Gordon T Long

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Hitting the Maturity Wall

 

An Accounting Driven Market Recovery

 


 

 

 

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ALSO

SULTANS OF SWAP: Explaining $605 Trillion in Derivatives!

 

SULTANS OF SWAP: Fearing the Gearing!

 

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COMMENTARY for all articles by Gordon T Long

 

PRESERVE & PROTECT: Mapping the Tipping Points

The economic news has turned decidedly negative globally and a sense of ‘quiet before the storm’ permeates the financial headlines. Arcane subjects such as a Hindenburg Omen now make mainline news. The retail investor continues to flee the equity markets and in concert with the institutional players relentlessly pile into the perceived safety of yield instruments, though they are outrageously expensive by any proven measure. Like trying to buy a pump during a storm flood, people are apparently willing to pay any price.  As a sailor it feels like the ominous period where the crew is fastening down the hatches and preparing for the squall that is clearly on the horizon. Few crew mates are talking as everyone is checking preparations for any eventuality. Are you prepared?

 

What if this is not a squall but a tropical storm, or even a hurricane? Unlike sailors the financial markets do not have the forecasting technology to protect it from such a possibility. Good sailors before today’s technology advancements avoided this possibility through the use of almanacs, shrewd observation of the climate and common sense. It appears to this old salt that all three are missing in today’s financial community.

 

Looking through the misty haze though, I can see the following clearly looming on the horizon.

Since President Nixon took the US off the Gold standard in 1971 the increase in global fiat currency has been nothing short of breath taking. It has grown unchecked and inevitably became unhinged from world industrial production and the historical creators of real tangible wealth.  READ MORE

 

Do you believe trees grow to the sky?

Or, is it you believe you are smart enough to get out before this graph crashes?

   

 

INNOVATION: What Made America Great is now Killing Her!

What made America great was her unsurpassed ability to innovate.  Equally important was also her ability to rapidly adapt to the change that this innovation fostered. For decades the combination has been a self reinforcing growth dynamic with innovation offering a continuously improving standard of living and higher corporate productivity levels, which the US quickly embraced and adapted to.

 

This in turn financed further innovation. No country in the world could match the American culture that flourished on technology advancements in all areas of human endeavor. However, something serious and major has changed across America.  Daily, more and more are becoming acutely aware of this, but few grasp exactly what it is.  It is called Creative Destruction. 

 

It turns out that what made America great is now killing her!

 

Our political leaders are presently addressing what they perceive as an intractable cyclical recovery problem when in fact it is a structural problem that is secular in nature. Like generals fighting the last war with outdated perceptions, we face a new and daunting challenge. A challenge that needs to be addressed with the urgency and scope of a Marshall plan that saved Europe from the ravages of a different type of destruction. We need a modern US centric Marshall plan focused on growth, but orders of magnitude larger than the one in the 1940’s. A plan even more brash than Kennedy’s plan in the 60’s to put a man of the moon by the end of the decade. America needs to again think and act boldly. First however, we need to see the enemy. As the great philosopher Pogo said: “I saw the enemy and it was I”.

READ MORE

 


READER ROADMAP -  2010 TIPPING POINTS aid to positioning COMMENTARY

 

 

 

POSTS:  TUESDAY 08-24-10

Last Update: 08/24/2010 01:37 PM

SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30

 

1

         

SOVEREIGN DEBT PIIGS

EU BANKING CRISIS
BOND BUBBLE

STATE & LOCAL GOVERNMENT

CENTRAL & EASTERN EUROPE
BANKING CRISIS II
RISK REVERSAL

COMMERCIAL REAL ESTATE

CREDIT CONTRACTION II

RESIDENTIAL REAL ESTATE - PHASE II
EXPIRATION FINANCIAL CRISIS PROGRAM
US FISCAL IMBALANCES
PENSION CRISIS
CHINA BUBBLE

TODAY'S TIPPING POINTS UPDATE

RED ALERT

AMBER ALERT

ACTIVITY

MONITOR

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08-24-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

