiff,
Chairman
of
SchiffGold.com
says
the
Fed
is
bluffing
-
if
the
officials
pull
the
QE
plug,
the
national
economic
engine
will
stall.
While
the
Listener's
Q&A
(phone
/
email)
-
Chris
Waltzek
-
June
25,
2015.
To
download
this
show
in
Mp3
format,
please
click
here.
Recap.:
Friends
of
the
show
call
in
with
their
questions
and
comments.
The
first
caller
wants
to
know
if
it
is
prudent
to
buy
or
rent
a
home.
The
Rule
of
100
yields
a
home
price
estimate
-
multiply
comparable
monthly
rent
by
100:
$1,000
per
month
in
rent
suggests
a
price
of
$100,000.
Gold
and
silver
remain
the
quintessential
portfolio
insurance
-
when
every
other
asset
fails,
gold
and
silver
lined
life
boats
will
save
the
day.
Given
Dr.
Ron
Pauls
latest
video
(Figure
1.1.)
where
he
claims
that
millions
of
investors
will
be
wiped
out
in
the
coming
financial
collapse,
the
seven
year
cycle
noted
by
Martin
Armstrong,
the
Shemitah
seven
year
cycle
and
the
fact
that
there
hasnt
been
even
a
10%
stock
market
correction
since
2011,
the
precious
metals
remain
an
essential
asset
class
for
every
portfolio.
A
25%
allocation
is
sufficient
to
offset
financial
carnage.
Younger
investors
are
encouraged
to
increase
the
allocation
percentage
while
seniors
can
use
PMs
dividends
to
boost
investment
income.
It
is
advisable
to
use
the
sluggish
price
levels
as
an
opportunity
to
lower
their
dollar
cost
average
gold
/
silver
price.
PMs
facilitate
higher
asset
risk
without
jeopardizing
overall
safety,
and
as
every
student
of
finance
knows,
higher
risk
can
equate
with
improved
reward
when
managed
scientifically.
Gold
and
silver
are
the
bedrock
/
cornerstone
of
a
portfolio.
Would
you
try
to
build
a
house
without
a
foundation?
Investors
are
urged
to
ask
how
much
they
can
lose
without
a
solid
PMs
foundation
before
asking
how
much
they
can
gain
from
a
popular
stock.
The
Alpha
Stocks
Portfolio
is
facilitated
by
a
rigorous
correlation
matrix
analysis
to
maximize
overall
return
and
minimize
losses.
Alpha
stocks
portfolios
regularly
offer
expected
returns
of
30-50%
annually
and
zero
expect
losses
(optimized
portfolio
results).
The
portfolio
facilitates
peace
of
mind
of
knowing
that
funds
are
maximized
and
losses
minimized.
For
a
limited
time,
new
subscriptions
are
offered
with
zero
risk,
if
you
are
not
satisfied
after
the
first
30
days,
a
refund
is
issued
and
account
canceled
without
further
obligation.
John
from
San
Diego
expresses
doubts
about
the
economic
recovery.
Vidya
anticipates
a
stock
market
buying
opportunity
after
a
correction.
Friends
of
the
show
call
in
with
their
questions
and
comments.
The
first
caller
wants
to
know
if
it
is
prudent
to
buy
or
rent
a
home.
The
Rule
of
100
yields
a
home
price
estimate.
Simply
multiply
comparable
monthly
rent
by
100:
$1,000
per
month
in
rent
suggests
a
price
of
$100,000
for
a
comparable
home
price
(100
x
$1,000
or
$100,000).
Gold
and
silver
remain
the
quintessential
portfolio
insurance
-
when
every
other
asset
fails,
gold
and
silver
lined
life
boats
will
save
the
day.
Given
Dr.
Ron
Pauls
latest
video
(Figure
1.1.)
Where
he
claims
that
millions
of
investors
will
be
wiped
out
in
the
coming
financial
maelstrom,
the
seven
year
cycle
noted
by
Martin
Armstrong,
the
Shemitah
seven
year
cycle
from
Rabbi
Cahn
(see
video
down
this
page)
and
the
fact
that
there
hasnt
been
even
a
10%
stock
market
correction
since
2011,
the
precious
metals
remain
an
essential
asset
class
for
every
portfolio.
Figure
1.1.
12-Term
Congressman
Dr.
Ron
Paul's
Warning
to
Americans
about
the
Coming
Currency
Crisis
Note:
Video
courtesy
of
YouTube.com.
The
unbroken
12
year
bull
market
in
gold,
which
never
recorded
a
down
year,
required
a
consolidation.
Gold
and
silver
remain
the
quintessential
portfolio
insurance.
When
every
other
asset
fails,
gold
and
silver
lined
life
boats
will
save
the
day.
A
25%
gold
allocation
is
a
sufficient
starting
point
to
offset
financial
carnage.
Younger
investors
are
encouraged
to
increase
the
allocation
percentage
via
income,
while
seniors
can
benefit
from
PMs
dividends
to
boost
investment
income.
Investors
are
encouraged
to
use
the
sluggish
price
levels
as
an
opportunity
to
lower
their
dollar
cost
average
gold
/
silver
price.
Given
Dr.
Ron
Pauls
latest
video
where
he
claims
that
millions
of
investors
will
be
wiped
out
in
the
coming
financial
collapse,
the
seven
year
cycle
noted
by
Martin
Armstrong,
the
Shemitah
seven
year
cycle
and
the
fact
that
there
hasnt
been
even
a
10%
stock
market
correction
since
2011,
PMs
assets
belong
in
every
portfolio.
Listeners
are
encouraged
to
tinker
with
a
simple
portfolio
return
via
ticker
symbols:
(GLD)
(SLV)
and
(GDX).
PMs,
decrease
volatility,
lowering
risk
markedly
while
enhancing
expected
return.
Also,
PMs
facilitate
higher
asset
risk
without
jeopardizing
overall
safety,
and
as
every
student
of
finance
knows,
higher
risk
can
equate
with
improved
reward
when
managed
scientifically.
Gold
and
silver
are
the
bedrock
/
cornerstone
of
a
portfolio.
Would
you
try
to
build
a
house
without
a
foundation
first?
It
would
crumble
and
fall
to
pieces,
undoing
all
of
your
efforts
time
and
money
spent.
Similarly,
investors
ontology's
can
change
by
asking
how
much
they
can
lose
without
a
solid
PMs
foundation
in
my
portfolio
instead
of
how
they
will
gain.
For
instance,
the
Alpha
Stocks
Portfolio
involves
rigorous
correlation
matrix
analysis
to
maximize
overall
return
and
minimize
losses.
Alpha
stocks
newsletter
subscribers
portfolios
with
expected
returns
of
30-50%
annually
and
zero
expect
losses,
with
the
proviso
of
optimized
portfolio
result.
The
portfolio
facilitates
peace
of
mind
of
knowing
that
funds
are
maximized
and
losses
minimized.
For
a
limited
time,
new
subscriptions
are
offered
with
zero
risk,
if
you
are
not
satisfied
after
the
first
30
days,
a
refund
is
issued
and
account
canceled
without
further
obligation.
John
from
San
Diego
expresses
doubts
on
the
economic
recovery.
Vidya
anticipates
a
stock
market
buying
opportunity
after
a
correction.
Louis
Navellier
insists
stock-picking
in
strong
sectors
is
essential,
such
as
technology,
health-care,
consumer
durables
/
staples,
and
home
improvement.
He
shares
several
investing
opportunities,
including:
CVS
pharmacy
(CVS)
and
Blow's
home
improvement
(LOW).
Domestic
small-cap
/
mid-caps
are
preferred
over
large-cap,
which
have
higher
dollar
exposure.
The
political
backlash
against
rate-hikes
could
be
intense,
putting
a
ceiling
on
the
benchmark
rate.
Increasing
the
allocation
of
gold
and
precious
metals
is
advisable,
particularly
for
European
investors
due
to
dollar
strength
and
relative
euro
weakness.
As
capital
inflows
intensify,
the
US
economy
could
grow
its
way
out
of
the
debt
issues.
Given
that
Fed
rate
cuts
are
instrumental
to
protracted
stock
market
rallies
(Figure
1.1),
cut
the
imminent
rate
hikes
halt
the
seven-year,
equities
bull-market?
Louis
Navellier's
of
Navellier
Growth
and
the
free
must-bookmark
/
free
link:
Portfolio
Grader,
thinks
stock-picking
is
essential
in
the
current
environment
-
investors
must
rotate
away
from
nonproductive
sectors
into
more
productive
avenues,
such
as
technology,
health-care,
consumer
durables
/
staples,
and
home
improvement.
