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The saga continues as we head into
2012. That saga is the demise of Ponzi finance and an ASSET-backed economic
model in the developed world. We do not know whether the currency and
financial system extinction event will occur this year or ten years from
now. The questions we hope to answer in this 2012 economic analysis regard
only the unfolding of short to intermediate-term ups and downs in economies,
financial systems and societies. We will be covering different sectors of the
2012 economy (stocks, bonds, precious metals, commodities, real estate, etc.)
over the next several editions of TedBits; this is
part one -- a global-macro Austrian overview, the BIG PICTURE so to speak.
Don't miss future issues; subscriptions to TedBits
are FREE at www.traderview.com/subscribe/
What we do know is that the demise of
the DEVELOPED world's currencies, financial systems and economies are set in
stone, just as one's fate is sealed when they slip below the EVENT horizon of
a cosmic BLACK hole. This time the black hole is INCOME destruction from
centrally-planned economies, runaway welfare states, crony capitalism,
regulation, taxation and endless MONEY printing out of thin air... a toxic
cocktail of wealth destruction.
Exploding uncertainty and impediments to growth
A DEPRESSION has been written into
law in the United States by the Socialist-progressive, legislative
supermajorities of 2008 to 2010 in the form of (1) Permanent government
expansion (20-25%) via the misnamed STIMULUS Bill, Obama Care (which is no
more than NATIONALIZING, further politicizing and tax goodies for sale to the
highest bidder/campaign contributor) along with the health care industry, and
finally Dodd Frank (more financial regulation for sale and political
allocation of credit). These bills are wrapping themselves like PYTHONS
around the largest economy in the world. And (2), SQUEEZING the life out of
the economy via 80,000 pages of new regulations a year (sold to the highest
bidder from K Street, aka lobbyist row and the biggest campaign
contributors), poorly written and in haste by unelected bureaucrats
who have no experience in the industries and businesses they are regulating.
These regulations are nothing less
than central government nationalizing the private sector by stealth, and
directing economic activity to CRONY capitalists. Crony capitalists gain
these monopolies through regulation; they can behave like any monopolist by
providing less to the public for a higher cost. This is the Congress and
Executive Branch PAYING OFF special-interest campaign supporters.
 
These are explosions in regulations
and they represent the prohibition of INNOVATION, RISING PRODUCTIVITY and
CAPITALISM (more goods and services for less money) by LAW. Has anyone heard
of a law or regulation being repealed? Very rarely. The Executive Branch is
in a rush to get control of these industries whether it is done right or
wrong. Unfortunately, it is only just beginning; less than 20% of the
new laws and regulations have been implemented and as they unfold the
depression will deepen.
Exploding uncertainty and impediments
to growth are killing the prospects of entrepreneurs. What will become known
as the greatest depression in history HAS BEGUN and will continue to unfold.
"There is no
means of avoiding the final collapse of a boom brought about by credit
expansion. The alternative is only whether the crisis should come sooner as a
result of a voluntary abandonment of further credit expansion, or later as a
final and total catastrophe of the currency system involved." ~ Ludwig
von Mises
The Keynesians' approach is
articulated quite nicely by former Treasury Secretary, Larry "canary in
the coal mine" Summers:
"The central
irony of financial crisis is that while it is caused by too much confidence,
too much borrowing and lending and too much spending, it can only be resolved
with more confidence, more borrowing and lending, and more spending". ~
Lawrence Summers
Of course, today's government, elites
and banking leaders have chosen the latter route as have ALL those who have
gone before them. In the long run NONE have succeeded. This will destroy
Keynesian Economics and expose FIAT money as the fraud that it is. This is
multi-century fraud; it has been perpetrated over and over again by the same
group of banksters, elites and their descendants.
Hereafter known as "The powers that be," they own and control 60
percent of the world's wealth one way or another and they control most, if
not all, of the governments in the developed world. The booms and busts
they engineer is how they gather their wealth; investors must learn how to
PIGGYBACK and PREY upon this process. They have performed this dozens of
times and are doing so now!
