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2 more from Stott

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Two more good write-ups from Stott.

The first is titled Production and is too long for me to re-post, here. A layout of what a major portion of the price of goods/services consists of. A link as permanent as anything on the web http://www.gold-eagle.com/gold_digest_05/stott040606.html

The second (below) is from his ephemeral MWF columns @ coloradogold 

It Has Begun
In the Denver area, anyway, and I am certain the process has begun all over America.  Real estate price downward spiraling, I mean.  From the Rocky Mountain News comes the grisly story, which will grow as each week passes.  Prices down 15-17% so far, and foreclosures up 31.5% just this year, so far.  Most of the foreclosures are for interest only loans and ARMS, which have had their interest rates increased.  One working husband and wife, who both make good money, are about to lose their home, after mortgaging it to the hilt.  Even with their combined salaries, they can't meet the payments.  According to one prominent realtor, "What I see is not pretty."  Another says, "There is a glut of homes on the market under $300,000 and under $200,000 it's a bloodbath.  A path of devastation.  It's just ugly."

Those of us who know about economics, have been saying this for quite a spell now, but people kept buying.  We warned about the NASDAQ collapse months and months before it happened, and the fools kept buying.  It has been said that if all the money in the world were re-distributed evenly; within ten years the same people would have it again, and the same people would be poor.  I am certain this is true, but what can one do to inform and reason with the uninformed and unreasonable, other than write speak, urge, cajole, and do whatever is in one's power...and still have the same people do the same foolish things again and again.  So let me once again tell you that this is no time to buy a home, no time to buy stocks, never buy a new car, cash in your annuities and whole life policies, and buy silver and gold. 

And finally, on Jay Leno's "Jay Walking" last night, a blonde college freshman, when asked who Christopher Columbus was, answered, " A woodpecker?" I'm sure she graduated from a public school, and her parents save in dollars.  Have a great weekend!

 

Entry #8

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