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Our recent webinar — detailing the powerful forces driving down the dollar and driving up resource prices — could not have been more timely.
Whether you saw it or you missed it, the transcript — just released, is a must read …
Washington’s Secret War on the Dollar
Edited Transcript
Martin D. Weiss and Larry Edelson
Martin Weiss: Welcome to our online seminar on what may well be the most urgent financial and strategic dilemma of our time — the threat to the cornerstone of our nation, the threat to the value of the U.S. dollar.
The dollar is careening toward its lowest level in history! Gold is going through the roof, right now, plowing past every barrier, surging to its highest level of all time. Major oil producers all over the world are talking about abandoning the dollar as the basis for global oil contracts, right now!
My name is Martin Weiss, president of Weiss Research. And with me today from his office in Asia is long-time Weiss Research analyst, Larry Edelson. Over the last two weeks, thousands of our readers have been joining Larry on his blog in a hot debate about the fate of the dollar.
Our readers are deeply concerned about the dollar’s current decline … how that decline could slash their wealth … and how it could impact their quality of life. They wonder when and how they will be able to save for their future, for their children and grandchildren.
They ask: Can the United States survive the decline of its currency?
Could the dollar’s decline mark the end of our nation’s greatness as a world power? And now with gold and natural resources going through the roof, they’re also asking: What should I buy today to profit from this surge?
These are not questions just for the future. They are questions we must address right now.
The dollar is already falling in value against all major currencies.
The dollar’s role as a reserve currency is already being challenged in Europe, in Asia and in the Americas. The dollar’s day of reckoning is already here.
Larry Edelson was among the very first to warn about this day. Throughout the 1980s and 1990s, he continually wrote that …
America’s massive debts will someday become unsustainable!
He consistently explained that …
The favorite debt solution of both Democrats and Republicans will be to pay off government debts with ever-cheaper dollars.
He repeatedly warned that, in a desperate attempt to escape the nation’s massive debt burden …
Washington will literally declare war against the U.S. dollar!
He further warned that step by step, international investors will abandon the U.S. dollar.
And perhaps most alarming of all, he wrote about the ultimate day of reckoning for the dollar, the day when foreign countries and international organizations will push aggressively to replace the dollar with a new reserve currency, ending America’s supremacy as a global economic power.
Now, each and every one of Larry’s forecasts is coming to pass. And now, other voices — some very prominent voices — are saying, in essence, the same thing Larry was writing years ago. We have tapped Weiss Research’s research department to compile the relevant expert comments made recently on C-Span, CNN, NBC News, Bloomberg, and other major sources. So let’s review them right here and now:
Announcer:
America’s debts are unsustainable.
"The long-term deficit and debt that we have accumulated is … unsustainable. We can’t keep on just borrowing from China or borrowing from other countries. We have to pay interest on that debt … and that means we’re mortgaging our children’s future."
— President Barack Obama
Washington’s favorite solution is to pay its debt with cheaper dollars.
"One way to solve the debt problem is to … devalue the dollar and … inflate the currency. That’s the cruelest tax of all."
—Senator Judd Gregg
U.S. federal reserve chief Benjamin Bernanke has declared war on the dollar.
"The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost."
— Benjamin S. Bernanke,
Chairman, U.S. Federal Reserve
The entire U.S. government has declared war on the dollar.
"It’s the … official policy of the central bank and the United States and to … debase the currency."
— Jim Rogers,
Co-Founder of the Quantum Fund
Foreign investors are declaring war on the dollar.
"The current crisis is not only the bust that follows the housing boom … it’s basically the end … of a 60-year period of continuing credit expansion based on the dollar as the reserve currency."
— George Soros,
The world’s #1 global investor"Holding dollars today represents risk … without … reward!
— Joseph Stiglitz,
Nobel Prize-winning economist
Global leaders are declaring war on the dollar.
"The costs of a dollar-dominated system to the world may have exceeded its benefits. The dollar should be replaced by a new global reserve currency."
