Okay, shorting is prohibited until October 2, 2008. Good to know. Sometimes circuit breakers (trading halts) are necessary to keep things from burning to the ground. Sometimes uptick rules are employed. And sometimes, economies collapse despite intervention (think of Russia and Rubles). While on the topic of monetary disasters, it seems wise to consider REFCO. They were the largest independent futures trader in the world. They participated in trillions of dollars of transactions DAILY and their assets were once valued near 48B. Their CEO hid a paltry 500M and when it was discovered, their accounts were frozen and they quickly sought relief via Chapter 11.
Friends, three years ago my currencies trading account was alive and well at REFCO. On October 11, 2005, I learned a valuable lesson regarding the dirty games people play with money. Today, that company is defunct and I have $0.23 for every $1.00 that was on deposit with them. That was a 76% drawdown that was not factored into my risk assumptions. With a careful eye, I have witnessed a similar depth of corruption in ALL financial dealings and it has rotted out the bottom of this economy. But this time, I’m ready. I am my own central bank, food bank and value analyst. It’s a little thing my ancestors called self-reliance.
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he says with righteous pride
Mandi, I don’t know about righteous, but I am right. I know that I said I wouldn’t offer any more market commentary here, but I was honestly alarmed and felt that my friends should be notified of the situation. Not surprisingly, six days later, the Pres. of U.S.A. formally informed the public that a crisis was at hand. The “critical mass” is the same that I’ve been warning about since 3/2007 (when I suggested buying gold, which was 650/oz and is now 850/oz [a 25% increase] and contrasts sharply with the broad market [down 20% in the same time frame]). The cool thing about this blog is that it demonstrates 100% accuracy in my reporting. I think my audience will be hard-pressed to find equal results anywhere else. Then again, it’s just money. Important events that I hope to blog about soon are the arrival of my sister’s twins and the Colonel. I’ll get the picks up soon!
The Colonel is coming to your blog? Mmmm, I love chicken. If you get a chance try to get his secret recipe. Or an even better question is whether he loves his original recipe or rotisserie more.
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