The founding fathers of the United
States were fully aware of their efforts and successfully eluded their grasp
until Woodrow Wilson committed the ultimate treason. He PRIVATIZED the
central bank and set in motion the idea that the US economy would be run for
the benefit of the BIG BANKS and brokers. In exchange, he granted a monopoly
on money for unlimited FUNDING of progressive government. Leviathan
government here we come. It is illustrated by these cartoons from 1913:
Investors are being confronted with
the fight of their lives: How to protect and build their portfolios during a
FIAT currency and credit-based, financial system extinction event. Eighty
investors out of a hundred will LOSE most, if not all, of their wealth. The
other 20% will gather that wealth to themselves through foresight, a solid
understanding of financial history and applied Austrian Economics as outlined
by Ludwig Von Mises, Frederic Hayak and Bastiat.
WE ARE SEEING THE GREATEST
OPPORTUNITY IN HISTORY as this is the greatest FIAT currency and credit-based
INSANITY in history. The last great depression provided the basis for some of
the greatest fortunes in the world, and this time the opportunities are MANY
TIMES GREATER. What is happening now is simply HISTORY repeating and this is
the biggest episode EVER. The entire world is afloat
in an ocean of FIAT currency; never in history has this been so.
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Investors are caught in what's known
as financial repression in mal-investments which yield
considerably less than the REAL rate of inflation.
Most FINANCIAL assets are MISPRICED
due to runaway leverage which has been insanely increasing since Bretton
Woods II set us on the path to the destination at which we find ourselves
today.
This is a Ponzi finance scheme where
gains come from one greater fool than the next buying an overpriced asset
using ever-increasing leverage. GAINS come not from cash flow, but capital
gains as these assets re-price to reflect the lower purchasing power of the
currencies in which they are DENOMINATED. This gives the illusion of
appreciation to the asset holder and a taxable gain to government when
actually NO REAL GAIN EXISTS. It is invisible theft by debasement; it is
government and central banks preying on you.
THIS GAME IS OVER and it will not
return until the great deleveraging is OVER. The volatility this will create
is a RARE opportunity. The greatest credit bubble in history is in the
process of becoming history. The volatility will be enormous, and volatility
is opportunity for the prepared investor. BUY and HOLD is DEAD. Gold
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Looking at two different rates of
calculating inflation (1990 and 1980 versions by www.shadowstats.com)
provides prospective on how political correctness has INFLUENCED an
accurate measure of the price changes confronting investors and consumers
today:
Mal-investments and financial
repression can be identified if your investments DO NOT YIELD more than
inflation (as measured above) plus 1 to 3 percent, thereby providing a REAL
return AFTER INFLATION. If your investments do not, then you are losing REAL
wealth at a compound rate by which they underperform. For example: If you buy
a 10-year Treasury Bill yielding 2 percent, then you are LOSING 4 to 8
percent compounded annually. Eventually these mal-investments will FALL in
VALUE until they yield more than the inflation rate and provide a REAL
return. You can apply this to stocks which yield 2 percent if you look at the
S&P 500 or real estate. All will eventually decline in value until they
provide a real rate of return after inflation and the REAL return will
justify LENDING for the purchase of them. THIS IS NOT DEFLATION.
The developed-world's economies are
TRAPPED in death..... er,
debt spirals and they are literally in the fall of their existence. There is
NO ESCAPE from this outcome. Government debt in the developed world is
compounding at about 11 percent annually and has done so since the global
financial crisis started in 2000. Worldwide debt has almost TRIPLED since
2000 in all sectors (finance, non-financial corporate, government and
household) from approximately $80 trillion to almost $200 trillion.
While in REAL terms there has been NO
INCOME GROWTH to service the additional borrowing. While GDP is growing at
approximately 2 percent or less, nominally, and is negative 3-5 percent if
properly adjusted for inflation (and this is a low ball).
Let's see, GDP has compounded at a
negative 2 percent since 2000, while debts have compounded at an 11 percent
annual rate. So, for those with access to a printing press, money
printing will have to do to repay these debts, and for those who don't,
disaster looms.
Even worse, the people who created
the problem are incapable of solving it. Decades in the making, today's
economic and societal problems will not yield to more of the same policies.
Furthermore, CREEPING SOCIALISM and STATISM will not solve the problems
created by more of the same. The only remedy to this problem is the policies
of wealth creation, semi-sound money and growth. Just like you or I cannot
prevent death, neither can elites, public servants or banksters
prevent the demise of the developed-world economies, currencies and financial
systems. Their unrestrained greed, hubris and lust for control over others
are the cause of it.
