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Adam Taggart

Image | Marc Faber: The Perils of Money Printing’s Unintended Consequences
Marc Faber: The Perils of Money Printing’s Unintended Consequences

src=Marc Faber does not mince words. He believes that the money printing policies of the Federal Reserve and its sister central banks around the globe have put the world's currencies on an inexorable, accelerating, inflationary down slope.

The dangers of money printing are many, in his eyes. But in particular, he worries about the unintended consequences it subjects the populace to. Beyond currency devaluation, it creates malinvestment that leads to asset bubbles that wreak havoc when they burst. And even more nefarious, money printing disproportionately punishes the lower classes, resulting in volatile social and political tensions.

It's no surprise, then, that he's feeling particularly defensive these days. While he generally advises those looking to protect their purchasing power to invest capital in precious metals and the equity markets (the rationale being that inflation should hurt equity prices less than bond prices), he warns that equities appear overbought at this time.
Marc Faber: The Perils of Money Printing’s Unintended Consequences

src=Marc Faber does not mince words. He believes that the money printing policies of the Federal Reserve and its sister central banks around the globe have put the world's currencies on an inexorable, accelerating, inflationary down slope.

The dangers of money printing are many, in his eyes. But in particular, he worries about the unintended consequences it subjects the populace to. Beyond currency devaluation, it creates malinvestment that leads to asset bubbles that wreak havoc when they burst. And even more nefarious, money printing disproportionately punishes the lower classes, resulting in volatile social and political tensions.

It's no surprise, then, that he's feeling particularly defensive these days. While he generally advises those looking to protect their purchasing power to invest capital in precious metals and the equity markets (the rationale being that inflation should hurt equity prices less than bond prices), he warns that equities appear overbought at this time.
Image | Off the Cuff: US Treasuries – The Coughing Canary
Off the Cuff: US Treasuries – The Coughing Canary
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris investigate:

  • align=Risk “On”

    • Painful days for those holding precious metals, bonds or the yen
  • US Treasurys
    • Are we seeing a game change of historic proportion?
  • Not all numbers are trustworthy

    • The recently-released bank stress test results insult our intelligence

From now on, you’re going to hear a lot more about the US Treasury market. Rates are beginning to creep up, which for a global economy hooked on free debt is like sunrise to a vampire. The Treasury market is monstrous, and when it rolls over, it will take nearly every asset class down with it. Suffice it to say, we’re watching it very closely.

Off the Cuff: US Treasuries – The Coughing Canary
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris investigate:

  • align=Risk “On”

    • Painful days for those holding precious metals, bonds or the yen
  • US Treasurys
    • Are we seeing a game change of historic proportion?
  • Not all numbers are trustworthy

    • The recently-released bank stress test results insult our intelligence

From now on, you’re going to hear a lot more about the US Treasury market. Rates are beginning to creep up, which for a global economy hooked on free debt is like sunrise to a vampire. The Treasury market is monstrous, and when it rolls over, it will take nearly every asset class down with it. Suffice it to say, we’re watching it very closely.

Image | Robert Mish: Front-Line Evidence That We Are Nowhere Near a Gold Bubble
Robert Mish: Front-Line Evidence That We Are Nowhere Near a Gold Bubble

Robert Mish has been a precious metals dealer for nearly 50 years and knows what gold bubble mania looks like. We are nowhere near that stage, in his opinion.

Instead, he sees a US populace largely unappreciative of holding precious metal as a store of wealth, and engaged in a slow process of dis-hording their gold and silver to eager foreign buyers, who are more than happy to take the bullion back to their shores.

In terms of where we are on the gold mania spectrum, he sees us at a "2" out of 10.

But he foresees a very rude awakening ahead, as the populace eventually wakes up to the increasing damage that our over-debted global economy is doing to the purchasing power of world currencies. Because when the general investor finally realizes the protection the precious metals offer against currency debasement, much of the retail supply will already be out of the system, in very tight hands and largely overseas.

Moreover, when supply gets tight, there will be more challenges to obtaining physical bullion during a buying mania than there were during the last mania in 1980. There are many fewer local sources to exchange bullion these days, as much of that business is now transacted by online vendors dependent mail delivery to ship product, and they are more vulnerable to supply chain disruptions.

Be sure you're aware of how the form in which you hold your bullion will affect the price you get during a buying frenzy, when refining capacity is overwhelmed. You may find that your gold or silver sells at a hefty discount because it's not in a preferred format for trade.

 
Robert Mish: Front-Line Evidence That We Are Nowhere Near a Gold Bubble

Robert Mish has been a precious metals dealer for nearly 50 years and knows what gold bubble mania looks like. We are nowhere near that stage, in his opinion.

Instead, he sees a US populace largely unappreciative of holding precious metal as a store of wealth, and engaged in a slow process of dis-hording their gold and silver to eager foreign buyers, who are more than happy to take the bullion back to their shores.

In terms of where we are on the gold mania spectrum, he sees us at a "2" out of 10.

But he foresees a very rude awakening ahead, as the populace eventually wakes up to the increasing damage that our over-debted global economy is doing to the purchasing power of world currencies. Because when the general investor finally realizes the protection the precious metals offer against currency debasement, much of the retail supply will already be out of the system, in very tight hands and largely overseas.