He
shares
several
investing
opportunities,
including:
CVS
pharmacy
(CVS)
and
Blow's
home
improvement
(LOW).
He
prefers
the
domestic
small-cap
/
mid-caps
over
large-cap,
which
have
higher
dollar
exposure.
The
political
backlash
against
rate-hikes
could
be
intense,
putting
a
ceiling
on
the
benchmark
rate.
Increasing
the
allocation
of
gold
and
precious
metals
is
advisable,
particularly
for
European
investors
due
to
dollar
strength
and
relative
euro
weakness.
Much
of
the
world
views
the
US
as
an
oasis
for
capital,
a
safe
haven
in
a
uncertain
global
environment.
Therefore,
as
capital
inflows
intensify,
the
US
economy
could
grow
its
way
out
of
the
debt
issues.
Given
that
Fed
rate
cuts
are
instrumental
to
protracted
stock
market
rallies
(Figure
1.1),
cut
the
imminent
rate
hikes
halt
the
seven-year,
equities
bull-market?
Peter
Schiff,
Chairman
of
SchiffGold.com
says
the
Fed
is
bluffing
-
if
the
officials
pull
the
QE
plug,
the
national
economic
engine
will
stall.
While
the
world
is
focused
on
the
Grexit,
Peter
Schiff
says
the
US
debt
problem
is
much
worse,
making
default
an
inevitability
and
the
precious
metals
safe
haven
the
investment
du
jour.
The
symbiotic
partnership
with
the
Perth
Mint
in
Australia
virtually
guarantees
minimal
fees
and
geographic
diversification
-
a
most
overlooked
yet
essential
portfolio
planning
criteria.
For
listeners
who
host
online
businesses,
Peter
Schiff
suggests
his
Schiff
Bank
Referral
program
as
an
income-stream
generating
opportunity.
Prospective
home
buyers,
those
who
missed
the
housing
crash
nadir
of
2012
could
be
treated
to
discounts
as
institutions
and
hedge
funds
unload
inventory
in
the
coming
years.
On
the
cusp
of
the
first
Fed
rate
hike
since
2008,
Peter
Schiff,
Chairman
of
SchiffGold.com
says
the
Fed
is
bluffing
-
if
officials
pull
the
QE
plug,
the
national
economic
engine
will
stall.
While
the
world
is
focused
on
the
Grexit,
the
US
debt
problem
is
much
worse
-
estimates
of
$210
trillion
in
unfunded
liabilities
(Professor
Laurence
Kotlikoff)
making
default
an
inevitability
and
the
precious
metals
safe
haven
the
investment
du
jour.
The
gold
repatriation
movement
is
gaining
momentum,
not
only
abroad,
but
now
domestically
-
the
Lone
Star
state
has
requested
the
return
of
its
$1
billion
gold
reserves
from
the
Fed.
But
even
if
the
gold
is
returned,
it
may
be
the
only
lucky
state.
Experts
believe
the
national
reserves
have
been
leased
/
rehypothecated
similar
to
a
Ponzi
scheme.
Nevertheless,
Pandora's
box
is
open,
which
could
lead
to
a
cascade
of
states
demanding
gold,
igniting
a
potential
run
on
sovereignty
around
the
globe.
The
bottom
line
is
that
people
have
lost
faith
in
their
officials.
Peter
Schiff
and
company
have
found
the
perfect
panacea,
a
gold
digital
currency
(gold-backed
Bitcoin).
The
symbiotic
partnership
with
the
Perth
Mint
in
Australia
virtually
guarantees
minimal
fees
and
geographic
diversification
-
a
most
overlooked
yet
essential
portfolio
planning
criteria.
Via
a
simple
debit
card
swipe,
anyone
outside
the
US
can
make
purchases
that
are
backed
by
sound
money.
He
has
plans
for
an
alternative
for
Americans,
within
one
year.
For
listeners
who
host
online
businesses,
Peter
Schiff
suggests
his
Schiff
Bank
Referral
program
as
an
income-stream
generating
opportunity.
Prospective
home
buyers,
those
who
missed
the
housing
crash
nadir
of
2012
predicted
in
Wealth
Building
Strategies
(2010),
could
be
treated
to
discounts
as
institutions
and
hedge
funds
unload
inventory
in
the
coming
years.
Professor
Laurence
Kotlikoff
&
Chris
Waltzek
-
June
18,
2014.
Dr.
Laurence
Kotlikoff,
author
of
the
Inform
Act
(please
click
to
sign,
supported
by
17
Nobel
Laureates)
recently
gave
a
speech
before
the
US
Senate.
He
showed
that
the
government
is
broke;
the
actual
national
debt
is
12
times
the
annual
GDP,
$210
trillion
when
unfunded
liabilities
are
included.
His
solution
to
the
dilemma,
the
Inform
Act
has
the
support
of
over
17
Noble
Prize
winning
economists.
According
to
his
findings,
the
US
government
is
in
far
worse
fiscal
shape
than
Detroit
when
officials
declared
bankruptcy.
Since
2007,
the
Fed
balance
sheet
has
increased
by
over
4
fold,
comparable
to
other
nations
before
declaring
bankruptcy.
Given
the
domestic
debt
situation,
Dr.
Kotlikoff
expects
the
perfect
economic
melange
for
hyperinflation
to
send
prices
soaring.
No
government
agency
has
agreed
to
follow
his
economic
panacea,
fiscal
gap
accounting,
which
is
required
to
resolve
the
issue
via
transparency.
Dr.
Laurence
Kotlikoff,
a
Boston
University
economics
professor
and
author
of
the
new
bestsellerThe
Clash
of
Generations,
and
the
Inform
Act
(please
click
to
sign,
supported
by
17
Nobel
Laureates)
recently
gave
a
speech
before
the
US
Senate,
noting
that
the
government
is
broke;
the
actual
national
debt
is
12
times
the
annual
GDP,
$210
trillion
when
unfunded
liabilities
are
included.
His
Inform
Act
has
the
support
of
over
17
Noble
Prize
winning
economists,
12,000
economists
and
even
the
Former
Secretary
of
the
US
Treasury
signed
it.
According
to
his
findings,
the
US
government
is
in
far
worse
fiscal
shape
than
Detroit
when
officials
declared
bankruptcy.
Since
2007,
the
Fed
balance
sheet
has
increased
by
over
4
fold,
comparable
to
other
nations
before
declaring
bankruptcy.
Given
the
domestic
debt
situation,
Dr.
Kotlikoff
expects
the
perfect
economic
melange
for
hyperinflation
to
send
prices
soaring,
perhaps
not
this
month,
this
year
or
even
next
year,
but
inevitably.
No
government
agency
has
agreed
to
follow
his
economic
panacea,
fiscal
gap
accounting,
which
is
required
to
resolve
the
issue
via
transparency.
Charles
Hughes
Smith
&
Chris
Waltzek
-
June
17,
2015.
Charles
Hughes
Smith
from
Of
Two
Minds
makes
his
debut.
The
US
pays
twice
per
capita
for
healthcare
than
in
competitor
nations.
Institutions
purchased
foreclosed
properties
at
bargain
basement
prices,
thousands
at
a
time,
resulting
excessive
real
estate
prices
in
desirable
areas.
The
global
central
bank
QE
plan
involving
low
rates
is
backfiring
as
bond
investors
bid
up
yields
due
to
default
risk
issues.
The
guest
/
host
discuss
the
Fed
monetary
base,
which
has
moved
in
a
parabolic
fashion
since
the
stock
market
bottom
in
2009.
Charles
notes
that
the
actual
economy
has
experienced
little
if
any
growth.
Most
markets
are
approaching
bubble-like
condition.
Charles
Hughes
Smith
from
Of
Two
Minds
makes
his
debut
-
he's
concerned
about
national
health
car
costs,
noting
that
the
US
pays
twice
per
capita
than
in
competitor
nations.
Institutions
purchased
foreclosed
properties
at
bargain
basement
prices,
thousands
at
a
time,
which
is
causing
excessive
real
estate
prices
in
desirable
areas
and
pricing
out
young
buyers.
The
global
central
bank
QE
plan
involving
low
rates
is
backfiring
as
bond
investors
bid
up
yields
due
to
default
risk
issues.
