Tobias Adrian says: ‘Cash, the physical object, is now potentially contagious but cash, the financial asset, is still a safe option.’ Indeed, China started confiscating and sterilising the physical object in question.
‘Where is my gold?’
‘The market is manipulated!’
As we’ve been warning, the pain is set to come through unemployment. Which we’re now starting to see. Next step will be recession. Expect that pretty soon when the economy contracts officially. And then there will be corporate failures.
The impact that has on economic output is devastating. And while the markets have just jumped, the real economic pain of all this has not even come close to hitting as it should.
It’s an ASX stock market meltdown unlike anything we’ve seen in decades. A sell-off that is as extraordinary as it is frightening. However, it is also an opportunity. We haven’t seen stocks this cheap for a long time…
10 years ago this month, I headed off to the US and Mexico for bit.
It’s funny how different back then is to now.
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