 

IRAN

IRAN NUCLEAR THREAT

Ayatollah rebukes warring factions  FT

Supreme leader warns allies as cracks emerge

 

 

SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

Eurozone austerity takes toll on growth  FT

Stiglitz Says European Economy at Risk of Double-Dip Recession BL

 

GORDON T LONG:

I LAID THIS OUT (Below) PRIOR TO THE GREEK CRISIS IN MY "EURO EXPERIMENT" SERIES

SEE: COMMENTARY

 

UBS- Here's Why The Euro Is Doomed  BI

single currency systems are destined to fail (see here) and how the Euro actually reflects the gold standard in many ways. I am not alone in my beliefs.  In a recent note UBS analysts eloquently described why a single currency system such as the EMU must make dramatic changes or perish.  The primary problem with a single currency system is that it causes inherent imbalances across the system

 

 

GREECE

New Tax In Greece Comes Up Wildly Short Of Revenue Expectations  BI

 

Greek Shares Plunge Nearly 2%, As Finance Minister Tells Banks To Merge With Each Other  BI

Bloomberg:   National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA, which will report results within the next week, have been called upon to consider partnerships by Greek Finance Minister George Papaconstantinou and Bank of Greece Governor George Provopoulos. Profits at the lenders probably fell more than 60 percent in the period, according to analysts’ estimates.   Merger speculation has increased after Piraeus offered last month to buy the state’s holdings in Agricultural Bank of Greece SA, the only one of the country’s banks to fail the European Union’s stress tests, and Hellenic Postbank SA. Mergers may help banks cut costs, strengthen balance sheets and provide better access to capital markets and funding opportunities after they probably posted an increase in loan losses and non-performing loans as well as deposit outflows.

 

GERMANY

Germany's Deficit Soars  WSJ

 

JAPAN

This is not the start of the global panic you are looking for. ... But it sure looks like it!

 

Numerous Rumors Of Imminent BOJ Intervention Drive USDJPY To 15 Year Low  ZH

 

 

USA

 

If the economic road is so bumpy, why are all those trucks on the move? G&M

That positive indicator doesn’t mean that a boom is ahead, but it does suggest that dire predictions of disaster should be put to one side.

 

EU BANKING CRISIS

   

European Banks May Face More Frequent Stress Tests to Bolster Confidence  BL

Banks' disclosures about their government-debt holdings after the EU stress tests now leave an opaque picture of their portfolios.

 

Are European Banks Now Riding On A Massive Wave Of Moral Hazard  BI

The yields and spreads on PIIG debt are blowing out to levels not seen since the peak of the euro crisis.  Here's the latest look at Greek debt via PragCap.

chart

And yet, European bourses (and the euro) haven't been all that volatile -- certainly nothing like how they were earlier this summer.

 

Germany's Deficit Soars  WSJ

 

 

BOND BUBBLE

 

Yield Hunt Driving Demand for Longest Maturity Debt Sales- Credit Markets  BL

 

Fed Split on Move to Bolster Economy  WSJ
AAt least seven of 17 Fed officials spoke against or expressed reservations on a plan to alter the way the Fed manages its huge portfolio of securities before the move was approved on Aug. 10.

 

Peter Schiff- Bonds Are The Mother Of All Bubbles And Losses Willl Dwarf The Stock And Property Bubbles Combined  BI

 

STATE & LOCAL GOVERNMENT/font>

 

IOU Part Two- California To Issue IOUs For Second Year In A Row  ZH

The insolvent state of California which, just like the country of the USA, is operating without a budget (and who needs a budget when the Fed-PD complex will buy the bulk of anything and everything needed to fund ongoing daily operations), has once again ended up on the verge of bankruptcy. As a result, it has just passed a measure which for the second time in as many years (going all the way back to the Great Depression), will allow it to use IOUs in lieu of payment on everything from supplies to contracted services and health-care costs, so it can actually preserve cash to make payments to its generous debtors. On the road to banker serfdom, California has once again reached its goal.

