Is it wise to tempt fate? From Bill Bonner at bonnerandpartners.com:
“Even God Himself could not sink this ship.”
– Titanic crewman… The ship sank four days later
“It is our will that this state shall endure for a thousand years.”
– Adolf Hitler… 10 years before the Reich was destroyed
“Long-Term Capital Management”
– Hedge fund headed by Nobel Prize winner, bet against things that “couldn’t happen in a billion years”… Four years later, the fund blew up
“I have returned from Germany with peace for our time.”
– Neville Chamberlain… 11 months before the start of World War II
“Argentina Plans to Offer 100-Year Bond” (priced to yield only 7.9% until 2117)
– Bloomberg, June 19, 2017…
DUBLIN – Ring the bell. Open up the gates. Unleash the hounds of Hell.
Here’s Janet Yellen’s latest contribution to the Famous Last Words club:
Would I say there will never, ever be another financial crisis? You know probably that would be going too far but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be.
This must be what the gods have been waiting for… What bread doth Ms. Yellen eat? What ale doth she drink? What is she thinking?
The weather has been so nice, Ms. Yellen is building a house without a roof!
Stacking Blocks of Wood
We don’t know any more than the Fed chief about when the next crisis will come. But we’re not fool enough to tempt Fate. And not vain enough to think we could do anything to stop it.
Financial crises come around from time to time. Generally, they come when you least expect them… that is, when they can do the most damage.
Our guess is that a crisis will begin before the end of this year. Why?
First, because falling oil prices and bond yields signal a slowing economy. A recession is already overdue.
To continue reading: Yellen Against the Gods