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For years, I have discussed the key reason why so few people grasp REALITY; and consequently, why PROPAGANDA is so effective during difficult economic times.  That reason, of course, is that “precious” few have the means  to PROTECT themselves from what’s coming; and thus, choose to believe in – and/or pray for – the “Polyanna Platitudes” of Washington, Wall Street, and the MSM (or their overseas equivalents).

Joseph Goebbels – Hitler’s “Minister of Propaganda” – famously stated “if you tell a lie big enough and keep repeating it, people will eventually believe it”; and no statement could be truer – particularly amidst today’s GLOBAL economic collapse.

Nary one in ten journalistic pieces reflect TRUTH these days; and many such “truth-pieces” are created solely to market products and services.  Some might even say the same of me; although I was writing of such things years before working in the bullion industry.  In other words, identifying an unbiased truth-teller is like finding a needle in a haystack; and when I do, such “good, smart people” are immediately incorporated into my close-knit world – or as Robert DeNiro would call it, my “Circle of Trust”…


Last week, I listened to a keynote speech given by Kyle Bass; one of the nation’s most successful – and TRUTHFUL – investors.  He spoke of numerous “Goebbels-esque” LIES; such as that ‘Japan is self-funding’ and ‘Germany a bastion of financial soundness.’  However, what stuck out most was a concept he termed “OPTIMISM BIAS”…

An Hour in The Company Of Kyle Bass

Basically, he spoke of how in essentially every city he’s visited, investors told him they agreed 100% with his bearish views; except, of course, on the potential ramifications on their own hometowns and asset holdings – which in their view, would be immune.

Such “OPTIMISM BIAS” is EXACTLY what I have spoken of; so I thank Mr. Bass for giving it a name.  That is, if you own a home, you brainwash yourself to believe real estate markets are “recovering”; while if you rent, you tend to be the biggest real estate bear around.  It’s no different for Warren Buffett “talking his book” – U.S. equities; “Bond King” Bill Gross doing the same with fixed income; or Bill Gates speaking of Microsoft’s superior operating systems.

Human nature is entangled in dozens of such biases; which is why you can NEVER truly believe someone until you understand their context.  And when it comes to “financial life and death,” such biases could not be more blatant – or immovable.

In all such decisions, do your due diligence as objectively as possible.  But keep in mind, objectivity is nearly impossible in a world fraught with “OPTIMISM BIAS.”


Call Miles Franklin at 800-822-8080, and talk to one of our brokers.  Through industry-leading customer service and competitive pricing, we aim to EARN your business.