Big government PROGRESSIVES, aka
liberals in disguise, now dominate political debate; whether it be Republican
or Democrat, Conservative or Liberal, Tory or Labor, CDU (Christian
Democratic Union of Germany) or SPC (Socialist Party of Germany), they are
all bought and paid for by banksters and crony
capitalists. They now control the halls of government as was predicted when
the Federal Reserve was created in 1913. They can be compared to organized
crime families, such as the Gotti's and Gambino's,
fighting turf wars known as elections to see who gets the front-row seats for
taking freedoms through runaway legislation, regulations, taxation and
screwing the public they claim to serve. There is no difference between the
two once they are elected; their job is to take freedoms and transfer public
wealth to their supporters.
"When you see that in order to
produce, you need to obtain permission from men who produce nothing; when you
see that money is flowing to those who deal not in goods, but in favors; when
you see that men get rich more easily by graft than by work, and your laws no
longer protect you against them, but protect them against you...you may know
that your society is doomed." ~ Ayn Rand,
Atlas Shrugged
The thought of TOO-BIG-TO-FAIL banks
is an attempted crime against nature; it is an attempt to outlaw death. The
victims shall be the citizens. The required economic and social medicine to
revive their economies is INCONCEIVABLE to them. Eating the most productive
in their societies will only feed them until all the productive elements have
been EATEN or have moved out of their grasp and into the emerging markets
(which are solidly underway). Then the dust bowl of poverty will reign. You
can't eat money printed out of thin air or created with a keystroke.
The emerging world's economies are in
the spring of their SECULAR growth cycles. The wealth of the world has
ROTATED as well as the ability to generate and grow wealth. These emerging
tigers are hardy souls ready to compete for prosperity, and just as the
developed world's wealth and deep middle classes were created by industrial
societies and capitalism, theirs will as well. This is the bedrock of
Austrian Economics: Produce more than you consume, save and invest your
wealth and create self-sustaining optimism based upon personal growth. As
their economies RISE so will their political and
military might.
"It's not the
strongest of the species that survive, not the most intelligent, but the one
most responsive to change." ~ Charles Darwin
The world is EVOLVING and growing,
some are embracing change and thriving and others are trying to legislate
against it. Just like the waves strike the beach, the future will strike
those that resist until they are vanquished. The lesson of King Canute
approaches. The people legislating against change reside in the capitals of
the developed world; those who are embracing it are in the emerging world.
The world FIAT currency and
credit-based financial systems are ROTTEN to the CORE, sitting on what Von
Mises calls MAL-INVESTMENTS. Those mal-investments form the foundation of the
world's financial and currency systems. If the risk contained in sovereign
debt held as financial system reserves were required to be reserved against
and marked to market, the banking systems of the developed world would be
INSTANTLY BANKRUPT. They are operating in bankruptcy now through regulatory
forbearance.
They have trillions and trillions of
Dollars, Euros, Pounds, Yen, etc., worth of DEBT -- also known as IOU's, and
furthermore they are IOU's denominated in IOU's! If one debtor doesn't get
you the other one will. These IOU's are called ASSETS; unfortunately they are
LIABILITIES of morally and fiscally bankrupt governments, central banks and
their present and future citizens. Insane liabilities PILING up until the
PUBLIC refuses to PAY. That day is approaching.
The idea that my 2-year-old son owes:
$1,087,573 (on balance sheet debt $48,790 plus unfunded liabilities of Social
Security, prescription drugs, Medicare and other unfunded liabilities of
$1,038,783 as of 1/23/2011 www.usdebtclock.org) is absurd, obscene and
immoral. Public servants who support borrowing 40 cents of every dollar
to support current expenditures and argue for more borrowing or argue against
reduced spending are nothing more than the DEVIL sending their constituents
and future generations on a one-way ticket to HELL as DEBT SLAVES to bankers
and lenders who PRINT THE MONEY out of THIN AIR. The public pays TWICE, once
as interest on the debt which requires constantly-rising taxes, and again as
purchasing power is invisibly reduced while the public's money sits in the
bank (your balance stays the same but always buys less)
Many of the public servants who made
these promises and the beneficiaries who expect to extract these sums from my
son's future earnings through borrowing to pay for their current consumption
are able-bodied people who did not plan for their present and future needs.
They believed what was told them by the socialist teachers' unions. They
elect and support people who make these impossible promises to pay.
