“Whenever A Government Says, ‘Don’t Worry, Everything’s Going To Be Fine’—That’s The Tip-Off To Worry”

I had the chance once again to speak with one of the great market speculators of our time, Doug Casey, chairman and founder of Casey Research. It was a fascinating conversation as usual, as Doug is a world expert on identifying “politically-caused distortions in markets,” and betting on or against them.
During the interview, Doug indicated that we’ve now left the “eye” of the global financial hurricane, to where, “all the banks in the world are bankrupt,” with coming volatility to bring down many markets by 90% or more.
When asked about the larger implications of the Cyprus banking collapse, Doug commented that, “It seems to me that the inevitable is now becoming imminent. This is a major crack in the dike whats going on in Cyprus…The [Russian Oligarchs] were notified by their Cypriot bankers to transfer [their money] out to various other branches [in advance]…[because] the bankers knew that if an oligarch doesn’t get his money back, very, very bad things are going to happen to the banker. As usual, it’s the little guy that got screwed, and the rich Russians worked out just fine. It’s going to be like that in a lot of other countries around the world.” (more)

Please share this article