Moreover, when supply gets tight, there will be more challenges to obtaining physical bullion during a buying mania than there were during the last mania in 1980. There are many fewer local sources to exchange bullion these days, as much of that business is now transacted by online vendors dependent mail delivery to ship product, and they are more vulnerable to supply chain disruptions.

Be sure you're aware of how the form in which you hold your bullion will affect the price you get during a buying frenzy, when refining capacity is overwhelmed. You may find that your gold or silver sells at a hefty discount because it's not in a preferred format for trade.

 
Image | Off the Cuff: When The Going Gets Tough, The Tough Want Their Gold
Off the Cuff: When The Going Gets Tough, The Tough Want Their Gold
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris address:

  • align=Holding the Bag in Europe

    • At this point, it would take a miracle to save taxpayers from getting stuck with the bill for this mess
  • Got Gold?
    • All of a sudden Europe’s leaders are demanding their gold. Think it’s still a “barbarous relic?”
  • Sliding back into Recession

    • The data on the worldwide economy looks bad and is getting uglier

The quick takeaways from this week’s podcast? Pay no more attention to what Europe’s leaders say — instead, watch what they do. Prepare for a Greek (and Spanish and Portuguese and …) default, and keep your precious metals close.

Off the Cuff: When The Going Gets Tough, The Tough Want Their Gold
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris address:

  • align=Holding the Bag in Europe

    • At this point, it would take a miracle to save taxpayers from getting stuck with the bill for this mess
  • Got Gold?
    • All of a sudden Europe’s leaders are demanding their gold. Think it’s still a “barbarous relic?”
  • Sliding back into Recession

    • The data on the worldwide economy looks bad and is getting uglier

The quick takeaways from this week’s podcast? Pay no more attention to what Europe’s leaders say — instead, watch what they do. Prepare for a Greek (and Spanish and Portuguese and …) default, and keep your precious metals close.

Image | Erik Townsend: Expect a US Price Shock as Black Swans Come Home to Roost
Erik Townsend: Expect a US Price Shock as Black Swans Come Home to Roost

align=American investor (and longtime CM.com member) Erik Townsend has spent the past several years living internationally, with an eye to which countries may be good alternatives if economic crisis and/or Peak Oil start to materially impact life in the US. 

His main observation as an expat? Through its misguided policies, the US has been exporting inflation to the rest of the world, raising prices all over the globe (as an example, Erik cites a $57 chicken pot pie from the menu at a ‘working class’ restaurant in Australia). 

This inflation is affecting the rest of the world harshly, but is not yet being felt in the US due to our ability to export it as the issuer of the world’s reserve currency. Our immunity will not last forever though, and when it ends, a massive upwards spike in prices is going to hit US markets.
Erik Townsend: Expect a US Price Shock as Black Swans Come Home to Roost

align=American investor (and longtime CM.com member) Erik Townsend has spent the past several years living internationally, with an eye to which countries may be good alternatives if economic crisis and/or Peak Oil start to materially impact life in the US. 

His main observation as an expat? Through its misguided policies, the US has been exporting inflation to the rest of the world, raising prices all over the globe (as an example, Erik cites a $57 chicken pot pie from the menu at a ‘working class’ restaurant in Australia). 

This inflation is affecting the rest of the world harshly, but is not yet being felt in the US due to our ability to export it as the issuer of the world’s reserve currency. Our immunity will not last forever though, and when it ends, a massive upwards spike in prices is going to hit US markets.
Image | Erik Townsend: Expect a U.S. Price Shock as Black Swans Come Home to Roost
Erik Townsend: Expect a U.S. Price Shock as Black Swans Come Home to Roost

src=American investor (and longtime CM.com member) Erik Townsend has spent the past several years living internationally, with an eye to which countries may be good alternatives if economic crisis and/or Peak Oil start to materially impact life in the US. 

His main observation as an expat? Through its misguided policies, the US has been exporting inflation to the rest of the world, raising prices all over the globe (as an example, Erik cites a $57 chicken pot pie from the menu at a 'working class' restaurant in Australia). 

This inflation is affecting the rest of the world harshly, but is not yet being felt in the US due to our ability to export it as the issuer of the world's reserve currency. Our immunity will not last forever though, and when it ends, a massive upwards spike in prices is going to hit US markets.
Erik Townsend: Expect a U.S. Price Shock as Black Swans Come Home to Roost

src=American investor (and longtime CM.com member) Erik Townsend has spent the past several years living internationally, with an eye to which countries may be good alternatives if economic crisis and/or Peak Oil start to materially impact life in the US. 

His main observation as an expat? Through its misguided policies, the US has been exporting inflation to the rest of the world, raising prices all over the globe (as an example, Erik cites a $57 chicken pot pie from the menu at a 'working class' restaurant in Australia). 

