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Wednesday, August 10, 2011
The rich joined the rest of us today
Today is how the rich experience a recession/depression. The panic in stocks is the realization that profit growth and revenue growth is over and so too is return on capital. The rush for the exits this week is the signal of the big boys desperately seeking to preserve their capital. I read somewhere that the world's richest, Slim, is down $8-$12 billion this week. Gold cannot help...there is not enough to absorb all of the cash. Boon for the US Treasury however....a conspiracy theorist might wonder if this was not all a clever plan.