The Price of Pretense in Pittsburgh by Peter Schiff
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Noting that a return to pre-crisis economics is impossible, the president assured the world that his administration will pursue policies to increase savings and decrease spending at home and challenged his Chinese counterparts to enact measures with the opposite effect in their own country.
While this is roughly what needs to happen, President Obama is actually doing everything in his power to prevent it. In point of fact, every policy move undertaken by his administration has exacerbated the very imbalances he supposedly wants to curtail. To so seamlessly profess one goal while simultaneously undermining it is an impressive piece of political theater. Unfortunately, this particular drama is likely to have an unhappy ending – and the ticket price will be staggering.
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Upon reflection, when these very ugly chickens come home to roost, as also forecast by Reverend Wright, will there be any way to escape it?
It would seem that getting out of debt and getting very small in terms of exposures would be a good strategy.
Tactically, shift assets to durables, stockpile, and think defensively.
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