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”…
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.”
PROTECT YOURSELF, and do it NOW!
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.