Wednesday, September 28, 2011

Get Prepared

"This economic crisis is like a cancer, if you just wait and wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late!...The biggest risk you can take right now is not acting."

These are the words of Alessio Rastani who is described as a 'trader'. We don't know what sort of trader, but his words are worth heeding. This interview is being reported widely now (even in the NZ Herald), mainly lambasting him for his candour, especially his view that he wants to make money out of the recession.

Complain all you like, but this is a trader and he wants to be on the winning team. For him it's about making money and to hell with the consequences. Does that make him bad or just smart. Yes, all sorts of moral questions will need to be asked during this crisis. Least of all, how are the Central Banks affecting you? Perhaps the immorality of their money printing looms large as compared to one traders lack of caring?

Here is the interview:

This week, the Finance Minister of New Zealand returned from the joint meeting in Washington of Central Bankers and Finance Ministers. He commented that the mood there was black (not exact words) and at the meeting there were "People who (were) concerned that something bad might happen."

New Zealand politicians are trying to take the winning side though. Their favorite comment being: "We are in pretty good shape". They point to Banks being well capitalised and commodities looking strong. They attempt to deflect any blame for the coming mess to a coming lack of Chinese growth which in turn will affect Australia and flow to New Zealand. But don't get them discussing the huge debt mountain they laid on us over the last ten years. Don't ask for accountability in mismanaging our resources and spending our children's future.

The rhetoric coming from world leaders over the past few weeks is unprecedented in its negativity. It signals that the time for protecting assets is soon to be gone. It will be too late. You don't necessarily have to even consider gold or silver as a mechanism to protect your assets. But whatever you do, think carefully and quickly.

An a light touch to finish.

Gold in New Zealand dollars: $2094.95 per oz
Previous all time high: $2284.16 per oz (19 Aug, 2011)

Silver in New Zealand dollars: $40.56 per oz
Previous all time high: $59.19
per oz (30 Apr, 2011)

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