— Zhou Xiaochuan,
Governor, China Central Bank"The rise of emerging economies such as China and Russia will prevent the U.S. dollar from remaining the world’s only reserve currency."
— Nicolas Sarkozy,
President of France
The united nations has declared war on the dollar.
The United Nations has now issued a game-changing report that recommends a new … artificial reserve currency.
Every dollar you have saved and invested is now in jeopardy
This is …
Washington’s Secret War on the Dollar:
Protect Yourself and Profit
Martin: Larry, welcome and congratulations on your foresight! I prayed that you would be wrong. I hoped that Washington and the world would not wage this war on the dollar, that this day of reckoning would never come. But now it’s here. I have not given up hope for the dollar or for the United States, but at the same time, I recognize that, as investors, we can’t survive on hope alone. We must be pragmatic. We have to take protective action for ourselves and our family. That’s why I’ve invited you here today, not just because you saw this coming, but more importantly because you have helped investors convert your vision into action!
Larry Edelson: Thank you for that recognition.
Martin: What I especially want to recognize is the fact that you have demonstrated, in actual practice, that the best defense for investors is to go on the offense, to convert the dollar decline into a myriad of wealth-building opportunities. We’ll talk about some of those later. Plus, before we finish today, I trust you will be giving us specific, actionable recommendations.
Larry: Yes, I will, and I will also tell you when.
Martin: Which brings me to a fundamental timing question: All the debts the United States has today have been built up over many years. All the trends we are seeing today have been decades in the making. So I ask you: Why is this suddenly a crisis now?
Larry: These years of dollar decline you’ve seen so far are merely the prelude — the build-up — to the day of reckoning for the dollar … to the convergence of events we are now seeing today.
Martin: Show us precisely why.
Larry: Because of the convergence of four factors.
First, we no longer have merely a mountain of debts. We have a volcanic eruption of debts. You saw that eruption in the form of a massive financial crisis that swept the globe just months ago. And now, you are seeing that same eruption in a different form …
Martin: In the explosion of the U.S. federal deficit.
Larry: Yes, if the U.S. federal deficit were growing by 20 percent, or 30 percent or even as much as 50 percent, the pundits could have argued that it was just the continuation of a long-term trend, that it was simply more of the same.
But just in the last 12 months, the U.S. federal deficit has exploded from $454.8 billion in fiscal 2008 to $1.58 trillion in fiscal 2009 …
Martin: the fiscal year which just ended a few days ago …
Larry: Right. This year’s deficit is nearly 350 percent larger, three and one half times last year’s level, and last year’s deficit was already the largest in history, in dollar terms.
Martin: That’s not just more of the same.
Larry: No, it’s a whole different ball game, a clear break with the past. That’s the first major change. Second, we’re witnessing a sea change in the global economy.
Martin: The power shift from West to East that we talked about in the Weiss Global Forum.
Larry: Yes … which is now being reflected in the all-critical shift out of the dollar as the world’s reserve currency. Put yourself in the shoes of an international investor. Even if you can choose the right dollar investment, the falling dollar is slashing your returns. You’re fed up. You’re anxious to diversify out of the dollar. But you’re not the only one.
Central banks are doing the same. Remember: The U.S. dollar is not only the money we keep in our bank accounts or carry around in our pockets … it has also been the money foreign central banks keep in their reserves.
Martin: The dollar has been the world’s dominant reserve currency.
Larry: Exactly. Which means the world has had to take our dollars whether they like it or not. Europe, China, Japan and others have been virtually compelled to accept our debts, take our cheaper dollars …
Martin: … tolerate our wild excesses.
Larry: They had no other choice. So that gave us a huge strategic advantage as a nation. Unlike all other nations, we were shielded from the consequences of our follies. We could postpone our day of reckoning. We could party, binge, and abuse … and never suffer a hangover or side effects.
Martin: And now?
