Remember when Beck was pushing gold, until it dropped from $2k and ounce down to $1200 an ounce? Well that ain't nothing... https://harrydent.com/exclusives_new/harvard-economist-warns-700-gold-by-2018/?z=795768
If this guy could predict the price of gold he wouldn't be an economist, he'd be sitting on an island he owns drinking margarita's.
Several experts have warned us about a tremendous economic crash, that was impossible to escape, they just could not predict when it would happen. Well, if that is what it takes to move back to common sense, then so be it. When you turn over control of economies to the bankster crowd, and deregulate them, so they can become casinos instead of a sound banking system, because a sound banking system does not allow to max out profits, nor is there a financialization taking place as we have seen, you can expect destructive and large financial driven crashes to be inevitable. The common sense used to regulate banking was cast aside, and where common sense is absent, you can predict that this kind of system is doomed to crash, sooner or later. Perhaps the next crash will also take down some of our elites, instead of just working people? And this time their excesses will destroy some of them as well as the non elites. And gov't will not be able to bail them out this time? Socializing the risks may be off the table this time.
Hell, I can predict a tremendous economic crash also, without telling you when, does that mean I'm an expert now?
The when is the difficult part. Given manipulations that can push it forward. I don't recall any predictions for an economic crash back when we had a regulated and sound banking system. These predictions began to happen once we took away common sense regulations and stopped prosecuting banksters for their criminality. I do not think it was just a coincidence that we started having problems with financial driven crashes up until we deregulated and dismantled what was installed under FDR. Those financial sector regulations of course made banking less profitable, which is why one of my banking and finance profs, told his class that it would take most of us 20 years in the banking sector before we could actually afford the suits we were required to wear at work back then, in the early 70s. For with what it takes to have a sound banking system, regulations, also means banking is less profitable. Because a sound banking system is lower risk, and higher profits are tied with higher risks in the banking sector. Regulations yielded a sounder banking system, but less profits to be made, and deregulation added risks, and greater profits. Those risks mean that a crash is much more likely than less likely. Just logic at work.
The reason doesn't matter, there always will be a reason. I can predict a number of things. A future economic crash, a future major war, a future pandemic....I could go on and I would be right on every single one. As long as I don't have to specify a time or a reason its easy peasy.
Generally speaking, economic collapses are accompanied by a spike in the price of gold, not a collapse. Peak gold prices compared to nadir stock prices occurred in 1933 and 1980, the height of the Great Depression and the height of the Carter years. All during the growth period of the 1980s, while the stock market boomed, gold fell so fast that the dollar was a better investment. So while your expert might be right on one score, he's unlikely to be right on both. Personally, I'm tempted to say he's right that gold is going to fall to $700 an ounce, but it's going to be because the stock market continues to boom during the Trump years, not because of an economic collapse. If there's an economic collapse, you could see $2,000 an ounce gold.
Well sure. If you give it an unlimited amount of time. Yet this is not exactly what is going on with the prediction of a financial driven crash, that cannot predict when it will come. For in your case you are dependent upon what is possible, to actually happen, based upon an unlimited time factor. Whereas in the case of a future crash that has been predicted is going by the system which has insured such a crash will happen. So, what drives your prediction is not the same as what drives this prediction. So you can predict that your car will eventually die, because that is what all cars do, whereas if you predict that your car will die because it has a couple of spun main crank bearings, which will lead to its death, specifically because of the damage to the bearings is not the same kind of prediction. You are conflating the two. So one can distinquish between the two kinds of predictions. One prediction, yours is generalizing, while the other has a specific cause which is a guarantee of failure. Kinda like I can predict one day you will die. But if you have a cancer, I can predict that you will also die, sooner rather than later. So, a difference. And that is what some experts have said about our economy, noticing the cancer. And existing cause.
Dent is another idiot from Harvard that believes indoctrination is education. He probably also thinks economics is a science. First Dingy start off with: Then a couple of paragraphs later: An ounce of gold always has and always will be an ounce of gold. It will not mysteriously expand to more nor shrink to less. In Roman days an ounce of gold would dress a gentlemen in a nice toga, a good leather belt and a new pair of sandals. Today it is the same, an ounce of gold will nicely clothe a gentleman with a nice suit and shirt, new shoes, nice tie and a good belt. Funny how Dent conveniently ignores some nasty little details: more than $150 Trillion in unfunded liabilities, an estimated Euro and Petro dollar expose of more than $100 Trillion, numbers so large that little $22 Trillion Congress has borrowed doesn't really mean anything. Wonder how much Dent makes from all the suckers that fall for this trash.
march 2008 had a high of $1030 and fell to $668 by the end of October during the stock market crash, for a 35% crash
Historically speaking, that is a unique event. It had more to do with the housing bubble and banking collapse than any serious structural issue in the economy. That's also why it's one of the shortest recessions in recorded history. Note that that $668 price hasn't been seen since.
Harry Dent has made some accurate predictions in the past, some not so good. It's hard to see how an economic collapse will cause gold to tank. Generally it soars. His prediction of a major economic collapse in 2018? Maybe, but what is the core cause and the results? Banks have been turned loose again with greatly reduced capital backing required to secure their assets and there are those scary derivatives still around. The economic collapse of 2007-8 was IMHO was the rampant speculation in real estate and the "creative financing" that came with it, much of it by big banks, insurance companies, investment houses, and mortgage companies. So what's cooking now? The DJIA has had a huge run up in the last 6-7 years. I don't know what the collective P/E is but given corporate earnings, it's probably not out of line - maybe. The real problem is that this time around, we don't have a piggy bank to bail us out, nor a government likely to do much other than let the whole thing collapse. That would be a BIG mistake that could trigger a full blown Depression. Maybe we could have a good old fashion world war.
There is a crash coming, a crash of a magnitude that most can't even comprehend. Financial is but one element and the least of the worries. This would make the current Venezuela look like the land of opportunity. Over time many nations have crashed but never have they been so intertwined that it's all a circle of dominoes just needing the trigger domino to fall. Common sense isn't so common any more. There is but a small percentage of the population that can even define it. Elites, don't worry, the true elites are well taken care of, the crony elites are on their own. Working people, sorry, out of Vaseline.
Expert = ex, has been; (s)per, drip under pressure. So are you a pressured has been? That reminds me of a big expert, Hitlerly.
Speaking of when, just when did this country have a sound banking system? What made it sound? FDR, the first public socialist face for America. The New Deal was to FDR's crony industrial buddies as the Federal Reserve was to Wilson's crony banking buddies. This was the real turning point, America had become a socialist democracy. And now we are in the final dimensions of completing the circle.
The link says "not found." Gold's value falls without and rises with potential financial adversity or global turmoil. Gold is often considered a safe place for money in those events. There is also another side to gold's value and that is the value of the dollar. A fall in gold's value represents a rise in the value of the dollar, same as confidence in the US financial system. Steve