This inflation is affecting the rest of the world harshly, but is not yet being felt in the US due to our ability to export it as the issuer of the world's reserve currency. Our immunity will not last forever though, and when it ends, a massive upwards spike in prices is going to hit US markets.
Image | Off the Cuff: Seeing Through the Spin
Off the Cuff: Seeing Through the Spin
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris tackle:

  • align=US GDP

    • With only a little inspection, the reasons for optimism behind the latest rosy US GDP numbers wither quickly
  • Europe

    • The flood of free money continues. Too bad it’s going into the banks vs. the European economies that need it
  • Threats from the East

    • While all eyes are looking towards Europe, larger risks to the global economy are appearing in Japan and China

This week’s podcast was recorded on the road (with apologies for not having the usual crystal clarity). But that didn’t slow Mish and Chris down in identifying the growing risks behind the otherwise positive announcements released this week. More than ever, keep an eye to the data — not the cheerleading — as it is proving critical in making decisions to preserve one’s wealth.

Off the Cuff: Seeing Through the Spin
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish and Chris tackle:

  • align=US GDP

    • With only a little inspection, the reasons for optimism behind the latest rosy US GDP numbers wither quickly
  • Europe

    • The flood of free money continues. Too bad it’s going into the banks vs. the European economies that need it
  • Threats from the East

    • While all eyes are looking towards Europe, larger risks to the global economy are appearing in Japan and China

This week’s podcast was recorded on the road (with apologies for not having the usual crystal clarity). But that didn’t slow Mish and Chris down in identifying the growing risks behind the otherwise positive announcements released this week. More than ever, keep an eye to the data — not the cheerleading — as it is proving critical in making decisions to preserve one’s wealth.

Image | Ben Davies: Greece is Just a Preview of What’s Coming For the Rest of Us
Ben Davies: Greece is Just a Preview of What’s Coming For the Rest of Us

height=All eyes are on Greece these days, with hopes that the situation there can soon be resolved and global recovery kicked into high gear.

Sadly, those hopes are misguided claims Ben Davies, CEO of Hinde Capital. In fact, he says, Greece's pain foreshadows the future awaiting the rest of the world. 

It all comes down to simple math. Greece has increased its debts at a rate far faster than its income has grown. At some point, the debt became so large that the country could no longer service it.

What makes the rest of the PIIGS immune from a similar fate? Or Japan? Or the U.S.? Or the OECD, in general?

Nothing.

 
Ben Davies: Greece is Just a Preview of What’s Coming For the Rest of Us

height=All eyes are on Greece these days, with hopes that the situation there can soon be resolved and global recovery kicked into high gear.

Sadly, those hopes are misguided claims Ben Davies, CEO of Hinde Capital. In fact, he says, Greece's pain foreshadows the future awaiting the rest of the world. 

It all comes down to simple math. Greece has increased its debts at a rate far faster than its income has grown. At some point, the debt became so large that the country could no longer service it.

What makes the rest of the PIIGS immune from a similar fate? Or Japan? Or the U.S.? Or the OECD, in general?

Nothing.

 
Image | James Rickards: Paper, Gold, or Chaos?
James Rickards: Paper, Gold, or Chaos?

History is replete with the carcasses of failed currencies destroyed through misguided intentional debasement by governments looking for an easy escape from piling up too much debt. James Rickards, author of the recent bestseller Currency Wars: The Making of the Next Global Crisis, sees history repeating itself today – and warns that we are in the escalating stage of a global currency war of the grandest scale.

Whether it ends in hyperinflation, in the return to some form of gold standard, or in chaos, history is telling us we can have confidence that it will end painfully.

 

James Rickards: Paper, Gold, or Chaos?

History is replete with the carcasses of failed currencies destroyed through misguided intentional debasement by governments looking for an easy escape from piling up too much debt. James Rickards, author of the recent bestseller Currency Wars: The Making of the Next Global Crisis, sees history repeating itself today – and warns that we are in the escalating stage of a global currency war of the grandest scale.

Whether it ends in hyperinflation, in the return to some form of gold standard, or in chaos, history is telling us we can have confidence that it will end painfully.

 

Image | Off the Cuff: A Crescendoing Crisis of Confidence
Off the Cuff: A Crescendoing Crisis of Confidence
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish has the week off but Chris digs into:

  • align=Greece
    • A Depression is here – the question is how protracted will they make it?
  • The US (and what it can learn from Greece)

    • The markets are showing in no uncertain terms what happens when a nation’s debt-to-GDP ratio gets out of control
  • What It All Means

    • Tolerance for profligacy is running out. Some important players are beginning to walk away from US debt

With Mish on the road, Chris goes solo this week and delivers a hard message for the US: there are limits to the printing press.

Off the Cuff: A Crescendoing Crisis of Confidence
 PREVIEW

In this week’s Off the Cuff with Mish & Chris podcast, Mish has the week off but Chris digs into:

  • align=Greece
    • A Depression is here – the question is how protracted will they make it?
  • The US (and what it can learn from Greece)

    • The markets are showing in no uncertain terms what happens when a nation’s debt-to-GDP ratio gets out of control
  • What It All Means

    • Tolerance for profligacy is running out. Some important players are beginning to walk away from US debt

With Mish on the road, Chris goes solo this week and delivers a hard message for the US: there are limits to the printing press.

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