Jim Willie sums it upThis is just the closing paragraph, the rest can be found at the link below.
I'm quite content to sit tight for a while.
(BTW the caps are from Willie)
Regards,
Wolffy
WE ARE WITNESSING THE SLOW MOTION MELTDOWN OF THE US$-BASED BANKING AND BOND SYSTEM, AND THE RISK MODEL ITSELF.
THE GREENSPAN DESIGN OF ECONOMIC DEPENDENCE UPON HOUSING AND MORTGAGES
FAILED. US FINANCIAL ENGINEERING THROUGH COCKEYED INNOVATION HAS FAILED
MISERABLY. THE FLIGHT INTO GOLD WILL ACCELERATE IN BREATHTAKING FASHION
IN 2008. BUT FOR 2007, THE SHILLS NEEDED TO PAINT A NICE PICTURE, AS WE
RING OUT THE OLD YEAR. DO NOT BE FOOLED. THE YEAR 2007 WAS A TURNING
POINT TOWARD CATASTROPHE. PROTECT YOURSELF WITH GOLD AND RELATED INVESTMENTS, AND FLEE FROM BONDS AND HOUSING.
THE FASTEST ROUTE TO POVERTY IS EMBRACE OF USDOLLAR INSTRUMENTS AND
US-BASED CREDIT INSTRUMENTS OF ALL KINDS, INCLUDING HOMES AND MORTGAGE
BONDS.
https://www.kitco.com/ind/willie/printerfriendly/dec272007.html