“This is the new normal”! That is what a professional advisor stated at a recent family office conference in London after I had outlined the global risks due to the credit and asset bubbles. This is what is so frightening about any top in the economy. Peak optimism and peak asset prices normally go hand in hand. I did not experience the 1929 crash or the depression, but a few quotes from that time expresses the normal euphoria at a market peak. “We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us.” Edgar Hoover in 1928 “There is no cause to worry. The high tide of prosperity will continue.” Andrew Mellon, Treasury Secretary, September 1929 “Stock prices will stay at high levels for years to come.” Professor of business, Ohio State, Oct 13, 1929 Well we all know what happened. On October 29, 1929, the Dow crashed and bottomed in 1932 at 90% lower and there was a...
from GoldBroker.com https://www.goldbroker.com/news/42-of-all-the-gold-in-the-world-buys-5-companies-only-1117
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