"Men prefer a false promise to a flat
refusal" ~ Quintus Cicero
Wealth creation in the developed
world has DIED; it has been killed by public servants, crony capitalists and banksters over decades -- death by a thousand cuts over
decades. Since REAL income and wealth creation has met its demise, in its
place money printing out of thin air and inextinguishable debt has become its
substitute to create an illusion of growth. Now those illusions
are being UNMASKED as Mother Nature intrudes on those among us who live in
them. As they WAKE UP to the realities of life the MAYHEM will ensue. Think
about the movie The Matrix as it is a perfect metaphor.
In America we live in a
post-constitutional country. The Constitution has been killed by central
planners in Washington and banksters with the help
of a corrupt Judiciary that has failed to PROTECT it and Americans from the
unrestrained greed of the powers that be. These powers-that-be were well
known to the founding fathers of the United States, and the wisdom, foresight
and personal freedoms to produce and keep your wealth which they embedded in
the constitution is now buried systematically by the schools to which we
trust our children's futures. If people were properly informed of these
HISTORY LESSONS, today's follies would not be considered.
Failing to understand history,
today's elites, public servants and banksters have
the world on the path to repeat it. The "powers that be" encourage
them to do so; they profit once during the credit bubbles and then again by
taking the assets off the private sector's hands at discount prices when they
fall during the bust.
This is an epic battle pitting Mother
Nature and Darwin against the most powerful men and Central Bankers in the
world. In the developed world darkness is descending as policies implemented
over decades now combine to create the perfect storm that will continue to
collapse economic activity and freedom.
Deleveraging which is much talked
about has not yet occurred. The trillions of dollars of unpayable
debt has not been reduced globally. In the top ten
developed economies BLOODBATHS for lenders and borrowers lie directly ahead.
Take a look at a chart from a recent McKinsey Report alongside a CDS chart of
the last 7 years by Bloomberg (20% of this money will NEVER be repaid):
20% of this money will NEVER be repaid
CDS risk level up 1000% to 10,000% since 2007
Virtually none of the G7 countries
illustrated have made plans to reduce borrowing in the public sector. These
borrowed funds are used for CONSUMPTION and welfare spending. They just want
to roll the money and borrow a little more each year, but the markets are
saying NO, as Credit Default Swaps signal the end of the rollover trade and
the true level of sovereign credit ratings emerge. None of these countries
have invested the funds "past or future" in projects which can
repay the money. Now lenders are beginning to ask questions of those
without access to a printing press, and soon they will ask questions of those
that do.
For prepared investors it is the
greatest opportunity in history, for others it will be their demise. Most of
the baby boomers will not retire with their stock, bond and pension wealth.
That wealth is stored in paper and will fall to its intrinsic value, aka
ZERO. It is propped up by uncountable piles of paper which have no value: for
example most continental and US banks buy sovereign debt of one sort or
another, they do not reserve against possible default or capital losses (if
reserves were required or mark to market valuations required the financial
system will be INSOLVENT OVERNIGHT) and they use leverage of 10 to 1 or more
(quite often 30 to 1). What if this artificial bid provided by leverage is
reduced? Apply this leverage to stocks, bonds and real estate and withdraw
the future leverage (as is happening NOW) and you get the idea how far these
MISPRICED assets and mal-investments can FALL.
The greatest transfer of wealth from
those who store it in paper to those who don't is underway.
Socialism/Progressivism has always
failed as an economic and societal model. It is the policy of "misery
spread widely", and it has been slowly substituted for capitalism and
freedom for decades. We now live in the world of George Orwell's 1984
and Animal Farm. Socialism is now called Capitalism; Central Planning
is called free markets; saving, self-reliance and investing are now evil; and
dependence on government and others is now a virtue. Up is down and black is
white to the USEFUL idiots that control the voting booth. In the United
States more people vote for a living than work for one.
In socialist economies the elites eat
the last productive elements of society to supposedly save the public. They
are LOCUSTS as are their something-for-nothing
supporters, who have been impoverished by unsound money and the policies of
insolvency. They will eat and consume everything in the developed world as
well as tomorrow's production. Like the preverbal LOCUSTS, they will eat
everything including the roots of their societies and the seed corn for the
next year's harvest. This is what the developed world's economies are
facing...
"When the
people find that they can vote themselves money, that
will herald the end of the Republic. This constitution in time will fail, as
all such efforts do. And it will fail because of the corruption of the
people, in a general sense." ~ Benjamin Franklin
Instead, public servants, elites,
crony capitalists and banksters are transferring
what wealth is left from the public to themselves one way or another. The
public is only their fool for believing what they have been told by their
government and banking masters. This is cannibalism of the worst sort and it
results in the DEATH of wealth creation, for to create wealth becomes a CRIME
against the mob and against those who don't create wealth. Look no further than
the White House leading impoverished mobs against the private sector; these
people's lives have been destroyed by the very people they are supporting:
Progressive SOCIALIST/MARXISTS.