Larry: Now, that protective shield is melting away. Now we face the danger that all our past excesses could come crashing down on us in one fell swoop. You can see that clearly in what the world’s experts are saying and what the world’s leaders are doing … as you so vividly demonstrated a moment ago. You can see it even more clearly in the dollar’s decline in currency markets.
Martin: OK. You’ve cited two critical factors pointing to a dollar decline: The explosion in U.S. debt and, at the same time, the global shift away from the dollar by investors and central banks. Those are hitting right now. But there are other forces …
Larry: Force #3 is the dollar cycle. Our work with the Foundation for the Study of Cycles, based on centuries of data, leads to the conclusion that the dollar won’t hit bottom until the end of 2012. That’s three more years of potentially traumatic declines.
Martin: So you have 2010, 2011 and 2012.
Larry: Right. Three more years!
Factor #4 is the hidden debts that could suddenly burst onto the scene and destabilize financial markets.
Martin: Can you be more specific?
Larry: Everyone talks about our debts to Japan or to China. But our foreign debts go far beyond that. According to the U.S. Treasury Department, our total liabilities to foreigners are now 7.9 trillion dollars. Not just to countries like China and Japan, but also to eurozone countries, to countries in Latin America … not just to central banks … but also to private companies and individuals. It’s a massive mountain of foreign debts that everyone just takes for granted.
Another, even larger example of hidden debts are the true obligations of the U.S. government.
Martin: When experts talk about the "national debt," they are referring exclusively to the funded debts — the debts for which the U.S. has issued securities like Treasury bonds or agency bonds.
Larry: But there again, the problem goes far beyond that. In addition to the gargantuan funded debts you see on the government’s balance sheet, Washington has another $104 trillion in unfunded obligations.
Martin: Social Security, Medicare, Medicaid, Veteran’s benefits, government pensions.
Larry: Correct. That means that, for every dollar of debt on the government’s balance sheet, there are another nine dollars in debts that are not formally accounted for. And to make matters worse, the first wave of Baby Boomers are turning 63 this year. The trillions owed to those 76 million people are no longer just a balance sheet entry. Washington is going to have to begin paying out that money starting now!
Martin: This helps explain why Washington is now doing something that, on the face of it, seems to be patently insane: Trying to spend, borrow and print its way out of a debt disaster.
Larry: And why I see a convergence of forces topple the dollar. It all comes down to what President Obama himself admitted: The debts our country has racked up are gargantuan and unsustainable. Or more to the point, they are patently unpayable. It will simply be impossible for our government to ever get out of debt by any conventional means.
Martin: But do you really believe the government is going to take radical measures to make the debts go away?
Larry: Yes. Why is that so surprising? Haven’t they already taken radical steps — steps that no one would have ever imagined possible just a few years ago? Look at how they bailed out Bank of America, Citigroup, Merrill Lynch, and AIG. Look at the trillions they poured out in loans, investments, and credit guarantees. Look how they’ve given the Fed new superpowers.
Martin: But now Mr. Bernanke and Mr. Geithner are claiming victory. They’re saying that the crisis is over and that all those extraordinary measures were a necessary evil.
Larry: They have indeed eased the debt crisis, but only by creating still another crisis, the dollar crisis, which is just beginning.
Martin: In other words, they’ve transformed the Wall Street debt crisis into Washington’s debt crisis.
Larry: Yes, and yet, they haven’t made a dent in the mammoth problem that gave rise to the crisis in the first place — the debts, the overwhelming burdensome debts.
All told, each and every household in America is now indirectly responsible for over 1 million dollars in government debts and obligations.
We’ve got …
— The officially recognized national debt at $11.8 trillion.
— Unfunded national obligations of $104 trillion.
— Another $9 trillion in cumulative deficits over the next ten years.
— Plus, another trillion dollars for health care reform, no matter what bill finally makes it through Congress.
Grand total: $125.8 trillion.
