Wall Street insiders have for many decades pushed the narrative that buying stocks is buying a piece of the company. Warren Buffett has been pumper in chief of this marketing message. And Jim Cramer has said it many times through the years as well. But now for the first time that I have seen he's telling the truth:
“You have to make hay when the sun shines, I want you to do that. Just remember, stocks ultimately are pieces of paper, and Wall Street will keep printing out those pieces of paper until the buyers run out of firepower, at which point the buyers will be steamrolled...We are not there yet, but if there’s one takeaway from the froth-o-meter, we are most certainly headed in that direction.”
So what he just said is what I have written years ago which is that stocks are just a corporate fiat currency which are unbacked by anything and that sooner or later the idiot suckers who do not understand that it is a trust Ponzi will lose everything. All the people who have millions in paper wealth are going to get wiped out when the markets finally head south because, folks, only a very few ever escape a Ponzi scheme with more than they put in.
And that includes your 401k too. Mark My Words.
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