Peter Grandich: One of the most prophetic comments I’ve heard since 2007.
In October 2007, I made my most dire forecast in my lifetime. I foresaw what I described as America’s worse ever financial crisis about to unfold, suggested the sale of all U.S. equities except those related to precious metals, and even went as far as to invoke shorting the U.S. market. A watershed event that help lead me to these actions was my viewing of an interview by a man who I called a true American financial prophet – Mr. David Walker (who is still one in my book).
As you know, I firmly returned to the bearish camp about a month ago and have been presenting very alarming reasons for my decision. Like in 2007, an interview that aired today on the superb Canadian financial network, Business News Network, is not only required viewing for all like David Walker’s was, but the guest (Mr. David Stockman) is now another financial prophet in my book.
I know this month is the last month anyone wants to hear about bad news. No matter what has happened the first eleven months of the year, the natural tendency is to make the best of things this month and put off being concern until after New Year’s. The “Happy” people on Wall Street know that too and do their best to take advantage of it with their annual fairytale called the “Santa Claus Rally”.
Bah-humbug may be the least you say about this and feel like I’m sticking a lump of coal in your Christmas stocking, but I’m here to tell you this interview today was the most prophetic comments I’ve heard since 2007. The greatest present IMHO is one that gives the recipient pleasure not today but for the future. I believe those who heed Mr. Stockman’s opinion will be able to separate themselves from a massive amount of people who today have no idea how difficult their lives and those of their children and their children’s children will be by not preparing for this vision of America’s future.