Imagine the government could somehow pay off that debt at the rate of $100 million per day, every day starting right now. Even at that rate, it would take 3,446 years before the total government debts and obligations are paid off.
Martin: Assuming no new government spending; no new social programs; no new wars; no new economic disasters or bailouts; no new deficits in the meantime …
Larry: Which as we know, is a pipe dream. Even the White House admits we’re looking down the barrel of one-trillion-dollar deficits for years to come. That’s why I say that, no matter how you look at it, this debt mountain is patently un-payable. It will never be paid off, other than through some form of default.
Martin: Could you explain that please?
Larry: There are two ways a government can default on its obligations:
The first way is simply to stop paying its bills and obligations. That’s highly unlikely, for obvious reasons.
The second is to default on the sly, by paying off creditors with something of cheaper value.
Martin: Cheaper dollars.
Larry: Yes, dollars that are worth less … have less buying power than today’s dollars.
But this is not just theory. It’s practice. And the idea of debasing the currency in order to delay a debt collapse certainly was not invented by Washington. Default by devaluation is a recurring pattern of history.
Martin: This is important. Take us for a quick trip through time to give us the critical highlights.
Larry: Time after time, history shows us that when a government cannot print money fast enough to overcome its exploding debt burden, it has no choice but to take more drastic steps to slash the value of its money.
Martin: Let’s take a quick peek at that history.
Announcer:
Since the dawn of civilization, every major nation that has been saddled with un-payable debts and obligations has ultimately resorted to currency devaluations in some form.
In ancient Rome, the Roman denarius was the dominant currency not only of the Roman Empire but even beyond its borders. But when Rome began to fall so did its currency.
From its heights in the fourth century A.D., the Roman denarius plunged to 1/50 of its former value — in just 13 short years … and then ceased to exist.
Later, in Byzantine Empire, their money, Bezant, was, in many aspects, the world’s reserve currency for 1,000 years. But in the 12th century, when the Byzantine Empire began to suffer under the weight of overwhelming, un-payable debts and obligations, the Bezant was also devalued by reducing its gold content until … it effectively ceased to exist in the 14th century.
More recently, the fate of the British Empire and the fate of the British pound were also intertwined. In the late 19th century, London devalued pound sterling and then did it again in the early 20th century. From its heyday at the height of the Empire to its low point in recent years, the pound ultimately gave up 80 percent of its value.
So you can see this is a well chartered path: The rise and fall of empires; the rise and fall of their currencies. What is most alarming, though, is what happens when countries lose all semblance of discipline and when they are ultimately punished by market panics.
In Germany after World War I, the government printed money in massive quantities to repay war loans and reparations with worthless currency, and to help industrialists to pay back their own loans. The Reich mark plunged from 4.2 to the US dollar at the outbreak of World War I to 1 million per dollar by August 1923 … and then to as low as three trillion to 1 in the final panic before the rise of the Nazi regime.
Larry: And it’s beginning to happen right here in the U.S. right now. In the past 10 years, the dollar has progressively lost 36 percent of its value against other major currencies and 75 percent of its value against gold. And in the years to come, it’s bound to lose much more. I repeat: A wholesale currency devaluation is the only politically expedient way to address a debt crisis as massive as we face today. Bush, Obama and Bernanke have already committed us to this path.
Martin: They have already committed to this path … can you give us evidence of that?
Larry: Evidence? Are you kidding? Look at last year, when the U.S. economy was threatened by systemic risk from the credit crisis. Bush and Bernanke were faced with two simple choices: Either to step aside and allow a sudden, savage depression, or … to spend countless sums that the government didn’t have — that it would have to borrow and print and that would almost surely lead to a future erosion in the value of our money. They chose the latter. They chose to sacrifice our future for the expedience of the present.
Martin: We know that all too well.
Larry: And this year, when faced with similar choices, the Obama team did the same. They spent hundreds of billions of TARP money. They passed a second stimulus bill AND a $300 billion omnibus spending bill. And then, just for good measure, they bailed out the automakers.