This is America today:
Small-businessmen and women -- the backbone of American job creation -- are
now called millionaires and billionaires and vilified by Washington DC and
the mainstream media. They are turning anecdotes about Warren Buffet and
extrapolating it to the small businessman next door, with the promise that any
success he or she achieves will be taken from them by the revenue agencies.
This is NOT a recipe for job creation.
The wealth of the developed world has
been squandered by public servants and their masters in the banking industry
and in its place are sclerotic, crony capitalist,
socialist welfare states whose citizens have been turned into what Lenin
called USEFUL idiots. While our parents paid cash for their purchases and
their savings actually gained value as it sat in the bank, this process has
been reversed since August 1971 when Bretton Woods II forever changed the
definition of money -- which no one realized at the time.
The people today are now no more than
medieval serf's -- debt and tax slaves to governments and banksters
-- because the currency in which they are paid and store their wealth has
lost its purchasing power, credit has been
substituted as a means of maintaining lifestyles, thereby creating DEBT
SLAVES. Currency as a means of storing wealth has become nothing but a cruel
hoax. Sound money has gone the way of the DODO bird; it is extinct.
Gold is the
currency of kings; Silver is the currency of merchants; Debt is the currency
of slaves. Debt is not MONEY
"Of all
contrivances for cheating the laboring classes of mankind, none has been more
effective than that which deludes them with paper money." ~ Daniel
Webster
"We are in danger of being
overwhelmed with irredeemable paper, mere paper representing not gold, not
silver, no sir, representing nothing but broken promises, bad faith, bankrupt
corporations, cheated creditors and a ruined people." ~ Daniel Webster
Speech in the US Senate, 1833
Of course, and this is where we find
ourselves today isn't it?
Ever since the department of
education was created in the United States in 1980 and curriculum was taken
out of the hands of local parents and teachers. Three generations of PUBLIC
schools have brain washed the populations of the developed world to the point
where they are unable to think for themselves, they are told what to think,
not taught how to think. This misinformation is PREYED upon by the elites,
public servants and banksters using the main stream
media and indoctrination centers known as public schools.
"The opinion
of 10,000 men is of no value if none of them know anything about the subject." ~ Marcus
Aurelius
Adam Smith wrote about the value of
the public in determining future wealth in his seminal work "Wealth
of Nations." The productivity of an economy is partially a function
of its citizens' educations, their ability to logically solve problems and
think critically, and their knowledge of history in order to prevent
history's lessons from being lost. Measured on this metric, the US and
European school systems would receive an F for failure. Vast oceans of
able-bodied citizens wait for jobs to be created which they are unable to
perform.
Instead they have become dependents
upon government. They have been taught to have faith in government and told
they have a right to healthcare, basic needs and good jobs.
"It is not an
endlessly expanding list of rights --the "right" to an education;
the "right" to health care; the "right" to food and
housing. That is not freedom. That is dependency. Those are not rights. Those
are the rations of slavery - hay and a barn for human cattle." ~ Alexis
de Tocqueville
These are the PROMISES of the
developed world's leaders and decades of governments on both the right and
left; they have been taught to many generations who have faith in what they
have been told. That faith is undergoing a severe test, as people wake up to
the truth that you must produce something others will buy in order to
thrive. As people are subjected to increasing AUSTERITY (reductions in
WELFARE and BENEFITS) they will drive the POPULIST politicians' attacks on
those in the private sector that DO produce. Mobs will drive destruction of
the private sector as they descend into desperation from UNSOUND money and as
the false promises of government are REVEALED.
In Conclusion: When properly viewed
and measured, NO RECOVERY has taken place since the first episode of the
financial crisis in 2000, nor since round II in
2008. If expanded government spending, financed by debt, had not been
(and continues to be) reported as GDP, then the DEVELOPED economies of the
world would be imploding at a 4 to 12 percent annual rate, compounded
annually since 2008. As the insolvencies of debt compound relentlessly, and
wealth creation and incomes do exactly the OPPOSITE, you can expect the
powers that be, elites, public servants, central bankers and crony capitalists
to do what they have done ever since Bretton Woods II forever changed the
definition of money.
