Wednesday, August 31, 2016

John Embry: The Powers That Be Are
Desperately Trying To Keep Confidence Alive 
By Flogging A Failing & Flailing Fiat Finance
"The Jackson Hole Meeting has come and gone and little of substance has emerged. That is not at all surprising because the very people who got the world into this mess have no idea what to do now ..  This is all being done in order to retain confidence in what I believe is a doomed fiat currency system .. I would also add that there have been more rumblings of concern on the pension fund front in the United States, with Puerto Rico and Illinois front-and-center last week. It is really hard to grasp just how bad the situation really is throughout the entire U.S. because many public and private pension funds are already dramatically underfunded and their primary asset categories are historically very overvalued .. I have believed for a considerable period of time that my generation and the Baby Boomers who came in our wake, were going to meet our Waterloo in our retirement years. Nothing I see currently in the pension situation dissuades me from that point of view."
link here to the reference

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