There’s your evidence: Two very different presidents — one, Republican, one Democrat — chose the same path, the only politically viable path. The easy way out: Both presidents chose to fight the impending depression by borrowing and printing money … while both knew full well that this has set us up for an even more devastating future crisis, the crisis of the dollar, the crisis of inflation.
Martin: Which is actually worse in some respects isn’t it?
Larry: This isn’t just an economic discussion we’re having here. It has real and dramatic consequences for everybody listening to us right now. When the value of a nation’s currency falls by half, its people’s money goes only half as far; their cost of living doubles.
When a currency falls 70 percent … 80 percent … 90 percent or more as in the examples we just looked at, the people who earn it and spend it have to pay up to ten times more for many of life’s necessities. Food, energy and more.
The saddest victims are folks on fixed incomes — who worked scrimped and saved for a lifetime to ensure they’d have enough to live on in retirement, for instance. Suddenly, the nest egg they thought would provide a comfortable life for the rest of their lives is barely enough to keep body and soul together.
Any way you look at it, this kind of currency devaluation is like government-sponsored theft.
Martin: It is like a burglar who slips, undetected into your home and picks up your spare change — every night, 7 days a week, 365 days a year.
Larry: Unfortunately, the majority of savers and investors don’t have a clue. They don’t believe it can happen … that it is happening right now. John Maynard Keynes said it all 79 years ago …
Martin: Yes, let me go ahead and read exactly what he said:
"By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose."
And this is precisely what you believe they’re doing.
Larry: Absolutely! In public, Washington will never admit to it, but both President Obama and Fed Chairman Bernanke are actively waging their secret war on the dollar right now as we speak. And as an investor, you have no choice but to take defensive steps starting immediately.
Martin: Name those steps.
Larry: Step one, at a bare minimum, I believe that everyone should own a bare bones minimum of gold.
Martin: How much is a bare bones minimum?
Larry: I’d say 10 percent of your investment portfolio.
Martin: And how much would be too much?
Larry: Even if you want to be aggressive, I would not go beyond 25 percent. There are too many other contra-dollar opportunities you’d be missing.
Martin: Suppose I have, say, $500,000 in stocks, bonds and other liquid investments. Please give me a more precise breakdown.
Larry: Each investor needs to take a look at his or her individual investment needs. There’s no such thing as a one-size-fits-all portfolio. But let’s assume the minimum amount I recommend in the gold sector.
Martin: The 10 percent, right?
Larry: Correct. You’d have $50,000 in the gold sector. Of that $50,000, here’s how I’d break it down: I’d put about $3,100 in bullion, in ingots or bullion coins like the American Eagle or Canadian Maple Leaf. Given the storage hassles and costs, there’s no need to put more than that in bullion.
Martin: And the rest of the $50,000?
Larry: I’d put another $3,100 into the SPDR Gold Trust ETF, symbol GLD, and another $3,100 into each of three favorite gold mutual funds …
— The Tocqueville Gold Fund (TGLDX)
— The U.S. Global Investors World Precious Minerals Fund (UNWPX)
— And the U.S. Global Investors Gold and Precious Metals Fund (USERX).
Then, I’d put the rest into my top-rated gold mining shares …
Martin: How high do you think gold could go?
Larry: I have three gold price scenarios.
First, I believe that, no matter what, gold is going to hit its inflation-adjusted high of $2,300 an ounce — at a minimum. But that assumes an orderly decline in the dollar, and an orderly process of phasing in a new world reserve currency of some kind.
In scenario two, that process is more chaotic and muddied, with rising global uncertainty regarding the outcome. In that scenario, despite sharp pullbacks, you could see gold reaching $3,000 an ounce.
Martin: Many people think $1,000 an ounce is already very high.
Larry: Adjusted for inflation, gold at $1,000 per ounce is actually selling at less than half its all-time high. Moreover, at $1,000 an ounce, gold investors are banking on an orderly transition to a new reserve currency over many years. That’s highly unlikely, in my opinion.
