A Zombie Economy Following Unfaithful Shepherds
By Bill Bonner
For the shepherds have become stupid and have not sought the LORD; therefore they have not prospered, and all their flock is scattered (Jer 10:21).
The unfaithful shepherds…and the jackasses…
A big day up yesterday. The Dow rose 275 points. Gold dropped $55.
What’s the matter with investors? They should be selling gold AND stocks.
Why? Because we’re in a Great Correction. Not a boom. Not a recovery. Not anything except a Great Correction.
What does that mean? It means Mr. Market is correcting the errors of the past. We don’t know exactly which errors — it depends on how rambunctious he gets — but we know we won’t ever go back to where we were in 2007. We have to go on. Forward. Adelante, to give it a certain Latin sashay.
But where to?
C’mon…you don’t seriously think we know, do you? Of course, we don’t…nobody knows the future. But just wait until Mr. Obama gets on the TV screen. He’ll tell us where he wants us to go.
We’d like to tell him where to go too…
But, heck, he’s the POTUS. We’re just a lowly scribe…a miserable molder of mediocre memes. A financial Jeremiah…always warning…worrying…predicting doom and gloom.
But wait. Didn’t we tell you the bubble would pop in 2007? Didn’t we tell you that real estate would go down 30% or more? Didn’t we warn you to get out of stocks and into gold 10 years ago?
Sometimes right. Sometimes wrong. Always in doubt.
But what we see now is an unfaithful shepherd…