The
guest
/
host
discuss
the
Fed
monetary
base,
which
has
moved
in
a
parabolic
fashion
since
the
stock
market
bottom
in
2009,
a
likely
underpinning
of
the
economic
recovery.
Charles
notes
that
Fed
profligacy
is
encouraging
the
extraction
of
profits
through
monetary
means,
but
the
actual
economy
has
experienced
little
if
any
growth.
Investors
have
been
put
in
an
impossible
position
-
in
already
bubble-like
markets.
According
toPeter
Grandich
of
Peter
Grandich
and
Company
gold
is
currently
trading
several
times
lower
than
its
intrinsic
value.
Aficionado
will
delight
at
his
lofty
price
target.
Although
market
timing
can
be
a
profitable
and
rewarding
venture,
nevertheless
after
30
years
of
impressive
forecasts
he's
had
an
epiphany:
it
only
requires
one
poorly
executed
trade
to
ruin
decades
of
work.
He's
converted
to
portfolio
indexing
and
diversification
with
his
family's
nest
egg.
A
solid
core
portfolio
of
index
ETFs
or
mutual
funds
can
facilitate
any
investor
to
outperform
the
top
80%
of
professional
money
managers
and
peace
of
mind.
He's
convinced
that
the
worst
is
over
for
PMs
investors
-
the
2
year
consolidation
is
actually
a
spring
board
to
much
higher
prices.
The
discussion
shifts
to
the
Grexit
drama
-
unfortunately,
debt
negotiations
broke
down
over
the
weekend
and
default
appears
imminent.
Over
$1
billion
fled
national
bank
accounts
in
merely
a
24
hour
period.
Peter
Grandich
expects
the
Euro
currency
to
be
replaced
as
the
current
system
is
beyond
repair.
According
toPeter
Grandich
of
Peter
Grandich
and
Company
gold
is
currently
trading
several
times
lower
than
its
intrinsic
value
-
aficionado
will
delight
at
his
lofty
price
target.
Our
guest
thinks
market
timing
can
be
a
profitable
and
rewarding
venture,
nevertheless
after
30
years
of
impressive
forecasts
he's
had
an
epiphany;
it
only
requires
one
poorly
executed
trade
to
ruin
decades
of
work.
He's
converted
to
portfolio
indexing
and
diversification
with
his
family's
nest
egg
-
the
peace
of
mind
is
well
worth
the
opportunity
cost.
How
many
market
timers
forecasted
the
2009-2015
equities
bull
market
or
worse,
shorted
the
market?
Instead,
a
solid
core
portfolio
of
index
ETFs
or
mutual
funds
can
facilitate
any
investor
to
outperform
the
top
80%
of
professional
money
managers
and
peace
of
mind.
Peter
Grandich
notes
the
market
rigging
in
the
interest
rate,
equities
and
relate
markets,
but
when
analysts
discuss
gold
market
manipulation,
the
conspiracy
theory
moniker
is
a
common
retort.
He's
convinced
that
the
worst
is
over
for
PMs
investors
-
the
2
year
consolidation
is
actually
a
spring
board
to
much
higher
prices.
The
discussion
shifts
to
the
Grexit
drama
-
unfortunately,
debt
negotiations
broke
down
over
the
weekend
and
default
appears
imminent.
Over
$1
billion
fled
national
bank
accounts
in
merely
a
24
hour
period.
Peter
Grandich
expects
the
Euro
currency
to
be
replaced
as
the
current
system
is
beyond
repair.
Ralph
Acampora
of
Altaira
Wealth
Managementmakes
his
show
début
-
the
respected
Wall
Street
veteran
/
visionary
notes
that
the
US
equities
have
not
registered
even
a
10%
correction
in
the
primary
bull
market
since
2011.
Not
until
the
crowd
returns
to
equities
will
the
bull
market
register
a
peak.
Our
guest
expects
interest
rates
to
climb
over
the
next
decade,
lowering
demand
for
bonds,
adding
upward
momentum
to
the
stock
bull
market.
Still,
his
Dow
Theory
work
is
flashing
a
warning
signal
as
the
Dow
transportation
index
failed
to
follow
the
Dow
Jones
Industrials
to
new
highs.
A
similar
non-confirmation
occurred
prior
to
the
year
2000
stock
market
meltdown.
Should
a
correction
occur,
our
guest
suggests
high
yielding
utility
stock,
tax-free
municipal
bond
and
global
equity
alternatives.
Once
the
bull
market
resumes,
sector
rotation
is
advisable
into
financials,
consumer
discretionary,
healthcare
and
technology.
Our
guest
advises
his
high
net
worth
clients
to
maintain
gold
exposure.
Ralph
Acampora
of
Altaira
Wealth
Managementmakes
his
show
début
-
the
respected
Wall
Street
veteran
/
visionary
views
the
US
equities
market
as
a
leading
economic
indicator,
noting
that
there
hasn't
been
a
10%
correction
in
the
primary
bull
market
since
2011.
Main
street
is
still
nervous
following
the
2008
crisis
on
Wall
Street
-
not
until
the
crowd
returns
to
equities
will
the
ultimate
bull
market
peak
come
to
pass.
Our
guest
expects
interest
rates
to
climb
over
the
next
decade,
lowering
demand
for
bonds,
slowly
directing
funds
to
US
stocks
and
pushing
the
equities
indexes
higher.
Nevertheless,
his
Dow
Theory
work
is
flashing
a
warning
signal,
a
long-term
trend
indicator
as
the
Dow
transportation
index
failed
to
follow
the
Dow
Jones
Industrials
to
new
highs.
Interestingly,
a
similar
non-confirmation
occurred
just
prior
to
the
year
2000
stock
market
meltdown.
Should
a
correction
occur,
our
guest
suggests
high
yielding
utility
stock,
tax-free
municipal
bond
and
global
equity
alternatives.
Once
the
bull
market
resumes,
sector
rotating
into
into
financials,
consumer
discretionary,
healthcare
and
technology
is
advisable.
Regarding
the
precious
metals
sector,
our
guest
advises
his
high
net
worth
clients
to
maintain
exposure
for
insurance
purposes.
America's
'Rich
Dad'
penned
the
NEW
Bestseller,
Second
Chance:
for
Your
Money,
Your
Life
and
Our
World
(2015)a
book
for
every
investor
regardless
of
acumen
level
with
pictures
and
graphs
to
insure
that
readers
gain
much
more
than
the
price
of
the
book.
The
Rich
Dad
book
series
author
is
ignoring
the
skeptics,
adding
100
US
Gold
Eagles
to
his
seizable
stockpile.
His
preference
for
hard
assets
over
equities
stems
from
the
epic
battle
between
inflation
and
deflation.
Given
that
financial
derivatives
exposure
has
increased
from
$700
trillion
circa
2007
to
$1.2
quadrillion
in
2015,
expect
an
astronomic
climb
in
the
gold
price.
He
prefers
rental
properties
over
most
real
estate
classes.
Robert
Kiyosaki
suggests
partnering
with
the
government
to
earn
oversized
profits
by
providing
affordable
rental
housing
and
or
solar
alternatives.
America's
Rich
Dad
returns
to
the
show
-
he's
penned
the
NEW
Bestseller,
Second
Chance:
for
Your
Money,
Your
Life
and
Our
World
(2015)a
book
for
every
investor
regardless
of
acumen
level
with
pictures
and
graphs
to
insure
that
readers
gain
much
more
than
the
price
of
the
book.
The
Rich
Dad
book
series
author
is
ignoring
the
skeptics,
buying
the
portfolio
insurance
with
a
lifetime
term,
adding
100
US
Gold
Eagles
to
his
seizable
stockpile.
His
preference
for
hard
assets
over
equities
stems
from
the
global
battle
between
inflation
and
deflation,
strengthening
his
resolve
to
own
the
precious
metals.
Given
that
financial
derivatives
exposure
has
increased
from
$700
trillion
circa
2007
to
$1.2
quadrillion
in
2015
(non-notional
value
/
interest
rate
sensitive),
he
expects
a
deflationary
crisis
to
convince
the
global
central
banking
cartel
to
expand
the
monetary
supply
intensely,
resulting
in
an
astronomic
climb
in
the
gold
price.
He
prefers
rental
properties
over
most
real
estate
classes.
Robert
Kiyosaki
suggests
that
entrepreneurs
follow
in
his
and
Elon
Musk's
footsteps,
partnering
with
the
government
to
earn
oversized
profits
by
providing
affordable
rental
housing
and
or
solar
alternatives.