In scenario three, markets take over, panic sets in and investors lose any semblance of trust in process of transitioning to a new reserve currency.
Martin: How far do you think gold could go in that scenario?
Larry: In that scenario, all bets are off! The dollar could overshoot dramatically to the downside, while gold and other natural resources could overshoot dramatically to the upside. But I wouldn’t be shocked to see $5,000 an ounce for gold.
So in my lowest scenario for gold prices, I think your bullion has the potential to double; probably more. And in a worst case scenario for the dollar, you could be looking at a 500 percent return on your bullion positions.
Martin: All this is about step 1, investing in gold. What about step 2?
Larry: Step 2 is to diversify beyond gold to other natural resources. Washington’s war on the dollar will drive up a wide range of tangible assets and companies backed by those assets, assets that have intrinsic value and assets where the dollar crisis is manifesting itself.
Look! Over the last decade we’ve seen tech companies go bust … we’ve seen the leveraged mortgage markets go bust … and we’ve seen the financial sector collapse. So savvy money now wants tangible assets and resources that provide the world with the basic necessities of life. It’s where people like Jimmy Rogers are investing. It’s where the surviving hedge funds are going. And most importantly in my opinion, it’s where the giant sovereign wealth funds are shifting a lot of their money, especially China.
Martin: And you see a strategic advantage for investors there?
Larry: Yes. It gives you a double tailwind to propel your investments: Resource companies propelled higher by the falling dollar … and resource companies propelled higher by the demand from China and other Asian countries. Already, Beijing has quadrupled its gold reserves. And already, Beijing is gobbling up copper like there’s no tomorrow. China is buying oil and oil reserves … cutting deals left and right all over the world … scooping up natural resource companies and investments. It’s not just a strategic ploy to secure supplies. It’s also a hedge against the decline of the dollar.
Martin: And this is having an impact on commodity prices.
Larry: A huge impact. Beijing has $2.14 trillion dollars of cash in the kitty, and most of that cash is now in dollars, which are falling. They cannot liquidate those investments all at once. But they can shift progressively over time. At the same time, China desperately needs those natural resource supplies to feed its rapidly growing economy and the rising lifestyles of 1.3 billion people.
Martin: In our Weiss Global Forum you talked about the huge growth in China’s acquisition deals. Can you run through that again briefly for those who missed the Forum?
Larry: Just look at the pace of China’s acquisitions of natural resource companies:
In 2002, it made only one deal. 2003, 3 deals. 2004, another 3 deals. 2005, 11 deals. It doubled again in 2006, more than doubled, to 25 deals. 2007, 33 deals. 2008, 53 deals.
And not only are there more deals, the average value of each deal is growing by leaps and bounds. These figures also include related companies, like railroads that ship resources.
Larry: These deals are being done all over the world, in Brazil, Peru, Venezuela, Australia, Africa — you name it … and in virtually all commodities — from oil … to soybeans … copper … to lumber, to rubber, wheat, corn, timber, you name it. Make no mistake about this. The combination of the disappearing dollar and the huge demand for natural resources from Asia is unlike anything this planet has ever seen before.
And it is a key reason copper has surged 94.6 percent this year … oil has roughly doubled from its lows in January of this year … sugar has exploded higher, up over 70 percent … even cocoa is jumping, up over 30 percent this year.
Martin: So to sum up, step one, invest in gold. Step two, diversify into other resources that are going up as the dollar falls. Step three?
Larry: For funds you can afford to risk, use leverage. The more leverage you use, the more you can make …
Martin: And the more you can lose!
Larry: Of course, but if you use leverage carefully, that relatively small amount invested can potentially multiply your returns many fold.
Martin: Please give us some specific examples of that with leverage.
