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Bill Fleckenstein On The Plunging Global Stock Markets

from KingWorldNews:

The world was a sea of red last night. China traded off by as much as 5% before closing roughly 1% lower, though many of the indices there were worse. Equity markets were even weaker in Japan and Europe, losing about 4% and 2.5%, respectively. The SPOOs were smacked for about 1% early on and were roughly 2% lower by the time New York opened….

The Century’s Best Performing Asset

Eric Sprott, James Turk and George Soros all believe this company is advancing the digital payments revolution by helping people securely acquire, store, and now spend gold with unprecedented simplicity. Accounts are free and can be opened in minutes. They provide users with a secure vault account to purchase and hold gold, the ability to make and receive instant gold payments, and a prepaid card for spending gold at traditional points of sale

I’m really not sure what the proximate cause was for all that red ink. The mainstream media blamed it on the Chinese PMI report, which registered 47.3%. However, expectations were roughly the same, so I have a hard time believing that was the cause.

Don’t Use a Window When You Need a Mirror

One of the reasons our media keeps wanting to pin lower stock prices on China is they can’t possibly believe that the cause might be home-grown. They don’t understand my closing point from yesterday (which I have been making for some time now), that the only reason the stock market, the dollar, and perceptions about the economy were as rosy as they were was because the Fed printed enough money to drive equities to the moon. Now the tide is going out.

Bill Fleckenstein continues @ KingWorldNews.com

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1 comment to Bill Fleckenstein On The Plunging Global Stock Markets

  • Eric

    The BitGold thing is getting my attention a lot more lately. The only thing I’m not crazy about are the tax implications from using the card. A great idea. But it’s still not directly convertible at all.

    Until i can take an ounce of gold or silver and use it directly as money, deposit it directly into an institution with audited gold as it’s core foundation of solvency, spend it digitally with NO taxes whatsoever, while at the same time continue to place orders with the Doc or other retailers and take physical delivery, NOTHING is or will be solved.

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