He
encourages
everyone
to
watch
his
video
The
Man
who
Could
See
The
Future
on
June
15th,
free
of
charge.
Also
available
free
in
Spanish:
here.
Dr.
Burton
Malkiel,
Princeton
Professor
Emeritus
&
Chris
Waltzek
-
June
3,
2015.
Dr.
Malkiel,
the
author
ofA
Random
Walk
Down
Wall
Street
says
no
gurus,
analysts
or
forecasters,
can
help
investors
earn
profits
on
a
consistent
basis.
In
fact,
by
attempting
to
outsmart
the
markets
99.99%
of
investors
underperform
index
funds.
By
accepting
that
no
one
can
time
the
market
with
a
high
degree
of
certainty,
investors
enrich
their
wealth
via
passive
investing.
Portfolio
diversification
and
dollar
cost
averaging
(buying
at
a
steady
pace,
while
ignoring
the
price)
are
the
hallmarks
of
investing
success.
Dr.
Malkiel
thinks
virtually
every
asset
class
is
overvalued,
not
just
stocks,
as
the
Fed
holds
lending
rates
artificially
low
to
bolster
economic
conditions.
The
professor
suggests
lifecycle
funds
or
target
funds
that
automatically
adjust
portfolio
allocation
based
on
individual
age
and
expected
life
span.
Dr.
Malkiel,
the
author
ofA
Random
Walk
Down
Wall
Street
with
11
editions
and
written
four
decades
ago,
takes
a
bold
stance
when
it
comes
to
market
forecasting
/
prediction.
He
says
its
all
bunk
-
gurus,
analysts
forecasters,
none
of
the
above
can
help
investors
earn
profits
on
a
consistent
basis.
In
fact,
by
attempting
to
outsmart
the
markets
99.99%
of
investors
underperform
index
funds.
For
instance,
investor
capital
piled
into
the
stock
market
at
the
dot
com
peak
in
2000
and
even
more
money
fled
the
market
at
the
beginning
of
the
bull
market
near
2009
-
both
periods
marked
the
worst
possible
time
to
enter
/
exit
the
markets.
Nevertheless,
by
accepting
that
no
one
can
time
the
market
with
a
high
degree
of
certainty,
investors
enrich
their
wealth
via
passive
investing.
Portfolio
diversification
and
dollar
cost
averaging
(buying
at
a
steady
pace,
while
ignoring
the
price).
Interestingly,
Dr.
Malkiel
thinks
virtually
every
asset
class
is
overvalued,
not
just
stocks,
as
the
Fed
holds
lending
rates
artificially
low
to
bolster
economic
conditions.
The
loose
monetary
policy
is
flooding
the
economy
with
easy
money,
encouraging
speculation.
The
professor
suggests
lifecycle
funds
or
target
funds
that
automatically
adjust
portfolio
allocation
based
on
individual
age
and
expected
life
span.
He
is
advising
institutional
clients
/
hedge
funds
to
rotate
out
of
US
equities
and
into
his
hand
picked
gold
stocks.
The
gold
market
has
bottomed
and
the
major
US
equities
indexes
are
forming
a
key
top.
Many
of
his
gold
/
silver
stock
candidates
have
soared
100-300%
in
2015,
not
just
penny
stocks,
but
bellwether
companies
as
well.
The
gold
stock
guru
generously
shares
several
ticker
symbols
of
his
favorite
gold
/
silver
stocks.
His
models
indicate
a
forceful
gold
stock
rally
is
imminent,
after
which
investors
will
pile
into
the
market
via
technical
buy
signals.
Takeaway
point:
the
bear
market
in
gold
/
silver
equities
is
over.
Michael
Belkin
of
The
Belkin
Report,
and
the
new
Belkin
Gold
Stock
Forecast
an
economical
service
for
individual
investors
has
established
a
respected
23
year
record
of
forecasting
success.
Our
guest
outlines
his
models
that
show
the
gold
market
has
bottomed
and
the
major
US
equities
index
bubble
is
forming
a
key
top.
The
former
Solomon
Brothers
analyst
/
quant
thinks
the
Fed
is
following
the
same
path
that
lead
to
the
market
peak
of
2007
and
the
subsequent
2
year
crash,
but
this
time
conditions
are
far
more
perilous
for
investors
due
to
excessive
"QE
Kool-Aid."
He
is
advising
his
institutional
clients
/
hedge
funds
to
rotate
out
of
US
equities
and
into
hand
picked
gold
stocks.
Why
is
he
so
bullish
on
gold
stocks
when
most
eyes
are
on
tech
stocks?
Although
the
gold
stock
indexes
are
consolidating,
individual
gold
equities
are
diverging
sharply,
staging
impressive
rallies.
Despite
the
sluggish
sector
performance,
many
of
the
gold
/
silver
stock
candidates
are
higher
by
100-300%
in
2015,
not
just
penny
stocks,
but
bellwether
companies,
too.
The
gold
stock
guru
generously
shares
several
of
his
favorite
gold
/
silver
stock
ticker
symbols.
His
models
indicate
a
forceful
gold
stock
rally
is
imminent,
after
which
investors
will
pile
into
the
market
as
technical
indicators
trigger
buy
signals
followed
by
a
positive
sea
change
in
institutional
sentiment.
Takeaway
point:
the
bear
market
in
gold
/
silver
equities
is
over.
Rob
Kirby
of
Kirby
Analytics
says
geopolitical
tensions
are
the
result
of
the
unsound
fiat
money
system
and
the
resulting
economic
distress.
By
kicking
the
economic
can
down
the
interstate
highway,
our
officials
are
positioning
for
global
warfare,
which
could
erupt
as
soon
as
2015.
Our
guest
is
convinced
that
the
People's
Bank
of
China
has
accumulated
at
least
2
thousand
tons
of
gold
bullion
per
year.
Expect
a
ban
on
cash,
relegating
paper
bills
/
coins
to
the
garbage
bin.
The
shift
could
facilitate
a
total
surveillance
state,
where
all
transactions,
no
matter
how
small,
leave
a
digital
finger
print.
The
host
recommends
Miles
Franklin
offshore
accounts
for
precious
metals
storage
(no
affiliation).
When
money
is
debased,
creativity
and
the
entrepreneurial
/
individualistic
spirit
are
crushed.
Given
the
less
than
savory
economic
prospects
facing
most
investors,
the
guest
insists
that
portfolio
diversification
is
a
necessity,
in
particular,
gold
and
silver
assets.
Rob
Kirby
paraphrases
friend
of
the
show,
John
Embry
of
Sprott
Asset
Management,
"With
precious
metals,
you
can
always
afford
to
be
two
years
early,
but
you
can
never
afford
to
be
ten
minutes
late."
The
urgency
is
underscored
by
his
finding
that
hyperinflationary
events
tend
to
occur
in
lightening
like
fashion,
without
warning.
Rob
Kirby
of
Kirby
Analytics
says
geopolitical
tensions
are
the
result
of
the
unsound
fiat
money
system
and
the
resulting
economic
distress.
Consequentially,
by
kicking
the
economic
can
down
the
interstate
highway,
our
officials
are
positioning
for
global
warfare,
which
could
erupt
as
soon
as
2015.
Our
guest
is
convinced
that
the
People's
Bank
of
China
has
accumulated
at
least
2
thousand
tons
of
gold
bullion
per
year,
for
at
least
a
decade,
a
stockpile
perhaps
rivaling
all
other
nations
combined,
including
the
United
States.
His
sources
indicate
that
large
bullion
purchases
in
Asia
sometimes
require
a
price
in
excess
of
$500
over
spot,
due
to
supply
constraints.
As
officials
lose
control
of
the
global
monetary
system
around
the
world,
including
North
America,
expect
a
ban
on
cash,
relegating
paper
bills
/
coins
to
the
garbage
bin.
The
shift
could
facilitate
a
total
surveillance
state
where
all
transactions,
no
matter
how
small,
leave
a
digital
finger
print.
Nevertheless,
given
the
prevalence
of
government
corruption,
the
loss
of
liberty
could
be
intense,
including
a
ban
on
the
purchase
of
precious
metals.
As
the
PTB
encourage
intense
social
flare-ups,
a
false
flag
event
could
ignite
the
next
Hegalian
crisis,
which
at
its
root
is
due
to
currency
debasement
and
financial
machinations.
When
money
is
debased
creativity
and
the
entrepreneurial
/
individualistic
spirit
are
crushed
-
the
very
backbone
of
capitalistic
success
is
eviscerated
as
the
lower
99%
are
forced
to
become
government
drones.
