Financial quote of the day

 This time by the legendary bond billionaire trader Jeffrey Gundlach:

 

 

We ain't seen bad yet, but it's damned sure coming.  Please use these relatively GOOD times to prepare and protect yourself from the greatest depression which is only a couple years away now.  Trust me when I tell you, you will need all of that time to do a proper preparation.  We have a decade long economic collapse coming in which you will personally see people starve to death.  I've told you the root cause.  I've told you why there is no escaping it.  I've told you what to look for to know that it is happening (and pretty much all of my predictions have been spot on in that regard).

#1 thing: have a FOOD PLAN.  Calories are jokishly easy to come by here in the US these day.  But the 3rd world shitholes, which is what America is going to resemble, ALWAYS have a problem finding calories to sustain their populations.  Do you think we are special?  Smarter?  Somehow fundamentally different?  I say the G_D made us all just about equal and that what has pushed the USA into easy street for so long has been the ability to print up new currency that is accepted in many countries around the world.  But those days will soon end as our debt is now going straight up and we are printing a trillion dollars PER QUARTER now.

“There is no means of avoiding the final collapse of a boom brought about by credit expansion.  The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Ludwig von Mises, Human Action [1949]