CENTRAL & EASTERN EUROPE

 

HUNGARY

What Hungary's Foreign FX-Denominated Household Balance Sheet Can Teach The Rest Of The World  ZH

Goldman Sachs has put together a very informative chart, as part of its European chart of the day series, which shows the discrepancy between household accumulation in domestic and foreign denominated debt. While HUF-denominated debt is a mere 12% of GDP, FX-denominated is at almost 50% of GDP. Most of this debt is CHF-based, and with the CHF hitting fresh record highs, the pain for debtors is becoming unsustainable due to the relative FX strength. And while, as Goldman points out, new FX debt accumulation has plunged, the legacy positions will be there for a long time. For this debt to clear out, the Balance of Payments for Hungary and other non-euro countries will enforce a very prudent deleveraging regime, and will require that the economies grow, not contract. The last is something that is very much in question for Hungary, which as we pointed out recently, has decided to go it alone with IMF assistance, and thus without a safety net backstop should things not work out as expected. Either way, the bottom line is that as European countries loaded up on EUR-, and especially CHF-, denominated debt when the currencies were cheap, the current violent swings with a rising bias, will make the pain for the peripheral countries all that much more pronounced.

Here is some further clarification from Goldman:

The crisis has highlighted the dangers of the private sector accumulating substantial foreign debt.  Central Europe, in particular Hungary, suffers from a no less dangerous variation of this problem - namely households borrowing (from domestic banks) in foreign currency, mostly Swiss Frank and the Euro.  After the crisis hit Hungary in the autumn of 2008, the National Bank and MPC started an educational campaign to highlight the dangers of this practice to households, and FX lending regulations were tightened. As a result, new lending in foreign currencies almost ceased, however, households continued to pay the instalments on their FX mortgages, car, and consumer loans - which were now higher in domestic currency terms after the Forint weakened in late 2008 and early 2009. But the problem persists in stock terms.

Today, the MPC meets for the first time since the Hungarian President signed a law to ban FX mortgages altogether. We’ll be listening to the press conference for possible comments on the problem, including recent FX moves and the government’s reluctance to address its part of the imbalance.

Today’s European Chart of the Day illustrates how debt repayments and the debt stock have evolved since late-2008. After a long period of rapid growth, the start of 2009 brought a dramatic turnaround in accumulation of new FX debt. In net terms, and corrected for exchange rate changes, households have been repaying their FX debt at an increasing pace, with 2010Q2 marking the highest net repayment of about 0.7% GDP. However, with the Forint weakening against the Euro and the Swiss Franc (the latter being reinforced by the flight away from the Euro) household FX debt rose back to 40% of GDP, the same as in the beginning of 2009.

This underscores the vulnerable balance sheet position of Hungary (and other countries where household FX debt increased considerably), and the extent of the large balance of payments adjustment needed to reduce FX exposure. While capital continues to flow out through the banking channel, these countries will have to generate sustained trade balances and reduce public sector borrowing needs to allow for an orderly deleveraging process in the household balance sheets. This will be a long and complicated process.


 BANKING CRISIS II

 

 

Sheila Bair:  Road to safer banks runs through Basel  FT
Of all the lessons learnt in the recent financial crisis, the most fundamental is this: excessive leverage was a pervasive problem that had disastrous consequences for our economy. Basel Committee on Banking Supervision is now moving to correct the problem. Proposed reforms centre on three areas:
  1. weeding out hybrid instruments, which confuse debt and equity and weaken the capital structure;
  2. adding new capital buffers so deleveraging need not crush lending in a crisis; and
  3. placing higher capital charges on riskier derivatives and trading activities.

Crucially, the reforms include an international leverage ratio. This would place a ceiling on overall leverage in good times and bad, while serving as a hard and fast reality check against too-thin capital cushions when models underestimate the risks.

But even as the Basel reforms move toward ratification by leaders of the Group of 20 major economies this autumn, there are the inevitable calls to water them down. A number of industry representatives are claiming that stronger capital requirements will stifle lending, raise the cost of borrowing and derail the still-fragile economic recovery.  For example, a leading trade association that represents many of the world’s largest financial institutions predicts that the Basel capital reforms will raise the cost of bank loans in major industrialised countries by an average of 132 basis points, resulting in a loss of 3.1 per cent in gross domestic product and 9.7m jobs between 2011 and 2015.

A leading trade association that represents many of the world’s largest financial institutions predicts that the Basel capital reforms will raise the cost of bank loans in major industrialised countries by an average of 132 basis points, resulting in a loss of 3.1 per cent in gross domestic product and 9.7m jobs between 2011 and 2015.

These findings are consistent with another recent study by the Bank for International Settlements, which projects that a 2 percentage point increase in the target ratio for tangible common equity would reduce GDP by no more than 0.3 per cent over four years.

   
Bank Sovereign-Debt Disclosures Get Muddied WSJ
Some banks won't continue to provide sovereign-debt details. Others are using different methodology to calculate sovereign-debt exposure, without providing comparisons to the stress test data. And with wild swings in the reported debt exposures among key banks, the lack of uniformity in disclosure is addling investors anew. Among banks not providing sovereign-debt data going forward are French giants BNP Paribas SA and Société Générale SA and Spain's Banco Santander SA, whose exposures to Europe's periphery have unnerved investors.

 

 

 

RISK REVERSAL

 

 

COMMERCIAL REAL ESTATE

 

 

RRESIDENTIAL REAL ESTATE - PHASE II

 

EXISTING HOME SALES
Existing Home Sales Plunge 27.2%, Record Drop, Trounce Expectations Of 13.4%, Lowest Number Since May 1995  ZH
Hello Double DIPression my old friend. 3.83 million sales on 4.65 million expectation. Previous 5.37 million revised to 5.26. The chart says it all: lowest sales since May 1995, months supply largest since 1999.



Sales of U.S. Existing Homes Fell in July to 3.83 Million Rate BL

JULY EXISTING HOMES SALES PLUNGE 27.2%  BInsider

Existing home sales for the month of July fell 27.2%, according to the National Association of Realtors.

This number is FAR below expectations.   3.83 million homes were sold. The expectation was for 4.6 million. Expectations had home sales falling to 4.6 million from 5.37 million in June.  Sales were at 5.66 million in May.

From the National Association of Realtors:

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

 

Purchases of Previously Owned U.S. Homes Probably Slumped After Tax Credit  BL

 

Housing Slide in U.S. May Drag Economy Into Recession as Foreclosures Rise

 

 

EXPIRATION FINANCIAL CRISIS PROGRAM

 

PENSION & ENTITLEMENTS CRISIS


CHRONIC UNEMPLOYMENT


GOVERNMENT BACKSTOP INSURANCE

 

New Fees Eyed for Mortgage Industry  WSJ
The Obama administration may propose that any federal backing of mortgages be paid for through fees on the lending industry. Government officials want the cost of any explicit guarantee fully offset by the mortgage industry to avoid adding to the federal budget deficit. The industry appears prepared to pay some type of premium to get the government's backing. Under proposals floated by two trade groups, the Financial Services Roundtable and the Mortgage Bankers Association, new private-sector entities created to securitize and insure mortgages would pay a fee into a government-insurance fund.

 

CORPORATE BANKRUPTCIES

 

Groups turn to private placements for funding   FT

Investors tapped directly for loans as companies diversify funding

 

 

BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

------------

 

Huge oil plume found in Gulf  FT

 



 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

FOOD PRICE PRESSURES

Coffee hits 13-year high  MW

 

 

Guest Post- How Hyperinflation Will Happen  ZH
Inflation is when the economy overheats: It’s when an economy’s consumables (labor and commodities) are so in-demand because of economic growth, coupled with an expansionist credit environment, that the consumables rise in price. This forces all goods and services to rise in price as well, so that producers can keep up with costs. It is essentially a demand-driven phenomena.

Hyperinflation is the loss of faith in the currency. Prices rise in a hyperinflationary environment just like in an inflationary environment, but they rise not because people want more money for their labor or for commodities, but because people are trying to get out of the currency. It’s not that they want more money—they want less of the currency: So they will pay anything for a good which is not the currency.

 

 



GENERAL INTEREST

Beyond City Limits Foreign Policy

The age of nations is over. The new urban age has begun.

Taleb's Pessimism Lures CIC Interest  WSJ
The Chinese sovereign-wealth fund is in talks with Universa Investments about investing in the hedge fund, a downside hedge for China, whose economy depends on global growth.

"it makes sense for him to pour money into farming, especially olives, which are indispensable to the Mediterranean world.

Healthy investments are those that produce goods that humans need to consume, not flat-screen TVs. … Stocks are not a robust investment. Make sure you have a garden that bears fruits.

 

We're Underperforming The Great Depression  BInsider

Courtesy of DShort.com via Business Insider

In real (inflation/deflation-adjusted) terms, when did the US market permanently regain the high reached in 1929? The first chart illustrates two answers to the question. One uses the real price and the other uses the real total return.  The remaining charts compare market performance since 2000 with the equivalent elapsed time following the peak in 1929. As the final chart shows, the current real total return over the past decade is worse than the performance over the equivalent timeframe during the Great Depression.

chart

I've used the S&P Composite for this exercise — a splicing of the S&P 500, which was created in March 1957, and the earlier S&P 90 Stock Composite Index, a daily index that dates from January 1928. The chart is based on daily data for the price and the estimated total return calculated with daily interpolations based on quarterly dividends).

For the S&P Composite, the price didn't permanently remain above the 1929 peak until December 1985 — over 56 years later. The total return, with dividends reinvested, took nearly 20 years to achieve the same distinction.

Will the secular bear market that began in 2000 have the same total-return success when the S&P 500 eventually breaks even? Given the much lower dividend yield over the past decades, the prospects aren't encouraging.

Let's look at four charts that overlay two secular bear markets. One is the Crash of 1929 and the Great Depression. The other begins in March 2000 at the top of the Tech Bubble. The first chart shows the nominal price excluding dividends.

chart

The Crash of 1929 was a much steeper decline, but the low in 2009 took us to approximately the same percentage loss as the equivalent period during the Great Depression.

Adjust for Inflation/Deflation

Many people don't realize that the cyclical bear market that began in 2007 is a continuation of the 2000 bear because in nominal terms the index peak in 2007 was a couple percentage points above the 2000 high. The next chart adjusts for inflation as measured by the Consumer Price Index . With this chart, it becomes clearer that the Tech Crash was the beginning of a secular bear market that is still ongoing. We also see that the low in 2009 actually took the market lower than the same point during the Great Depression.

chart

Nominal Total Returns

The next two charts offer comparisons of total returns with dividends reinvested. The first is based on nominal prices (no inflation adjustment). Again we see that the 2009 low was below the comparable period during the Depression era.

chart

Real Total Returns

The final chart in our series gives the most disturbing comparison of these two epic bear markets. Here we see the total returns adjusted for inflation (or deflation in the case of the earlier period). For the past 21 months, the secular bear market that began in 2000 has substantially underperformed the equivalent timeframe during the Great Depression.

chart

A Footnote on Inflation/Deflation Adjustment

Since the early days of World War II, with minor exceptions, increasing price levels (aka inflation) have been the standard expectation. Thus the adjustment we make to approximate real prices is labeled an "inflation" adjustment. In prior decades, however, deflation was commonplace, especially during the Great Depression (illustrated here). Thus the counterintuitive result of adjusting for deflation is that the real price is higher than the nominal price. This adjustment, together with the much higher dividend yields during the Great Depression (see this illustration), explains the rather stunning truth that since around the time of the Lehman collapse in 2008, the market has underperformed the matching timeframe of the Great Depression.

 

FLASH CRASH - HFT - DARK POOLS

 
Principal's McCaughan: "We Want To Be Able To Look Our Investors In The Eye And Tell Them The Market Is Fair" And Now That's Impossible   ZH

Some self-proclaimed pundits have repeatedly, and falsely, stated such a thing as cross-market arbitrage is impossible. They are of course, entitled to their opinions. In the meantime, here is Principal Capital's Jim McCaughan explaining in simple terms how cross-market arbitrage is not only possible, but happens constantly, and can serve as the basis of frontrunning by the HFT crew (the same group of "liquidity providers" that is now being investigated by FINRA for market abuse... presumably for a reason).

Some of the key quotes:

  • Order to one trading venue get shared with others. The problem is there is very strong circumstantial evidence that it's front run in many places. And that is why both the SEC and Finra have been looking at who is doing the trading in order to get more forensic about trading patterns.
  • I am talking when oreds get pinged out to multiple trading venues, there is at least circumstancial evidence that there's quite widespread use of that information to front-run trades... That's fraud.
  • You have to be very careful about your trading metrics. We are combating issues in the market microstructure. These issues are making the market more volatile than it needs to be.
  • There are traders who send out orders with no intention of filling them, simply to try and see what activity it provokes. 
  • It is getting to the point that the investors are put off by the volatility that these phenomena are causing, and that is actually quite dangerous. We want to be able to look our investors in the eye and tell them the market is fair, and unfortunately in the market it's quite difficult to do that.

ThThe relevant section begins at 6:30 minutes into the clip.

 

 

MARKET WARNINGS

 

 

GOLD MANIPULATION

 

 

VIDEO TO WATCH

 

 

QUOTE OF THE WEEK

 

To paraphrase Oscar Wilde

Investors know the price of everything but the value of nothing.


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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.ont>

 

© Copyright 2010 Gordon T Long. The information herein was obtained from sources which Mr. Long believes reliable, but he does not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that Mr. Long may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Mr. Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from him.

 

         

TODAY'S NEWS

TUESDAY

08-24-10

AUGUST
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        

ARCHIVAL


TIPPING POINTS

SOVEREIGN DEBT PIIGS

EU BANKING CRISIS
BOND BUBBLE

STATE & LOCAL GOVERNMENT

CENTRAL & EASTERN EUROPE
BANKING CRISIS II
RISK REVERSAL

COMMERCIAL REAL ESTATE

CREDIT CONTRACTION II

RESIDENTIAL REAL ESTATE - PHASE II
EXPIRATION FINANCIAL CRISIS PROGRAM
US FISCAL IMBALANCES
PENSION CRISIS
CHINA BUBBLE
CHRONIC UNEMPLOYMENT
INTEREST PAYMENTS
US PUBLIC POLICY MISCUES
JAPAN DEBT DEFLATION SPIRAL
US RESERVE CURRENCY.
GOVERNMENT BACKSTOP INSURANCE
SHRINKING REVENUE GROWTH RATE
FINANCE & INSURANCE WRITE-DOWNS
RETAIL SALES
CORPORATE BANKRUPTCIES
US DOLLAR WEAKNESS
GLOBAL OUTPUT GAP
CONFIDENCE - SOCIAL UNREST
ENTITLEMENT CRISIS
IRAN NUCLEAR THREAT
OIL PRICE PRESSURES
FOOD PRICE PRESSURES
US STOCK MARKET VALUATIONS
PANDEMIC
US$ RESERVE CURRENCY
TERRORIST EVENT
NATURAL DISASTER

 

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Book Review- Five Thumbs Up for Steve Greenhut's Plunder!  Mish

 

 

   

 

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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, we recommend that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.

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© Copyright 2010, Gordon T Long. The information herein was obtained from sources which the Gordon T Long. believes reliable, but we do not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that the Gordon T Long. or its principals may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Gordon T Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from us.