Given
the
less
than
sanguine
economic
prospects
facing
most
investors,
the
guest
insists
that
portfolio
diversification
is
a
necessity,
in
particular,
gold
and
silver
assets.
Kirby
paraphrases
friend
of
the
show,
John
Embry
of
Sprott
Asset
Management,
"With
precious
metals,
you
can
always
afford
to
be
two
years
early,
but
you
can
never
afford
to
be
ten
minutes
late."
The
urgency
is
underscored
by
his
finding
that
hyperinflationary
events
tend
to
occur
in
lightening
fashion,
appearing
from
no
where
amid
seemingly
trivial
events.
Bill
Murphy
from
GATA.org
and
the
host
discuss
a
report
from
Bloomberg
News
analysts
who
claim,
if
the
People's
Bank
of
China
(PBoC)
supports
the
Yuan
with
gold,
approximately
1,000
tons,
the
move
would
send
the
price
of
gold
soaring
to
$64,000
per
ounce,
50
times
the
current
price.
In
addition,
reports
from
Venezuela
indicate
64%
inflation,
approaching
5%
per
month
as
the
Bolivar
currency
collapses.
Venezuelan
money
growth
is
approaching
exponential
levels,
eerily
similar
to
the
Fed's
balance
sheet.
Bill
Murphy
from
GATA.org
and
the
host
discuss
a
report
from
Bloomberg
News
analysts
who
claim,
if
the
People's
Bank
of
China
(PBoC)
supports
the
Yuan
with
gold,
approximately
1,000
tons,
the
move
would
send
the
price
of
gold
soaring
to
$64,000
per
ounce,
50
times
the
current
price.
In
addition,
reports
from
Venezuela
indicate
64%
inflation,
approaching
5%
per
month
as
the
Bolivar
currency
collapses
-
many
economists
consider
10%
per
month
runaway
inflation.
Figure
1.1.
shows
how
Venezuelan
money
growth
is
approaching
exponential
levels,
eerily
similar
to
the
Fed's
balance
sheet,
also
shown
in
a
figure
further
down
this
web
page.
The
XAU
is
lower
than
when
Bill
Murphy
entered
the
industry
16
years
earlier.
He's
never
seen
such
conditions
in
the
sector
-
likening
the
current
environment
to
a
depression.
Fabian
Calvo
&
Chris
Waltzek
-
May
21,
2015.
Powered
by
Podbean.com
To
download
this
show
in
Mp3
format,
please
click
here.
Summary:
Fabian
Calvo
from
the
NoteHouse.us,
is
watching
US
equities
market
margin
levels
with
a
weary
eye,
each
time
the
crash
harbinger
overextended
in
the
past
a
recession
followed.
Approximately
1
out
of
3
American's
cannot
find
gainful
employment
or
have
given
up
the
search
for
meaningful
employment,
93
million
souls
-
impacting
at
least
one
person
in
every
household.
Never
before
in
history
has
this
number
been
so
high.
Fabian's
work
shows
that
half
of
all
jobs
will
be
be
replaced
by
automation
in
the
next
decade,
resulting
in
a
Terminator
Movie
like
scenario.
Most
people
will
be
caught
off
guard
with
the
boomerang
like
shift.
The
solution:
job
seekers
must
retool
their
skill
set
in
advance
of
the
coming
workplace
sea
change.
The
old
job
paradigm:
go
to
college
and
accumulate
debt
has
failed;
the
new
paradigm
involves
online
entrepreneurship
and
vocational
training.
By
building
a
solid
skill
set,
entrepreneurial
minded
people
can
better
prepare
for
the
increasingly
challenging
/
dynamic
workplace.
Fabian
Calvo
from
the
NoteHouse.us,
a
$100
million
portfolio
of
distressed
properties
is
watching
US
equities
market
margin
levels
with
a
weary
eye,
each
time
the
crash
harbinger
overextended
in
the
past
a
recession
followed.
The
leading
indicator
remains
at
record
levels.
Nevertheless
one
can
clearly
see
how
the
inevitable
divergence
in
price
lead
to
market
crises
(see
Figure
1.1.).
Approximately
1
out
of
3
American's
cannot
find
gainful
employment
or
have
given
up
the
search
for
meaningful
employment,
93
million
souls
-
impacting
at
least
one
person
in
every
household.
Never
before
in
history
has
this
number
been
so
high.
Fabian's
work
shows
that
half
of
all
jobs
will
be
be
replaced
by
automation
in
the
next
decade,
resulting
in
a
Terminator
Movie
like
scenario.
Most
people
will
be
caught
off
guard
with
the
boomerang
like
shift.
The
solution:
job
seekers
must
retool
their
skill
set
in
advance
of
the
coming
workplace
sea
change.
The
old
job
paradigm:
go
to
college
and
accumulate
debt
has
failed;
the
new
paradigm
involves
online
entrepreneurship
and
vocational
training.
By
building
a
solid
skill
set,
entrepreneurial
minded
people
can
better
prepare
for
the
increasingly
challenging
/
dynamic
workplace.
Arch
Crawford
&
Chris
Waltzek
-
May
20,
2015.
Powered
by
Podbean.com
To
download
the
free
mp3
file,
please:
click
here.
Summary:
Arch
Crawford,
head
of
Crawford
Perspectives,
elucidates
listeners
with
comments
on
the
impending
FOMC
rate
hike,
slated
for
September
/
December
2015.
He's
doubtful
that
domestic
economic
conditions
are
robust
enough
to
sustain
a
rate
hike.
Arch
is
concerned
by
the
US
equities
market,
which
is
making
118
year
highs
on
extremely
low
volume,
which
he
thinks
is
a
sign
of
manipulation.
The
discussion
includes
Martin
Armstrong's
market
timing
model,
which
seems
to
coincide
with
the
Hebrew
Shemita
(Shmita)
a
seven
year
cycle
of
amnesty.
The
cycle
is
nearing
another
seven
year
zenith,
coinciding
with
the
expected
Fed
rate
hike
this
Fall.
Could
an
FOMC
rate
increase
trigger
a
global
economic
landslide?
Many
recent
guests
certainly
think
so.
The
discussion
continues
with
a
review
of
the
trading
strategy
of
the
legendary
author
/
former
Goldman
Sach's
trader
and
now
professor,
Dr.
Nassim
Taleb
of
Fooled
by
Randomness
and
Black
Swan
fame.
Arch
discusses
his
investing
style,
which
bares
a
striking
resemblance
to
that
of
Nassim
Taleb's.
In
2008,
Arch
invested
$2,500
in
puts
and
earned
over
$500,000,
a
two
hundred
fold
return.
He
invests
a
small
amount
in
a
contrary
fashion
each
month,
to
reap
similar
rewards
when
the
crowd
is
wrong.
Arch
worries
that
a
Cyprus-like
moment
could
become
a
reality
on
a
much
larger
scale
-
Europeans,
Asians
and
Americans
could
suddenly
find
their
account
balances
adjusted
to
reflect
a
new
currency,
with
perhaps
a
fifty
percent
reduction
in
purchasing
power.
From
his
office
in
the
Sonoran-Arizona
desert,
Arch
Crawford,
head
of
Crawford
Perspectives,
elucidates
listeners
with
comments
on
the
impending
FOMC
rate
hike,
slated
for
September
/
December
2015.
He's
doubtful
that
domestic
economic
conditions
are
robust
enough
to
sustain
a
rate
hike.
Arch
is
concerned
by
the
US
equities
market,
which
is
making
118
year
highs
on
extremely
low
volume,
which
he
thinks
is
a
sign
of
manipulation.
The
discussion
includes
Martin
Armstrong's
market
timing
model,
which
seems
to
coincide
with
the
Hebrew
Shemita
(Shmita)
a
seven
year
cycle
of
amnesty
where
all
debts
are
forgiven
and
an
agricultural
year
of
rest
where
no
planting,
harvesting,
watering,
fertilizing
or
weeding
is
to
take
place.
Arch
notes
similarities
with
an
Arab
tradition
and
a
lunar
cycle
while
directing
listener's
to
Rabbi
Jonathan
Cahn's
YouTube
Shemitah
discussion
(see
Figure
1.1):
The
cycle
is
nearing
another
seven
year
zenith,
coinciding
with
the
expected
Fed
rate
hike
this
Fall.
Could
an
FOMC
rate
increase
trigger
a
global
economic
landslide?
Many
recent
guests
certainly
think
so.
