Board-Ansicht
Mix-Ansicht- Greenspan claims the economy has turned the corner / Daily Reckoning - - ELLI -, 08.02.2003, 13:05
Greenspan claims the economy has turned the corner / Daily Reckoning
-->"You may not like what he has to say, but ignore him at your own
peril."
Dear Daily Reckoning Reader,
Alan Greenspan claims the economy has turned the corner. If so,
it's the strangest recovery in history:
** Investors lost $2.4 trillion in 2002 alone. Discouraged,
they'll soon start saving more and spending less. The exact
opposite of what the Fed expects...
** Companies reported profits of $321 billion in the third
quarter 2002, down from $358.7 in 2001. That $37 billion drop
isn't small potatoes... that's enough money to build eight
aircraft carriers...
** The trade deficit is approaching $500 billion -- more than the
GDP of South Korea! Each dollar that goes overseas is one less
for U.S. profits...
Without profits, companies can't grow... and the economy
sputters. Despite these looming problems, if you listened to
market strategists in the financial media, you'd think that all
we have to do is wait until the Greenspan Fed pumps even more
credit into the system to"stimulate" consumer demand... then the
markets and the economy would come roaring right back!
Has anyone noticed consumers already owe $1.7 trillion personal
debt? Or that personal consumption has skyrocketed to an
astounding 90% of current GDP growth -- a level never before seen
in history?
A recent Barron's article revealed the results of forecasts made
by 22 market strategists interviewed on"Wall Street Week With
Louis Ruykeyser." The majority were bullish. One strategist
expected the Dow to climb to 13,700.
Yet, on average, their Dow predictions for the years 2000 and
2001 were off by 17% and 25.5% respectively. Figures for 2002 are
on the way, but given that it was the third down year in a tough
bear market, we expect their bullish track records to be equally
as dreadful -- or worse!
Rather than suffer at the hands of these delusional commentators,
I have a suggestion for you. Use Dr. Kurt Richebacher's advice to
protect your wealth immediately. If you're a regular reader, you
will recognize the name. Dr. Richebacher is a major source of
insight and analysis for the crew here at The Daily Reckoning.
Even with the economic crisis under way, new opportunities for
investing are opening up. They are not likely to be found in the
U.S. equities... or any other dollar-based assets. So... who
better than a man with nearly 50 years' experience in the global
markets to help you find a safe place for your money?
Dr. Richebacher began his career as an international economic
reporter for a leading German financial newspaper -- similar to
The Wall Street Journal -- right after WWII. He became rather
famous in Germany for his critical reporting of the post-war
government economic policies. His reputation eventually opened
the doors for an even more important position as the chief
economist and managing partner for the Dresdner Bank in Germany.
Unlike the commentators you see in the financial media, Kurt
Richebacher was in the hot seat for many of the 20th century's
most unnerving economic events.
While managing the Dresdner Bank, he started writing an economic
newsletter to help inform their most important customers.
Quickly, however, it became obvious his opinions were at odds
with the national economic policy. To save face, the bank
encouraged him to publish the letter under his own name, instead
of theirs... yet, it was so popular they continued to distribute
it to their wealthiest clients.
Today he's as bright, insightful and controversial as ever. In
Dr. Richebacher's view, if you plan to rely on the government and
Wall Street statisticians to plan your affairs -- you risk losing
everything. I invite you to learn the steps you need to take to
protect yourself from continuing peril in the U.S. economy. The
good doctor's reputation is sterling. His advice, priceless. And
as one reader suggests, you ignore him at your own peril. Click
here for:
Greenspan Is Robbing You Blind
http://www.agora-inc.com/reports/RCH/TrueGains/
Cheers,
Addison Wiggin
The Daily Reckoning
P.S. There's no doubt, Dr. Richebacher is a muckraker -- a
whistle-blower. But he's also the kind of thinker you want in
your corner when the markets head into unknown territory. Kurt
digs deep into the details and exposes the issues that few other
economists will talk about. He gathers some high-level critics in
the process:"Sometimes I think it's the job of the world's
central bankers," says former Fed Chief Paul Volcker,"to prove
Kurt Richebacher wrong."
Thread gesperrtgesamter Thread:
