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Gordon T Long

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READ ALL THE

"EXTEND & PRETEND" SERIES

 

 

Stage I Comes to an End!

 

A Matter of National Security

 

A Guide to the Road Ahead

 

Confirming the Flash Crash Omen

 

Its either RICO Act or Control Fraud

 

Shifting Risk to the Innocent

 

Uncle Sam, You Sly Devil!

 

Is the US Facing a Cash Crunch?

 

Gaming the US Tax Payer

 

Manufacturing a Minsky Melt-Up

 

Hitting the Maturity Wall

 

An Accounting Driven Market Recovery

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"SULTANS OF SWAP"

 

ACT I

Sultans of Swap: Smoking Guns!

 

ACT II

Sultans of Swap: The Sting!

 

ACT III

Sultans of Swap: The Get Away!

 

 

ALSO

SULTANS OF SWAP: Explaining $605 Trillion in Derivatives!

 

SULTANS OF SWAP: Fearing the Gearing!

 

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

 

SULTANS OF SWAP: Gold Swaps Signal the Roadmap Ahead

 

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"EURO EXPERIMENT" SERIES

 

 

 

EURO EXPERIMENT: German Steel or Schmucks?!

 

 

 

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Published November 2009

 

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Innovate or Die

 

INNOVATION: America has a Structural Problem!

 

INNOVATION: What Made America Great is now Killing Her!

 

America - Innovate or Die!

 

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CURRENCY WARS: Debase, Default, Deny!

 

In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars.

 

By lowering interest rates and effectively guaranteeing a weak dollar, the US ignited an almost riskless global US$ Carry Trade and triggered an uncontrolled Currency War with the mercantilist, export driven Asian economies. We are now debasing the US dollar with reckless spending and money printing with the policies of Quantitative Easing (QE) I and the expectations of QE II. Both are nothing more than effectively defaulting on our obligations to sound money policy and a strong US$. Meanwhile with a straight face we deny that this is our intention.  

 

Though prior to the 2008 financial crisis our largest banks had become casino like speculators with public money lacking in fiduciary responsibility, our elected officials bailed them out. Our leadership placed America and the world unknowingly (knowingly?) on a preordained destructive path because it was politically expedient and the easiest way out of a difficult predicament. By kicking the can down the road our political leadership, like the banks, avoided their fiduciary responsibility. Similar to a parent wanting to be liked and a friend to their children they avoided the difficult discipline that is required at certain critical moments in life. The discipline to make America swallow a needed pill. The discipline to ask Americans to accept a period of intense adjustment. A period that by now would be starting to show signs of success versus the abyss we now find ourselves staring into.  A future that is now massively worse and with potentially fatal pain still to come. READ MORE

   

 

CURRENCY WARS: Misguided Economic Policy

 

The critical issues in America stem from minimally a blatantly ineffective public policy, but overridingly a failed and destructive Economic Policy. These policy errors are directly responsible for the opening salvos of the Currency War clouds now looming overhead.

 

Dont be fooled for a minute. The issue of Yuan devaluation is a political distraction from the real issue a failure of US policy leadership. In my opinion the US Fiscal and Monetary policies are misguided. They are wrong! I wrote a 66 page thesis paper entitled Extend & Pretend in the fall of 2009 detailing why the proposed Keynesian policy direction was flawed and why it would fail. I additionally authored a full series of articles from January through August in a broadly published series entitled Extend & Pretend detailing the predicted failures as they unfolded. Dont let anyone tell you that what has happened was not fully predictable!

 

Now after the charade of Extend & Pretend has run out of momentum and more money printing is again required through Quantitative Easing (we predicted QE II was inevitable in March), the responsible US politicos have cleverly ignited the markets with QE II money printing euphoria in the run-up to the mid-term elections. Craftily they are taking political camouflage behind an undervalued Yuan as the culprit for US problems. Remember, patriotism is the last bastion of scoundres  READ MORE


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POSTS:  THURSDAY 11-04-10

Last Update: 11/05/2010 10:55 AM

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

ARTICLE SOURCE 1 2 3 4 5 6 7 8 9 10
                       
Greece Halts Foreign Mail Service on Athens Blasts, Merkel Bloomberg X                  
Portugals cost of borrowing hits fresh highs for the year FT X                  
BOJ board bullish on ETFs, REITs Bloomberg X                  
USA                      
                       
US regulators warned on new bank legislation FT           X        
American dream fades for more as homeownership falls CNN                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
`Invalid' Forms by Supposed Billionaires Skew U.S. Wage Figures Bloomberg   X                
Freddie Mac Posts ENORMOUS Loss, Wants $100 Million In Aid HP     X              
China's Yuan Settlements Jump 160% as Nokia Shuns Dollars Bloomberg             X      
China allows Hong Kong to invest in mainland stocks AFP             X      
China Construction Bank to raise $9.2 billion AFP             X      
Hong Kong luxury real estate prices rise above 1997 peak Telegraph             X      
Hong Kong Land Sale May Get 60% Above Bid That Sparked Auction Bloomberg             X      
Export upgrade urged to counter US probes China Daily             X      
Could a US-China trade war take down the world economy? Guardian             X      
China gets oil from Russian pipeline Shanghai Times             X      
US MID TERM ELECTIONS                      
Obama's Window for Change May Close With Republican Win Bloomberg                 X  
We've voted. What's next for the economy? El-Erian                 X  

The economic consequences of gridlock

Salmon                 X  
                       
                       
BP OIL                      
                       
CENTRAL BANKING & MONETARY POLICY                      
Quantitative Easing Is Just Devaluation Rubin                    
A Refresher Before Fed's Announcement of Second Round of Quantitative Easing Northern Trust                    
QE2: Will the Fed's Actions Match its Rhetoric? Morgan Stanley                    
Institutional failure week Reuters Saft                    
The Fed's Big Gamble: Here's What Could Go Wrong AP                    
QE2 is risky and should be limited Feldstein                    
Bernanke Bond Buying May Risk Rise in Prices Similar to 2004 Bloomberg                    
GENERAL INTEREST                      
Ten years of bearishness Near's Lair                    
Deja vu, all over again? Hulbert                    
                       
MARKET WARNINGS                      
                       

G20 MEETING

                     
Sarkozy to meet Hu as France takes G20 lead FT                    
                       

CURRENCY WARS

                     
Australia, India fight Fed with 'quantitative tightening' Prichard                    
U.S. presses G20 for trade targets AFP                    
QE2 of Fed Will Inflict Heavy Forex Loss on Asian Central Banks Taiwan Economic News                    
Foreign reserves approaching $300 billion Korea Times                    
                       
Q3 EARNINGS                      
                       
MARKET & GOLD MANIPULATION                      
                       
VIDEO TO WATCH                      
                       

Complete Legend to the Right, Top Items below.
Articles with highlights, graphics and any pertinent analysis found below.

1

         

1-SOVEREIGN DEBT

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY

TODAY'S TIPPING POINTS UPDATE

RED ALERT

AMBER ALERT

ACTIVITY

MONITOR

Click to Enlarge





11-04-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

 

IRAN

 

ISREAL

 

KOREA

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

GREECE

Greece Halts Foreign Mail Service on Athens Blasts, Merkel BL

Greece suspended mail deliveries to foreign destinations after parcel bombs exploded at the Swiss and Russian embassies in Athens and German Chancellor Angela Merkel was sent a package mailed from the country.

 

PORTUGAL

Portugals cost of borrowing hits fresh highs for the year  FT

 

 

GERMANY

 

FRANCE

 

UK

 

IRELAND


JAPAN

BOJ board bullish on ETFs, REITs BL

 

Some members said that while the amount of purchases might be small, the bank's purchase would produce positive effects...

 

USA

 

time (et) report period Actual Consensus
forecast
previous

Thursday, Nov. 4
8:30 am Jobless claims 10/30 457,000 445,000 437,000
8:30 am Productivity 3Q 1.9% 2.0% -1.8%

 

 

Initial Jobless Claims in the U.S. Climb More Than Forecast BL

 

 

2- EU BANKING CRISIS

   

 

3- BOND BUBBLE

 

 

4- STATE & LOCAL GOVERNMENT

 


5- CENTRAL & EASTERN EUROPE

 


6-BANKING CRISIS II


US regulators warned on new bank legislation  FT

7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 

9-RESIDENTIAL REAL ESTATE - PHASE II

 

American dream fades for more as homeownership falls CNN  PDF File

 

10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS



12- CHRONIC UNEMPLOYMENT


`Invalid' Forms by Supposed Billionaires Skew U.S. Wage Figures BL


13- GOVERNMENT BACKSTOP INSURANCE

 

Freddie Mac Posts ENORMOUS Loss, Wants $100 Million In Aid HP


14- CORPORATE BANKRUPTCIES

 

 

17- CHINA BUBBLE


China's Yuan Settlements Jump 160% as Nokia Shuns Dollars BL
Doing business with China is much easier now. In the past, we have faced problems when there was a sudden movement in the U.S. dollar...

China allows Hong Kong to invest in mainland stocks AFP

The latest move to give its currency a greater global role.

China Construction Bank to raise $9.2 billion AFP

Hong Kong luxury real estate prices rise above 1997 peak Telegraph

Hong Kong Land Sale May Get 60% Above Bid That Sparked Auction BL
The government has accelerated land auctions to damp home prices...

Export upgrade urged to counter US probes China Daily

Could a US-China trade war take down the world economy? Guardian

China gets oil from Russian pipeline Shanghai Times


19- PUBLIC POLICY MISCUES

 

US MID TERM ELECTIONS

 

Obama's Window for Change May Close With Republican Win BL

 

We've voted. What's next for the economy? El-Erian

 

The economic consequences of gridlock Salmon

 



 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

24-RETAIL SALES

 

 

26-GLOBAL OUTPUT GAP

 

 

31-FOOD PRICE PRESSURES

 

 

 

32-US STOCK MARKET VALUATIONS

 

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

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

 






   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

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

 

Quantitative Easing Is Just Devaluation Rubin

It's not domestic spending that the Fed really hopes to stimulate by printing more money, but, rather, exports. While the Fed's zero interest rate policy has yet to lever much in the way of a domestic spending rebound, no one can doubt its ability to drop the value of its currency.

 

With the US Treasury depleted and interest rates already at zero, that's about all that's left in the policy tool kit. Lurking behind the Fed's official concerns for deflation lies its real agenda--the old standby, the "beggar thy neighbor" policy of trying to export your unemployment to your trading partners via a falling currency.

 

It's understandable that a country with nearly a ten per cent jobless rate and a budget deficit roughly a matching proportion of its GDP should want to export its unemployment abroad. What's puzzling is why the rest of the world still wants to hold its money as a reserve currency.

 

A Refresher Before Fed's Announcement of Second Round of Quantitative Easing NTrust



QE2: Will the Fed's Actions Match its Rhetoric? M.Stanley

The economic impact of the change in financial conditions is highly uncertain; the fractures in the monetary policy transmission mechanism probably mean that QE won't yield much bang for buck. For example, Meyer and Bomfim at Macroeconomic Advisers in September estimated that a US$2 trillion asset purchase program might:

 

1) lower Treasury yields by 50bp;

 2) increase GDP growth by 0.3pp in 2011 and 0.4pp in 2012; and

3) lower the unemployment rate by 0.3pp by the end of 2011 and 0.5pp by the end of 2012.

 

However, they admit that these may be "high-end estimates" because they don't take into account the unique nature of the current credit environment and the potential blockage of some of the normal transmission channels. Thus, one could argue that several trillion in asset purchases is needed, as suggested by our prior analysis. We would add that uncertainty about the fate of expiring tax cuts - if it persists - may negate some of the impact of QE2.

 

Beyond its direct impact on the domestic economy, however, QE2 may indirectly promote faster US growth through a less-recognized, international channel: The Fed's actions are strengthening currencies abroad and forcing policymakers to choose whether to accept currency strength, adopt easier policies, or implement capital controls. Many central banks in both EM and DM economies (e.g., Australia, Canada, Korea) are accepting currency strength and/or choosing easier policies to resolve this trilemma', or impossible trinity.

 

As our colleagues Alan Taylor, Manoj Pradhan and Joachim Fels noted recently, "while the policy responses have been diverse, the net effect is a further loosening of the domestic monetary policy stance in many emerging market economies (except China), which should amplify the effects of the US monetary easing, and a depreciation of the US dollar that should support US exports and global rebalancing". At the same time, such pressures do risk fanning currency tensions or even triggering protectionist measures, which would be extremely negative for global markets and the global economy. That's all the more reason for the Fed to be clear about its goals this week.


Institutional failure week  Reuters  Saft

"Rather than a great moderation, the past 15 years have been a great misallocation, and one which the Fed seems determined to extend and politicians unable to end."


The Fed's Big Gamble: Here's What Could Go Wrong AP

QE2 is risky and should be limited Feldstein

The Federal Reserves proposed policy of quantitative easing is a dangerous gamble with only a small potential upside benefit and substantial risks of creating asset bubbles that could destabilise the global economy. Although the US economy is weak and the outlook uncertain, QE is not the right remedy.

 

Ahead, when the US economy does begin to grow, the increased cash on banks balance sheets will make the Feds exit strategy harder. It was previously cautiously optimistic it would be able to contain the inflationary pressures that could be unleashed by banks with a trillion dollars of excess reserves. This will be harder if the amount of excess reserves is doubled. This could lead to much higher interest rates to restrain demand or to an unwanted rise in inflation

 

Why is the Fed doing this? It is of course worried by the weakness of the US recovery. Fiscal policy is sidelined by the deficits projected for the years ahead. Traditional monetary policy has already done what it can: short-term interest rates are close to zero, commercial banks hold a trillion dollars of excess reserves, and the money supply is growing more rapidly than nominal gross domestic product. But the Fed leadership does not want to be seen to be idle when the economy is in trouble.


Since short-term interest rates are already near zero, some economists advocate QE to reduce the real interest rate by raising inflation temporarily while holding the nominal interest rate unchanged. A 4 per cent expected rate of inflation for the next few years would turn a 1 per cent nominal interest rate into a real rate of minus 3 per cent, thereby stimulating interest-sensitive spending. But doing that would jeopardise the credibility of the Feds long-term inflation strategy.

 

Mr Bernankes argument for QE is based on the portfolio balance theory which stresses that, when the Fed buys bonds, investors increase their demand for other assets, particularly equities, raising their price and increasing household wealth and spending. Equity prices have already risen by 10 per cent since Mr Bernanke discussed this approach. But how much further will equity prices rise and what will that do to GDP?

 

Neither theory nor past experience can answer the first question. Much of the share price increase induced by QE may already have occurred based on expectations. An optimistic guess would be another 10 per cent. Since households have about $7,000bn in equities, that would imply a wealth gain of $700bn, raising consumer spending by about one-quarter of one per cent of GDP, a welcome but trivially small effect on incomes and employment.

 

The other ways in which QE would raise GDP are also small. A 20-basis-point reduction in mortgage rates would have little effect on homebuying at a time when house prices are again falling. The increase in banks liquidity would do nothing since banks already have massive excess reserves. Big corporations are sitting on vast amounts of cash. Small businesses that are not spending because they cannot get credit will not be helped, because the banks on which they depend have a shortage of capital.

 

The truth is there is little more that the Fed can do to raise economic activity. What is required is action by the president and Congress: to help homeowners with negative equity and businesses that cannot get credit, to remove the threat of higher tax rates, and reduce the out-year fiscal deficits. Any QE should be limited and temporary



Bernanke Bond Buying May Risk Rise in Prices Similar to 2004 BL

 

 GENERAL INTEREST

 

 Ten years of bearishness Bears Lair

 

Deja vu, all over again? Hulbert

 

FLASH CRASH - HFT - DARK POOLS

 

 

MARKET WARNINGS

 

G20 MEETING

 

Sarkozy to meet Hu as France takes G20 lead  FT

 

CURRENCY WARS

 

Australia, India fight Fed with 'quantitative tightening' Pritchard

The long-awaited moment of "triple parity" seems imminent. The Swiss franc is already worth more than a greenback, and the Canadian dollar is seemingly poised to break through as well. The surging "Aussie" - widely seen as a play on the China growth story and used by traders as a proxy for the Chinese yuan - captures the shift in the world's economic centre of gravity to the Pacific region. The currency was worth half a US dollar just nine years ago.

 

U.S. presses G20 for trade targets AFP

The United States is lobbying other Group of 20 economic powers to introduce firm targets to redress global trade imbalances, a Treasury official said Tuesday.

 

"We are pushing for concrete guidelines that would provide a basis for countries to commit to, and provide a basis for effective monitoring by the IMF (International Monetary Fund), the official told reports, on the condition of anonymity.

 

Treasury Secretary Timothy Geithner had proposed at a G20 finance chiefs meeting in South Korea last month that the G20 members assign a specific limit for their current account surplus or deficit -- four percent of gross domestic product (GDP).

 

The idea was met with opposition from several members of the G20 industrialized and emerging-market economies.

 

The US Treasury official, who did not mention the four percent target, said the US was optimistic of winning support for the proposal at the G20 summit in Seoul on November 11-12.

 

"We are hoping that at the G20 meeting in Seoul we'll be able to reach broad agreement on a framework for indicative guidelines for current account imbalances, that would provide a useful framework for discussion and analysis of these issues going forward," he said.

 

"But it is a process, it's not that we expect to achieve a certain language at a specific date. The key objective is to have a strong language by the time we get to the G20 meeting."

 

He said the US and China, the world's two largest economies, were making efforts to rebalance their current accounts, the difference between a nation's total exports of goods, services and transfers, and its total imports of them.

 

The US has a current account deficit of 3.2 percent of GDP, while China has a surplus of 4.7 percent.

 

"Many of the actions China has been taking in recent years to build up social safety nets, infrastructure, are consistent with this shift in strategic orientation. I think they understand the need to contain their current account surplus, and they have made a broad undertaking in their own strategic considerations," he said.

 

The official noted the US has "two important commitments."

 

"One is to make sure that we have a vigorous, healthy economy, that contributes to the durable recovery of the global economy. And secondly, we are committed to raising our savings rate over time, and containing our own current account deficit."

 

QE2 of Fed Will Inflict Heavy Forex Loss on Asian Central Banks Taiwan Economic News

 
An internal report of a domestic financial holding company notes that Asian central banks have been adjusting the portfolio of their forex reserves assets recently, reducing U.S.-dollar assets while increasing euro-denominated ones.

To lessen their loss from U.S.-dollar assets, some Asian central banks have also been buying large amounts of gold or non-U.S. dollar bonds, such as the increased holding of Japanese bonds by People`s Bank of China.

Outstanding amount of forex-reserves held by Greater China, South Korea, and Japan now stands at US$4.3 trillion, at least 50% of which in the form of U.S. assets (including deposits and bonds). For every 1% depreciation of the U.S. dollar, their central banks would incur staggering forex loss of US$21.5 billion.
The Central Bank of China (CBC) in Taiwan estimated that it would suffer NT$10.5 billion of forex loss for every one NT$1 of appreciation in the NT dollar`s exchange rate against the U.S. dollar. The CBC now has US$400 billion of forex reserves under its custody.

 

Foreign reserves approaching $300 billion Korea Times

Q3 EARNINGS

 

 

MARKET & GOLD MANIPULATION

 

 

AUDIO / VIDEO

 

 

QUOTE OF THE WEEK

 

Its easy being a humorist when youve got the whole government working for you.

 Will Rogers



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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

THURSDAY

11-04-10

NOVEMBER

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TIPPING POINTS

1-SOVEREIGN DEBT & CREDIT CRISIS

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY
 

15-CREDIT CONTRACTION II

16-US FISCAL IMBALANCES
17-CHINA BUBBLE
18-INTEREST PAYMENTS
19-US PUBLIC POLICY MISCUES
20-JAPAN DEBT DEFLATION SPIRAL
21-US RESERVE CURRENCY.
22-SHRINKING REVENUE GROWTH RATE
23-FINANCE & INSURANCE WRITE-DOWNS
24-RETAIL SALES
25-US DOLLAR WEAKNESS
26-GLOBAL OUTPUT GAP
27-CONFIDENCE - SOCIAL UNREST
28-ENTITLEMENT CRISIS
29-IRAN NUCLEAR THREAT
30-OIL PRICE PRESSURES
31-FOOD PRICE PRESSURES
32-US STOCK MARKET VALUATIONS
33-PANDEMIC
34-S$ RESERVE CURRENCY
35-TERRORIST EVENT
36-NATURAL DISASTER

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.