The
discussion
continues
with
a
review
of
the
trading
strategy
of
the
legendary
author
/
former
Goldman
Sach's
trader
and
now
professor,
Dr.
Nassim
Taleb
of
Fooled
by
Randomness
and
Black
Swan
fame.
The
host
agrees
with
Dr.
Taleb
that
true
market
price
is
rarely
normally
distributed,
making
forecasts
of
expected
portfolio
returns
challenging
at
best
and
devastating
at
times.
Instead,
by
adhering
to
a
Pareto
or
Leptokurtic
market
distribution,
investors
can
shield
the
bulk
of
their
wealth
while
profiting
handsomely
due
to
rare
or
Black
Swan
events.
Arch
discusses
his
investing
style,
which
bares
a
striking
resemblance
to
that
of
Nassim
Taleb's.
In
2008,
Arch
invested
$2,500
in
puts
and
earned
over
$500,000,
a
two
hundred
fold
return.
He
invests
a
small
amount
in
a
contrary
fashion
each
month,
to
reap
similar
rewards
when
the
crowd
is
wrong.
Arch
worries
that
a
Cyprus-like
moment
could
become
a
reality
on
a
much
larger
scale
-
Europeans,
Asians
and
Americans
could
suddenly
find
their
account
balances
adjusted
to
reflect
a
new
currency,
with
perhaps
a
fifty
percent
reduction
in
purchasing
power.
Bob
Hoye,
senior
Investment
strategist
at
Institutional
Advisors,
watches
the
market
all
day,
every
day,
tick
by
tick.
Bob
warns
that
correlation
in
the
markets
does
not
always
imply
causation.
Similarly,
false
conclusions
such
as
credit
expansion
equates
with
economic
growth
-
are
at
the
foundation
of
faulty
central
bank
policies.
From
1985-1995,
a
ten
year
period
was
required
to
double
the
Fed's
balance
sheet.
Next,
from
1995-2009,
approximately
14
years
were
required.
But
by
2009,
the
Fed
doubled
their
balance
sheet
over
night
and
again
in
2012-2013
and
still
again
in
2014.
What
used
to
require
10-14
years
is
now
happening
every
other
year.
Given
the
unprecedented
bailout
figure
and
subsequent
credit
injections.
The
host
proposes
the
bold
idea:
did
the
financial
system
fail
in
2009
only
to
be
held
together
by
substantial
CB
duct
tape?
In
the
1920's
the
Fed
began
Open
Market
Operations
for
the
first
time
in
national
history,
holding
rates
artificially
low
in
turn
encouraging
speculation,
culminating
with
the
1929
stock
market
crash
and
Great
Depression
-
a
virtual
playbook
for
the
current
economy.
Bob
says
the
only
thing
holding
back
hyperinflation
is
the
bond
/
stock
market
rally,
where
inflation
is
destined
to
eventually
find
its
way
to
a
gold
/
silver
market
near
you.
Bob
Hoye,
senior
Investment
strategist
at
Institutional
Advisors,
watches
the
market
all
day,
every
day,
tick
by
tick.
The
guest
and
host
discuss
an
important
tool
for
every
investor
-
the
keys
to
scientific
/
economic
/
financial
understanding
via
Aristotelian
syllogism,
the
process
of
deduction
or
drawing
a
conclusion
based
on
two
premises.
For
example:
First
premise:
the
money
supply
is
sharply
higher,
Second
premise:
increased
money
supply
encourages
speculation,
Deduction:
expect
the
stock
market
to
rise.
Nonetheless,
Bob
warns
that
correlation
in
the
markets
does
not
always
imply
causation.
Similarly,
false
conclusions
such
as
credit
expansion
equates
with
economic
growth
-
are
at
the
foundation
of
faulty
central
bank
policies.
From
1985-1995,
a
ten
year
period
was
required
to
double
the
Fed's
balance
sheet.
Next,
from
1995-2009,
approximately
14
years
were
required.
But
by
2009,
the
Fed
doubled
their
balance
sheet
over
night
and
again
in
2012-2013
and
still
again
in
2014.
Putting
a
fine
point
on
it,
what
used
to
require
10-14
years
is
now
happening
every
other
year.
Given
the
unprecedented
bailout
figure
and
subsequent
credit
injections,
the
host
proposes
the
bold
idea:
did
the
financial
system
fail
in
2009
only
to
be
held
together
by
substantial
CB
duct
tape?
Sound
implausible?
In
the
1920's
the
Fed
began
Open
Market
Operations
for
the
first
time
in
national
history,
holding
rates
artificially
low
in
turn
encouraging
speculation,
culminating
with
the
1929
stock
market
crash
and
Great
Depression
-
a
virtual
playbook
for
the
current
economy.
Bob
says
the
only
thing
holding
back
hyperinflation
is
the
bond
/
stock
market
rally,
where
inflation
is
destined
to
eventually
find
its
way
to
a
gold
/
silver
market
near
you.
The
40
year
gold
market
veteran
and
whistleblower,
strengthens
Ted
Butler's
silver
market
manipulation
case.
Each
ounce
of
exchange
metal
is
leveraged
100
to
1.
Yet
leverage
of
only
10
to
1
was
required
to
ignite
the
Great
Crash
of
1929.
Our
guest
notes
that
the
trading
desks
of
the
6
key
bullion
banks
and
the
BIS
are
in
collusion,
keenly
aware
of
major
turning
points
and
culpable
for
sharing
confidential
information
with
associates.
The
huge
paper
based,
naked
short
position
held
by
the
bullion
banks
exposes
them
to
sizable
default
risk.
Expect
PMs
market
manipulation
schemes
to
end
in
2015,
resulting
in
markedly
improved
transparency.
Andrew
Maguire,
of
Andrew
Maguire
Gold
Trading
makes
his
début
appearance
on
Goldseek.com
Radio
-
the
40
year
gold
market
veteran
and
whistleblower,
strengthens
Ted
Butler's
silver
market
manipulation
case
by
exposing
the
nefarious
machinations
of
the
institutions
purportedly
responsible
for
market
rigging
and
ultimately
the
closure
of
productive
gold
/
silver
mining
operations
-
eliminating
much
needed
jobs
in
the
struggling
sector.
He
worked
with
CFTC
market
regulators
for
a
year,
pinpointing
the
questionable
market
operations.
His
conversations
with
exchange
officials
indicates
that
each
ounce
of
metal
has
less
than
1/100th
in
metal
backing,
leveraged
100
to
1.
Putting
the
threat
to
the
entire
global
economic
system
into
perspective,
10
to
1
leverage
was
arguably
a
primary
cause
of
the
Great
Crash
of
1929
on
Wall
Street.
Magnify
the
leverage
by
a
factor
of
10
and
a
less
than
sanguine
forecast
emerges.
Our
guest
notes
that
the
trading
desks
of
the
6
key
bullion
banks
and
the
BIS
are
in
collusion,
keenly
aware
of
major
turning
points
and
culpable
for
sharing
confidential
information
with
associates.
The
huge
paper
based,
naked
short
position
held
by
the
bullion
banks
has
exposed
them
to
sizable
default
risk.
The
typical
COMEX
delivery
involves
moving
bullion
via
a
forklift
from
one
side
of
the
room
to
the
other,
a
farcical
/
meaningless
exercise.
Whereas
the
competing
Shanghai
gold
exchange
regularly
ships
tons
of
bullion,
worldwide.
He
expects
PMs
market
manipulation
schemes
to
end
in
2015,
resulting
markedly
improved
transparency.
Listener's
Q&A
(phone
/
email)
-
Chris
Waltzek
-
May
12,
2015.
To
download
this
show
in
Mp3
format,
please
click
here.
Summary:
The
1st
caller
is
concerned
by
the
inflation
/
deflation
debate.
Our
host
challenges
the
deflationist
rhetoric,
noting
that
the
dollar
rally
is
insufficient
evidence
of
deflation.
Dollar
strength
represents
a
flight
away
from
the
euro
currency
alternative
in
anticipation
of
an
imminent
Greek
default
-
the
US
dollar
is
simply
the
least
sick
currency
in
the
ward.
Deflationists
have
confused
deflation
(a
decrease
in
the
money
supply)
with
disinflation
(a
decrease
in
the
rate
of
inflation).
As
illustrated
by
Figure
1.1.,
in
2008
liquidity
poured
into
the
system,
funds
were
reinvested
by
money
center
banks
and
key
corporations
in
their
own
shares
(buybacks
/
Treasury
stock),
sending
the
equities
indexes
higher
while
reducing
the
number
of
shares
outstanding,
a
two-staged
rocket
propelling
stocks
into
the
exosphere.
