We are living well beyond our means and very few politicians have the courage to speak frankly to the American people. Instead, all they do is promise even more entitlements with money we don’t have. We are living in an era of big government and that government is going to get even bigger.
All the government knows how to do is grow and perpetuate itself. This means more debt, more spending and further depreciation of the dollar. The world–and especially the United States–is awash in debt with the unlikelihood that this debt will ever get repaid. For investors investing in paper assets at this time could be extremely damaging to their economic health. For more than two decades, the government has transferred inflation to the financial system as it gave us two decades of appreciating paper assets. Now interest rates are at record lows and stock prices are at extreme valuation levels despite three years of declining asset prices. These paper assets now represent certificates of confiscation subject to asset deflation or depreciation.
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