Wealthy not concerned about economy or dollar

Greyerz: “I’ve just come back from the United States. What surprised me was how bullish some people are about the U.S. economy and the equity markets. The mainstream media continues to fuel this totally misplaced optimism.... “I was watching one mainstream media news channel when the revised GDP figures came out at minus 2.9 percent for Q1. The reporter stated that in a survey of 25 economists, every one said the drop was due to climate and therefore was an aberration. When a guest argued that this was a real drop and an important one, the reporter said, ‘Let’s stick to the facts.’ She was referring to the forecast of the 25 economists. So now on mainstream media the forecasts have become the ‘facts.’ No economist has ever correctly forecast a turn in the economy and they will all be wrong this time as too. I also met with a number of high-net-worth individuals in the United States. Not one was concerned about the economy or the dollar, nor do they have any interest in gold. I think a lot of people will be very surprised in coming months and years. But if you speak to ordinary people like taxi drivers, they have real problems making ends meet. This is the same problem in the entire Western world. The gap between the rich and the poor is bigger than ever and this will create major social unrest when the economy turns. Continue reading

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