Takeaway
point:
the
so
called
economic
miracle
or
recovery
required
a
five
fold
increase
in
the
Fed's
balance
sheet
from
2009
Given
the
near
certainty
of
a
rate
hike
by
September
/
December
of
this
year,
the
market
bubble
could
crater
despite
trillions
of
dollars
in
support
-
directing
the
Mt.
St.
Helens
of
equity
/
paper
capital
to
undervalued
safe
havens,
such
as
gold
and
silver.
After
a
year
long
consolidation,
money
printing
is
near
the
zenith,
poised
for
a
new
break
out
-
consolidation
theory
suggests
at
least
a
50%
increase
in
Fed
debt
to
$6.5
trillion
over
the
next
two
years.
The
Fed
liquidity
represents
a
giant
options
put
of
financial
protection.
Prediction:
until
the
Fed
money
printing
bonanza
halts,
expect
the
party
on
Wall
Street
to
persist.
The
host
answers
questions
from
caller
John
and
email
messages
from
several
friends
of
the
show,
including
Vidya
and
Patrick.
The
1st
caller
is
concerned
by
the
inflation
/
deflation
debate.
Our
host
challenges
the
deflationist
rhetoric,
noting
that
the
dollar
rally
is
insufficient
evidence
of
deflation.
On
the
contrary,
dollar
strength
represents
a
flight
away
from
the
euro-currency
alternative
in
anticipation
of
an
imminent
Greek
default
-
the
US
dollar
is
simply
the
least
sick
currency
in
the
ward.
Deflationists
have
confused
deflation
(a
decrease
in
the
money
supply)
with
disinflation
(a
decrease
in
the
rate
of
inflation).
The
subtle
nuance
between
deflation
and
disinflation
can
be
visualized
by
imagining
a
car
traveling
along
a
flat
desert
road.
As
a
mountain
pass
approaches,
if
the
driver
keeps
the
peddle
in
the
same
position
as
the
car
ascends
the
mountain,
the
pace
of
the
vehicle
will
slow
and
eventually
come
to
a
halt.
This
represents
disinflation.
Just
as
the
car
slows
but
keeps
moving
forward
inflation
remains,
but
at
a
slower
growth
rate.
Conversely,
if
deflation
were
truly
present,
the
car
would
stop
on
the
mountain
road
and
then
reverse
back
down
the
hill.
This
is
not
yet
evident
in
the
money
supply
(inflation
proxy)
compiled
by
the
St.
Louis
Fed
and
Shadowstats.com
(see
Figure
1.1.).
Figure
1.1.
US
Monetary
Base
(adjusted
-
St.
Louis
Fed)
As
illustrated
in
Figure
1.1.,
the
money
supply
growth
rate
was
stable
until
the
last
recession.
But
around
2008
the
figure
went
wild,
coinciding
with
the
domestic
stock
market
bull-run
of
2009-2015.
As
liquidity
poured
into
the
system,
funds
were
reinvested
by
money
center
banks
and
key
corporations
in
their
own
shares
(buybacks
/
Treasury
stock),
sending
the
equities
indexes
higher
while
reducing
the
number
of
shares
outstanding,
which
amounts
to
a
two-staged
rocket:
the
buybacks
increased
demand
and
reduced
supply,
sending
stocks
barreling
into
the
exosphere.
KEY
POINT:
the
so
called
economic
miracle
or
recovery
required
a
five
fold
increase
in
the
Fed's
balance
sheet
since
2009.
The
reason
that
the
cost
of
goods
and
services,
housing,
oil
etc.
have
not
skyrocketed
is
that
the
$4+
trillion
dollars
are
held
primarily
in
US
paper
assets,
such
as
stocks
/
bonds,
holding
the
inflation
genie
is
check.
Nevertheless,
with
a
rate
hike
a
near
certainty
by
September
/
December
2015,
the
market
bubble
could
crater,
even
with
the
trillions
of
dollars
worth
of
support.
Once
the
edifice
starts
to
crumble,
the
Mt.
St.
Helens
of
equity
/
paper
capital
will
search
for
undervalued
safe
havens,
like
gold
and
silver.
After
a
year
long
consolidation,
the
money
printing
pattern
is
at
the
top
of
the
range
and
poised
for
a
new
break
out
-
consolidation
theory
suggests
an
increase
of
at
least
$6.5
trillion
in
total
over
the
next
two
years.
So
why
is
housing
stabilizing;
why
are
share
prices
staging
a
dot.com
like
revival;
and
why
are
big
institutions
shunning
safe
haven
assets?
Who
needs
a
safe
haven
when
every
investor
has
a
safety
net
above
the
high
wire,
i.e.,
The
Fed.
The
Fed
has
offered
the
market
a
giant
options-put
of
protection.
Prediction:
until
the
Fed
money
printing
bonanza
halts,
expect
the
party
on
Wall
Street
to
continue,
but
at
a
frightening
cost.
The
aftermath
could
mark
the
end
of
the
global
financial
system.
The
further
Fed
officials
extend
the
day
of
reckoning,
the
greater
the
suffering
of
the
middle
and
working
classes.
The
host
answers
questions
from
caller
John
and
email
messages
from
several
folks,
including
Vidya
and
Patrick.
According
to
Peter
Eliades
of
Stockmarket
Cycles,
a
particular
angle
of
ascent
or
slope
has
lead
to
a
market
zenith
for
nearly
14
consecutive
years.
He
presents
the
precise
slope
angle
and
a
simple
means
to
calculate
the
trendline
(slope
=
68.3
/
238
days
=
0.28584)
for
virtually
any
forecasting
chart.
Since
2002,
the
market
has
failed
to
close
over
1.1%
beyond
the
trendline
and
then
subsequently
declined
sharply.
On
Monday,
May
4th,
the
model
registered
a
key
stock
market
top,
with
the
proviso
that
no
construct
is
perfect.
A
market
peak
of
great
importance
seems
imminent.
His
work
suggests
that
the
potential
return
in
US
equities
is
significantly
lower
than
the
potential
risk
-
echoing
the
sentiments
of
previous
guests,
such
as
Dr.
Burton
Malkiel.
Peter
Eliades
of
Stockmarket
Cycles,
presents
an
intriguing
scientific
discovery
-
his
work
has
uncovered
a
formula
that
appears
to
govern
financial
market
mechanics,
in
particular,
the
US
equities
market.
According
to
the
findings,
a
particular
angle
of
ascent
or
slope
has
lead
to
a
market
zenith
for
nearly
14
consecutive
years.
He
presents
the
precise
slope
angle
and
a
simple
means
to
calculate
the
trendline
(slope
=
68.3
/
238
days
=
0.28584)
for
virtually
any
forecasting
chart.
Since
2002,
the
market
has
failed
to
close
over
1.1%
beyond
the
trendline
and
then
subsequently
declined
sharply.
On
Monday,
May
4th,
the
model
registered
a
key
stock
market
top,
with
the
proviso
that
no
construct
is
perfect.
Our
guest
adds
his
analysis,
noting
that
a
market
peak
of
great
importance
seems
imminent.
The
driving
force
behind
the
phenomenon
appears
to
be
the
ascent
rate,
given
the
current
economic
dynamics
-
not
to
be
confused
with
the
rate
of
change
ROC
stemming
from
the
calculus
based
derivative
(d/dx)
of
market
prices.
Instead,
one
might
imagine
a
guiding
number,
such
as
Phi
(2.816),
a
transcendental
figure
often
used
to
calculate
Fibonacci
support
/
resistance
/
forecast
levels
in
market
prices.
Even
if
the
market
does
not
reach
a
zenith,
it
is
safe
to
infer
from
the
construct
that
market
price
should
not
extend
more
than
1.1%
above
the
high
price
posted
on
May
4th.
Put
simply,
his
work
suggests
that
the
potential
return
is
significantly
lower
than
the
potential
risk,
in
US
equities
-
echoing
the
sentiments
of
previous
guests,
such
as
Dr.
Burton
Malkiel.
Our
guest
suggests
Hussman
Funds,
a
free
website
with
market
commentary.
The
Silver
Investor
David
Morgan
views
dollar
strength
as
a
direct
result
of
capital
flight
from
the
EU.
Still,
the
US
dollar
is
a
flawed
currency,
losing
over
95%
of
its
value
due
to
Fed
machinations.
