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3.20.19 - Is Income Inequality Fair? -Walter Williams

Gold last traded at $1,314 an ounce. Silver at $15.51 an ounce.

NEWS SUMMARY: Precious metal prices eased back slightly Wednesday ahead of Fed statement. U.S. stocks fell after President Donald Trump said U.S. tariffs on Chinese goods would likely not end soon.


Buy Gold, Sell Stocks Is the 'Trade of Century' -Bloomberg
"One of last year's best-performing hedge funds says the 'trade of the century' is to buy gold and sell stocks as risk assets are due for another meltdown. It's only a matter of time until the bearish bet pays off big, according to Crescat Capital LLC...The investment company says it's ready to capitalize on an end of the economic cycle as indicators warn that a recession is imminent in the coming quarters. The consensus is pointing to a recession in 2020 or 2021, Tavi Costa, a global macro analyst at Crescat, said by phone. 'We think it's a lot closer than that and we have a number of macro timing indicators that we look at.' Among the warning signs, Crescat cites corporate insiders who are currently selling stocks hand over fist - indicating a potential stock bubble burst. In early 2017, those investors heavily sold shares while the S&P 500 continued climbing. That happened again in 2018. With the smart money selling once again, 'the third time should be the charm for the stubborn U.S. market,' Crescat wrote to clients over the weekend....'Soon the buy-the-dip mentality and bull-market greed will turn to fear. Selling will beget more selling. That's how bear markets work,' Crescat wrote. 'There is so much more ahead to profit from the short side of the market. The bear-market rally is running out of steam!'"


digging How to invest when politics goes schizophrenic -Ponte/WND
"For most of America's history, we have been governed by two political parties of one mind. Both Republicans and Democrats were mostly practical, centrist and pro-capitalist. Even liberals eager to tax business were careful not to kill the goose that laid the golden eggs of jobs and prosperity. But with the 2018 election, this secure political environment for investors has changed. In our newly schizoid politics and economics, one of America's two parties is now largely controlled by self-described socialists who hate the free market and want to destroy it. History is again up for grabs in class warfare, and every future election will be Russian roulette, with the fate of American free enterprise hanging on whether capitalist or anti-capitalist politicians win. How long can our nation, divided against itself, continue to stand?....What happens to investing in America now that one political party is determined to control or destroy every company, except those crony entities such as Solyndra that funnel huge campaign contributions to the Democratic Party in a partisan taxpayer-money-laundering scheme? What is an investor to do when politics - not product quality or business competence - determine a company's success or failure?"....Investors can rethink and escape America's new socialist schizophrenia, as Craig R. Smith and I explain in our latest free White Paper, Protecting Your Wealth In Today's America.


Fed Faces Crucial Decision on Its Portfolio Mix -Wall Street Journal
"Markets have cheered the Federal Reserve's imminent announcement that it will stop shrinking its asset portfolio later this year, but determining that date is just one challenge facing central-bank officials....Specifically, they need to decide the right combination of Treasurys of varying duration to hold - whether mostly short-term bills or a mix that also includes more longer-term notes and bonds....Fed Chairman Jerome Powell has signaled the central bank is prepared to announce Wednesday, after its two-day policy meeting, when it will end the runoff of its $4 trillion portfolio later this year....Before the 2008 crisis, the average maturity of the Fed's Treasury holdings was less than four years. Now, it's around nine years. The average maturity of all Treasury debt outstanding is nearly six years....Officials aren't eager to discuss the possibility of selling mortgage bonds because they don't want to do anything to disturb an already fragile housing market."


Is Income Inequality Fair? -Williams/Zero Hedge
"Some Americans have much higher income and wealth than others. Former President Barack Obama explained, 'I do think at a certain point you've made enough money.'....Democratic presidential hopeful Sen. Elizabeth Warren, in calling for a wealth tax, complained, 'The rich and powerful are taking so much for themselves and leaving so little for everyone else.'....A system that requires that one serve his fellow man to have a claim on what he produces is far more moral than a system without such a requirement....Bill Gates, co-founder of Microsoft, with a net worth over $90 billion, is the second-richest person in the world...Millions of people around the world voluntarily plunked down money to buy Microsoft products...If Gates and others had followed President Obama's advice that 'at a certain point' they'd 'made enough money' and shut down their companies when they had earned their first billion or two, mankind wouldn't have most of the technological development we enjoy today....The only people who benefit from class warfare are politicians and the elite; they get our money and control our lives. Plus, we just might ask ourselves: Where is a society headed that holds its most productive members up to ridicule and scorn and makes mascots out of its least productive and most parasitic members?"


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