Unconventional Finance has released an economic debate featuring former Wall Street analyst and securities trader with Bear Stearns, Gregory Mannarino, vs. a sell-side investment advisor and columnist, Dock David Treece.
Mannarino makes the case for an imminent economic collapse, while to the contrary, the sell-side Treece forecasts a major economic boom in the near future thanks to the Federal Reserve’s QE3.
Economic Debate: Is a Boom or a Collapse Imminent?
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I’m really negative on the US economy, especially the effects QE3 will have long term. So, clearly, I totally disagree with Treece.
Add in the tooling for manufacturing no longer exists in the US, it was sold for scrap or dismantled and shipped to China and Mexico. It will take years to retool to get our manufacturing base back.
I’m near-term negative and have gone to about 70% in cash, 10% in silver, and the rest in solid long-term core mutual funds. Once the dust from the election settles and we’ve gotten past the “fiscal cliff”, will be the time to reassess the situation and see what, if any, adjustments need to be made.
Like the rest of the QEs, the effects on the economy will be dwarfed by the inflationary effects on the stock market. This effect should intensify around Feb-Mar 2013 once there is more clarity on the US financial and economic situation.
You should change more of your cash into something that is physical and that will preserve wealth like silver. I have about 21% of my wealth in cash which is mostly old dollar bills that have no collection value while the others which is about 79% is on gold, copper pennies, nickel nickels, old collectible coins and mostly silver.
I’d like to have listened to an hour of debate to get the fuller gist of Docks argument. To hear his take on the possible dropping of the USD as world reserve currency, to hear his take on fractional reserve lending and inflation, to get his take, if any, on Silver and other commodity price manipulation, to hear what he has to say about the ending of it and to hear what his take is on the increasing demand on social security with the retirement of the largest group of comsumers and the future commitment required for paliative care and on what he believes is the solution to the ever increasing mountain of debt the US gov’t is creating and the implications of printing of money to this problem and the implications of printing money to foriegn exchange.
It is unfortunate that Greg is not as polished as Dock in his eloquence and consice point making.
Dock has an outlook on the opportunities available in the medium to longer term for business but to achieve the percieved goals or targets of Dock’s vision there is going to need to be a drop in real incomes and hence a seriously troubling drop in standard of living for the US, to that level of the countries the US sent manufacturing and service jobs to to achieve the business activity required to stay the possible economic consequences of the scenarios outlined in my opening paragraph.
It’s going to be much easier for the Asians to create a middle class from the standard of living in their countries now than it will be for Western countries to create the lower standard of living requred to pay back the debt and attract the manufacturing jobs back. Consequences of borrowing.
Greg’s postion in my mind adresses the more encompassing immediate future and the consequences to the population as a whole of the US.
Dock is good at his game of representing opportunities to those with money. Greg is trying open the eyes of navel gazers to the future coming our way.
All this is speculation of course on the situation in the US as far as the world economy goes we’ll see a falling of Western influence and a rise of Eastern influence in world trade and economic activity this century.
Good luck.
I agree that The Doc has a great deal that he could teach us and he is doing that via his articles. Somehow, though, I don’t think that he has the time to write a book on this, and that is what it would take to address all of the issues you mention. Not that it wouldn’t be a GREAT book, of course, but writing is time consuming and there is only so much time available for so many activities.
Sorry, you misunderstand me. Dock is the name of the fellow who is debating Greg in the video. None of my comments above are directed to The Doc even if some may resinate. Saving the misunderstanding and your interpretation, I agree.
Sorry here too. I guess that I never heard anyone referred to as “Dock”, as in a place to tie up a boat. ;-)
In my opinion, a real economic boom should have people in prosperity and their standard of living is good. QE3 will expend the dollars supply which will cause inflation and after that, there might be a collapse of the US dollar since more investors are fleeing away from it. In conclusion, I think that a collapse is imminent.