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When I speak of Miles Franklin, the first thing I note is our TRUSTWORTHINESS.  After all, in an unregulated industry – chock full of scams and charlatans – we have operated 23 years without a single customer complaint; hence, our A+ Better Business Bureau rating, and stellar industry reputation.  In fact, what makes me most proud about my association with Miles Franklin; ultimately, the deciding factor in moving my metal to the firm’s Brink’s Montreal vault; is its high moral and ethical standards.

Unfortunately – as described in last week’s RANT, “THE MOST VILE STORY I HAVE EVER HEARD” – most of the financial world is the polar opposite.  Not to mention, society’s so-called “leaders”…

The Real Crisis: “People Have Lost Trust In The Government And The Market”

As I pondered these sad truisms, I was coincidentally sent an excellent email from “Reader J”; who, like me, finds the written word to be therapeutic when battling the world’s myriad demons.  He titled it “what do I trust”; which gave me the idea for today’s RANT, “WHO DON’T YOU TRUST?”…

Hi Andy,

I was asking myself last night – what do I trust and what don’t I trust?  I came up with the following answers…

What I trust

I trust Bernanke will always make decisions good for Wall Street Banks and bad for the value of the dollar.

I trust our government to manipulate all markets in their attempts to “make” the economy go in the direction that makes them look good and keeps them in power.

I trust our regulatory agencies to take care of Wall Street banks out of self-interest, above our own interests.  We are paying their salaries.  They prefer Wall Street salaries.  We are better off without them.  At least the American public will then know they are on their own with respect to Wall Street.

I trust our government to put a “happy face” on all government provided statistics.  Unemployment numbers look bad?  No problem – change the way they are calculated.

I trust our government to put in place all laws necessary for them to stay in power.  Think NDAA.  There is a reason they want to be able to put anyone in jail without due process.

I trust our government and the FED to print dollars as needed to stay in power.  That is always the “easy way out”; until it no longer works, of course.

I trust Andy Hoffman, David and Andy Schectman, Eric King, Bill Holter, Max Keiser, Stacy Herbert, Lauren Lyster, and others who are trying to give us accurate information and informed perspectives on what is really happening.

What I don’t trust

I can no longer trust our dollar retaining value.  It continues to suffer the effects of a thousand small cuts.  It cannot retain purchasing power.

I can no longer assume the dollar will remain the reserve currency of the world.  The world knows what we are doing.  They continue to pursue alternatives out of self-interest, and I don’t blame them.

I can’t trust our media to tell us what we need to know.  Anyone who gets his news from the MSM is badly misinformed.

I can’t trust the stock market.  There are no free markets anymore.  We have billions of dollars leaving the market every week, yet the stock market doesn’t show it.  HFT, flash crashes, market manipulations abound.  Seemingly, everyone involved in the stock market is looking for (and taking advantage of) ways to game the system for personal gain.  There are no ethics in this business.  It seems to me the attitude of its operators is ‘ethics are for the weak.’

I can’t trust the bond market.  Our bond market is at a 240-year high.  Anyone who invests in bonds needs to have a quick exit strategy, in my opinion.

I can’t trust the FED and TREASURY to make good long-term decisions with respect to our gold supplies, the value of the dollar, and the interest on our bonds.  It seems they are more concerned about the short-term than the long-term.  An example is our sovereign gold supplies.  I hope they are not selling our gold, but I wouldn’t bet on it.  They have to at least be encumbering it.

I don’t trust the FED’s balance sheet.  I fear, if the balance sheet was made public (and assets valued at their actual worth), there would be widespread panic.  (I wonder how many other Central Banks are in the same situation….)

I certainly don’t trust our government to make the tough decisions to try to keep the economy from collapsing.  Politicians are too beholden to special interest groups, and it appears they don’t really understand economics.  They certainly haven’t shown any understanding, and this applies to both Democrats and Republicans.  No one cares about our debt.  No serious effort has been made to address our huge deficit.  We can’t even get legitimate numbers from our government on our balance sheet (so much is “off balance sheet.”)  If the government were to publish our actual debt using GAAP, I fear there would be riots.

As a corollary of the above, I don’t trust the American voting public to push for debt reform by voting for politicians who are serious about getting our debt under control.  They haven’t done so to date.

I don’t trust Congress to do anything to reign in the TBTF, TBTJ (too big to jail) banks.

This is a big one – I don’t trust our economy to continue as is.  There is a good likelihood it will collapse within the next five years, and it could collapse within the next year.

I’m sure there is more that I left out.  I did this quickly.

So, what do I conclude from all this? 

First, I need to keep the core of my investments in hard assets, principally gold, silver, and oil. 

Secondly, I need to have them in those asset classes sooner rather than later.  Yes, it could take years before the collapse occurs.  But no one knows that.  I would rather be five years early than 5 hours late.

Finally, any machinations by the Cartel on the price of gold and silver are nothing but “head fakes.”  Who cares what gold and silver do today?  It just doesn’t matter in the great scheme of things.  Anyone who gets discouraged by the corrupt practices of the manipulators – seemingly with the tacit approval of our government – just needs to read the above.  None of the above will change.

Normally, I’d give a grand discourse in summarizing such statements.  However, I believe they speak loudly for themselves.  Take them to heart, as EVERY one is DEAD ON; and EVERY one will have profound ramifications on your life!


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