Larry: First, use no leverage whatsoever, just sitting in bullion. I am aiming for a minimum gain of about 130 percent — from $1,000 per ounce to $2,300 per ounce. Any gold you can buy for less than $1,000, consider it a bargain. Consider that the first tier of your strategy —long-term, no leverage.
Martin: And the second tier of the strategy?
Larry: The second tier is to use the moderate leverage that’s inherent in most resource stocks. In gold mining companies, for example, you take advantage of the reserves they own, the profits they stand to make, and the fact that those profits can rise a lot faster than the price of bullion itself. No guarantees, but I think with the gold mining shares, you have the opportunity to multiply that 130 percent gain three or four times over.
Martin: For those not familiar with this, explain why the shares are more leveraged than the natural resource itself.
Larry: Say the company’s cost of mining gold is $400 per ounce. And say gold is selling for $500. What’s their profit?
Martin: $100 per ounce.
Larry: Now say gold goes up 10 percent to $550 per ounce. How much is their profit now?
Martin: $150 per ounce.
Larry: So there you have it. Price of gold: Up 10 percent. Profit: Up from $100 to $150, or 50 percent. So for each 10 percent rise in the price of gold, the company’s earnings are rising 50 percent. That’s effectively five times leverage.
Martin: What do you do to protect your capital?
Larry: My entire point today is that, if your capital is denominated exclusively in U.S. dollars and it does not include a strategy for protection against the falling dollar … you may be preserving it in name only. To truly preserve your capital and its purchasing power, you may decide you need to go on the offensive with this kind of strategy. Just like China is.
Martin: You haven’t really answered my question though, about capital preservation.
Larry: I use very tight stop losses on nearly all my stock trades.
Plus, I find that one of the best ways to minimize losses — and maximize profits as well — is with enhanced timing techniques, and for that, my work for the Foundation for the Study of Cycles has been critical.
Plus, one of the best ways to reduce risk is to diversify the instruments you’re investing in — not just individual stocks, but also mutual funds … not just ETFs on resources but also ETFS on resource stocks … not just resource companies based in North America, but also resource companies all over the world … and sometimes, when needed, not simply stocks that benefit from rising resource prices … but sometimes, stocks that benefit from falling resource prices.
Plus, I want to tell you …
Martin: I know you want to tell us more about it. But we’re running out of time, and our viewers can easily read about the opportunities — and the risks — in your promo which should appear on the screen after we’re done.
I appreciate your enthusiasm. Your timing in presenting this seminar couldn’t be better, and I’m sure everyone is anxious to see your next recommendations.
And thank you, our members, for joining us today. This could be a frightening turning point in our history. But I trust that, with Larry’s help, and with the help of the entire Weiss Research team, you can avoid the dangers and profit as Washington wages its secret war on the dollar.
About Uncommon Wisdom
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Uncommon Wisdom (UWD) is published by Weiss Research, Inc. and written by Sean Brodrick, Larry Edelson, and Tony Sagami. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in UWD, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in UWD are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amy Carlino, Selene Ceballo, Amber Dakar, Dinesh Kalera, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau, Jill Umiker, Leslie Underwood and Michelle Zausnig.
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{ 2 comments… read them below or add one }
In the recent past Martin, I think, has recomended keeping a significant amount of funds in short term treasuries (0-3 months with negligible income) as a place for ’safe’ funds. Obviously, with declining dollar scenarios, this has to be progressively inadequate and unacceptable. So, it would seem that NOW is the time to develop alternative strategies for the ‘SAFE’ part of ones portfloio. Will ‘SAFE’ even exist in the near future 1-3 years out? Thanks.
31 October 2009:
To whom it may fully concern at Uncommon Wisdom:
Thank you for this provocative rhetoric. It was very informative and challenging, and quite thorough with demagraphics and charts and facts and figures, and what-have-you’s. This was a professional piece of research. Once again, thanks – I am going to share this with others that I know, as I believe it will benefit them.
Respectfully Yours,
Mark E. LaFortune, Ph.D