When you have a gun pointed at your
head what do you do? Duck or take the bullet? You can bet they will do just
what you would do -- duck and let the public take the bullet just as they
have always done. So you can expect that THEY WILL PRINT THE MONEY. This is
what the powers-that-be have done since the Federal Reserve was founded in
1913 and Bretton Woods II really unshackled the printing press. It is how
they have solved every problem since that time except when Ronald Reagan had
the guts to CUT government and reduce tax slavery which produced a boom.
Mother Nature is in the process of
administering a crisis that will WIPE away the illusions, progressive lies
and misinformation regarded as reality. This is a repeat of history for
people that have forgotten. It is the destruction that must take place before
growth in the developed world can RESUME and more people will be hurt than
helped.
The illusions that you can have
something for nothing and you are entitled to anything without earning
it will be WIPED OUT. It is how all Socialist experiments end, without
exception. Communist Russia and China have learned these lessons in the last
50 years and so will the developed world. Check out the 12 Conditions of
MARXISM on the internet, you can see in every way that it is the definition
of the developed world's current economies.
Authors note: This
is not DOOM and GLOOM; this is the greatest opportunity in generations for
those that can apply history's lessons and learn to set their investment
sails in the proper manner. I am an absolute-return, alternative investment
specialist. I create investments that are designed to thrive and preserve
purchasing power as events unfold, regardless of market direction... To
request more information click here
There are dozens of Greeces, Italys and Portugals in the United States: Illinois, California and
Michigan to name a few. Insolvency after insolvency will emerge as regulatory
forbearance is exposed as the institutional corruption that it is.
Trillions in unpayable pension obligations, Social
Security, Medicare and Medicaid obligations will NEVER be paid, or they will
simply print the money to pay them until the money is accepted NO MORE. This
is actually the way it will play out. A Crack-up Boom looms.
Until the right to PRIVATE property
is restored wealth generation cannot resume and will continue to fail.
Private property rights were ended at Bretton Woods II in August 1971.
Between regulation and taxation, private property is nothing more than a
myth, as is the myth that the dollar is as good as gold or money. It is an
IOU as are all FIAT currencies in the world; the promises to pay by morally
and fiscally-bankrupt governments, elites, and central banksters.
This is why the middle class is desperate and destroyed; the purchasing power
has been stolen out of their money, and in the process of maintaining their
lifestyles they have become serfs and debt slaves.
In the next edition of TedBits we will be covering the 2012 Outlook for Stocks,
Bonds, Precious Metals and the death of Capitalism. Don't miss it.
Subscriptions are FREE at www.traderview.com
Thank you for reading TedBits. If you enjoyed it...
Theodore “Ty” Andros
www.traderview.com
Managed Futures & Alternative Investment
Specialists
233 West Jackson Blvd. Ste. 725, Chicago, IL 60606,
PH:. 800.253.7689 //
+1.312.338.7800
info@TraderView.com www.TraderView.com
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what’s unfolding globally and what you can expect from Tedbits as a regular reader.
Tedbits is authored by Theodore "Ty" Andros, and
is registered with TraderView, a registered CTA
(Commodity Trading Advisor) and Global Asset Advisors (Introducing Broker). TraderView is a managed futures and alternative
investment boutique. Mr. Andros began his commodity
career in the early 1980's and became a managed futures and forex specialist beginning in 1985. Mr.
Andros duties include marketing, sales, and portfolio selection and
monitoring, customer relations and all aspects required in building a
successful managed futures and alternative investment brokerage service. Mr. Andros attended the University of San Diego, and the
University of Miami, majoring in Marketing, Economics and Business
Administration. He began his career as a broker in 1983, and has worked his
way to the creation of TraderView. Mr. Andros is active in Economic analysis and brings this
information and analysis to his clients on a regular basis, creating
investment portfolios designed to capture these unfolding opportunities as
the emerge. Ty prides himself on his personal preparation for the markets as
they unfold and his ability to take this information and build innovative
professionally managed portfolios. Developing a loyal clientele.
This report may include
information obtained from sources believed to be reliable and accurate as of
the date of this publication, but no independent verification has been made
to ensure its accuracy or completeness. Opinions expressed are subject to
change without notice. This report is not a request to engage in any
transaction involving the purchase or sale of futures contracts or options on
futures. There is a substantial risk of loss associated with trading futures
and options on futures.
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