The
30
year
love
affair
with
US
bonds
is
coming
to
an
end
-
the
coming
debt
market
implosion
will
direct
trillions
of
dollars
into
a
competing
safe
haven,
gold
and
silver,
tiny
markets
relative
to
bonds.
David
Morgan
says
every
portfolio
requires
at
least
10%
PMs
exposure.
Few
investors
have
even
this
recommended
amount.
The
bottom
may
be
in
place.
A
final
capitulation
may
not
come
to
pass
in
the
PMs
before
the
onset
of
the
nascent
bull
market,
despite
the
monthly
downtrend.
The
Silver
Investor
David
Morgan
views
dollar
strength
as
a
direct
result
of
capital
flight
from
the
EU
-
negative
interest
rates
make
the
Greenback
seem
financially
solid
by
comparison.
Still,
the
US
dollar
is
a
flawed
currency,
losing
over
95%
of
its
value
due
to
Fed
machinations.
The
30
year
love
affair
with
US
bonds
is
coming
to
an
end
-
the
coming
debt
market
implosion
will
direct
trillions
of
dollars
into
a
competing
safe
haven,
gold
and
silver,
tiny
markets
relative
to
bonds.
In
the
last
credit
crisis
of
2007,
the
only
asset
class
to
fair
well
was
gold,
with
few
exceptions,
one
more
reason
why
the
PMs
are
solidly
valued
at
current
levels.
David
Morgan
says
every
portfolio
requires
at
least
10%
PMs
exposure
-
few
investors
have
even
this
recommended
amount.
The
bottom
may
be
in
place
-
a
final
capitulation
is
not
likely
in
the
PMs
before
the
onset
of
the
nascent
bull
market,
despite
the
monthly
downtrend.
Jim
Rogers
&
Chris
Waltzek
-
May
5,
2015.
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this
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in
Mp3
format,
please
click
here.
Summary:
Hailing
from
scenic
Zurich
Switzerland,
Jim
Rogers
outlines
his
investing
plan
for
2015.
WTIC
appears
to
be
oversold
-
expect
an
important
bottom
this
year.
The
investing
legend
plans
to
increase
his
stockpile
of
gold
at
under
$1,000
an
ounce.
He
favors
equities
shares
from
China
(largest
holding).
Fed
officials
may
feel
compelled
to
make
an
incremental
rate
hike
or
two,
to
save
face
given
the
level
of
rate
hike
rhetoric.
Nonetheless,
such
efforts
will
be
in
vain,
the
inevitable
day
of
economic
reckoning
is
imminent.
Hailing
from
scenic
Zurich
Switzerland,
Jim
Rogers
outlines
his
investing
plan
for
2015.
WTIC
appears
to
be
oversold
-
expect
an
important
bottom
this
year.
The
investing
legend
is
holding
on
to
his
PMs
and
looking
for
a
capitulation
to
add
to
his
stockpile
of
gold
and
silver.
He
expects
a
50%
decline
from
the
bull
market
zenith,
presenting
solid
gold
buying
opportunities
under
$1,000
an
ounce.
He
favors
equities
shares
from
China
(largest
holding)
-
viewed
as
a
relative
value
compared
with
US
equities.
Fed
officials
may
feel
compelled
to
make
an
incremental
rate
hike
or
two,
to
save
face
given
the
level
of
rate
hike
rhetoric.
Nonetheless,
such
efforts
will
be
in
vain,
the
inevitable
day
of
economic
reckoning
is
imminent.
Peter
Schiff,
Chairman
of
SchiffGold.com
and
the
host
discuss
the
latest
economic
numbers.
Contrary
to
the
official
figures
the
Great
Recession
never
ended
-
by
deflating
true
inflation
figures,
economic
output
only
seems
strong.
Peter
Schiff
agrees
with
John
Williams
from
Shadowstats.com,
the
national
GDP
has
been
negative
for
almost
15
years
when
accurately
tabulated.
Given
the
unexpectedly
low
GDP
figure
reported
on
Wednesday,
the
recession
is
bordering
on
a
depression.
This
is
good
news
for
investors
as
Fed
officials
are
more
likely
to
implement
QE4
by
the
end
of
2015,
early
2016.
Our
guest
says
the
gold
market
is
building
a
base
-the
dollar
will
plunge
in
spectacular
fashion
-
the
next
QE
installment
will
send
the
PMs
much
higher.
Dollar
cost
averaging
into
the
metals
is
the
most
prudent
method,
given
market
uncertainty.
With
homeownership
rates
near
30
year
lows
and
a
lack
of
quality
employment,
real
estate
is
overpriced,
better
opportunities
will
unfold
as
the
recession
further
develops.
Peter
Schiff,
Chairman
of
SchiffGold.com
and
the
host
discuss
the
latest
economic
numbers.
Contrary
to
the
official
figures
the
Great
Recession
never
ended
-
by
deflating
true
inflation
figures,
economic
output
only
seems
strong.
Peter
Schiff
agrees
with
John
Williams
from
Shadowstats.com,
the
national
GDP
has
been
negative
for
almost
15
years
when
accurately
tabulated
(see
chart
a
few
pages
below
this
text).
Given
the
unexpectedly
low
GDP
figure
reported
on
Wednesday,
a
number
that
would
have
been
negative
without
hedonic
adjustment,
the
recession
is
bordering
on
a
depression.
This
is
good
news
for
investors
as
Fed
officials
are
more
likely
to
implement
QE4
by
the
end
of
2015,
early
2016.
Our
guest
says
the
gold
market
is
building
a
base
and
once
the
threat
of
a
rate
hike
passes,
the
dollar
will
plunge
in
spectacular
fashion
-
the
next
QE
installment
will
send
the
PMs
much
higher.
Peter
Schiff
agrees
with
the
host
that
a
final
selling
capitulation
could
present
the
best
buying
opportunity
in
years
for
PMs
investors.
Nevertheless,
dollar
cost
averaging
into
the
metals
is
the
most
prudent
method,
given
market
uncertainty.
With
homeownership
rates
near
30
year
lows
and
a
lack
of
quality
employment,
real
estate
is
overpriced,
better
opportunities
will
unfold
as
the
recession
further
develops.
G.
Edward
Griffin
&
Chris
Waltzek
-
April
28,
2015.
G.
Edward
Griffin
serves
cuisine
for
cogitation
with
a
review
his
magnum
opus,
The
Creature
from
Jekyll
Island,
a
classic
that
continues
to
resonate
with
readers
22
years
later.
He
spent
7
years
on
the
project
and
fortunately
decided
against
discarding
the
manuscript,
now
a
financial
classic
approaching
it's
40th
publishing.
G.
Edward
Griffin
and
Dr.
Ron
Paul
have
arguably
contributed
much
to
the
movement
for
central
banking
(CB)
transparency.
Our
guest
notes
that
negative
/
zero
interest
rates,
rehypothecation,
debt
crises,
etc.
should
come
as
little
surprise,
the
global
economic
system
has
been
gamed
by
the
same
cartel
that
formed
the
CB
system.
G.
Edward
Griffin
serves
up
cuisine
for
cogitation
with
a
review
his
magnum
opus,
The
Creature
from
Jekyll
Island,
a
classic
that
continues
to
resonate
with
readers
22
years
later.
He
spent
7
years
on
the
project
and
fortunately
decided
against
discarding
the
manuscript,
now
a
financial
classic
approaching
it's
40th
publishing.
Arguably,
champions
of
unadulterated,
free
market
capitalism,
G.
Edward
Griffin
and
Dr.
Ron
Paul
have
contributed
much
to
the
movement
for
transparency
in
central
banking
(CB).
Nevertheless,
the
current
pseudo-capitalist
framework
is
based
on
a
fata
morgana,
negative
/
zero
interest
rates,
rehypothecation,
debt
crises,
etc.
The
global
economic
system
has
been
gamed
by
the
same
cartel
who
formed
the
CB
system.
Given
that
most
temporal
power
(worldly)
stems
from
wealth,
including
military
/
political
/
corporate,
the
banking
cartel
wields
enormous
influence.
The
bulk
of
Americans
are
blissfully
unaware
that
the
system
has
been
hijacked
by
a
cabal
with
a
nefarious
agenda.
Ultimately,
the
system
will
implode,
which
according
to
our
guest
explains
the
proliferation
of
FEMA
camps
designed
to
prepare
the
nation
for
martial
law
and
to
reeducate
dissidents,
formerly
known
as
patriots,
in
1776.