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What Our Subscribers Are Saying

Testimonials

What Our Subscribers Are Saying...

Testimonials are the most credible source of information you could have when considering a subscription to SignalsMatter.com, bar none. It’s not what we say that matters. What matters is whether what we say matters to others. Scroll down to see what over one-hundred of our subscribers and followers have to say about us.

"Finally, a safe place to land and get some straight data. You guys have built something above the bar here. Thanks for putting this together. I’ve been looking for something like this for a while."

Brett J.

Los Angeles, CA
Brett J

"Can’t thank Signals Matter enough! I’ve got my own advisor going on 11+ years now, but your approach helps me ask the kinds of questions I should have asked a long time ago. SM is the watchdog I need! There’s no crystal ball, but Signals Matter feels about as close to that as anyone can expect."

Ken L.

Boston, MA
Ken L

"I can commend this site with two words: “Recession Watch.” It’s a godsend."

Tracey W.

Salt Lake City, UT
Tracey W

"OK…This site just rocks! It’s like having my own team of analysts."

Grant J.

Greenwich, CT
Grant J

“I am extremely impressed with the content and layout of this website. Among some of the more attractive attributes I notice are the ease of maneuverability and accessibility. I especially like the FAQ’s and How It Works features. Indeed, it seems as though Signals Matter has carefully thought of every possible feature that a serious investor might want to know about investing, economic/financial trends, and working with your firm.”

James S.

Bethesda, MD
James S

"One or two clicks and everything I need is right in front of me. Trend Watch keeps me on my toes. Love this."

Jenifer W.

New York, NY
Jenninfer W

"These blogs are great. The bond and central banking categories give the context and answers I’ve been missing. Have decided to place my cash allocations within 20% of your cautionary percentage on the Recession Watch. This alone is worth the price of admission. Nicely done."

Gunther R.

Dallas, TX
Gunther R

"Thanks for that article on Bitcoin. I’ve stayed away from it because I haven’t trusted it. Now I know why."

Maria T.

New York, NY
Maria

"Can’t tell you enough how much better I feel having your signals to walk me through these markets. Whether the S&P keeps cranking up on Fed “steroids,” as you say, or hits that iceberg, I’ve looked at your indicators and they keep me honest. It seems those “steroids” are set to expire fairly soon. We’ll see. Thank-you!"

Thomas B.

San Francisco, CA
Thomas B.

“I’ve been personally managing my investments all of my life. And I’ve done quite well. But not this well! Where have you been? Such valuable trading Signals and so much content to back it up. This is what I call a value proposition. Brilliant!”

Mona H.

Bethesda, MD
Mona

"Thank you for this site. A few clicks and I finally get what a bond yield can tell me about the big picture. So basic, yet so totally confusing in the past. I was admittedly brain-numb on this."

Marc C.

San Francisco, CA
Marc C

"Wow, things make more sense now—like a light went on and all the that seemed confusing and unrelated is now gelling. Anyway, keep up the good work and thanks again. What a relief."

Wendy P.

Los Angeles, CA
Wendy P

"Thank you Signals Matter for this site. A few clicks and I finally get what a bond yield can tell me about the big picture. So basic, yet so totally confusing in the past to an admittedly brain-numb investor. Meanwhile the trades are humming. Feeling much safer knowing there’s a system behind me. You’re spot on: these markets have run straight passed old ways of measuring anything. Walking the line between safe trades and the larger risks ahead demands only a few minutes a day, and this site delivers."

Edmund M.

Portland, OR
Edmund

“This website is just great. I do the trading for our family and I’m always looking for new trades. Signals Matter provides me a well-researched source for new trade ideas, even tells me why the trade is proposed, when to get in, how I am doing along the way, and when to get out. I’m thrilled!”

Carol N.

El Jebel, CO
Carol

Calendar 2020

Rolling Subscriber Survey Comments...

What do you value most about the Signals Matter service?

  • Honest insights about today’s economy.
  • Storm Tracker specific cash allocations combined with Your Portfolio allocations.
  • The Storm Tracker feature is of the greatest value.
  • You tell it like it is and provide backup to your commentary.
  • Portfolio Suggestions.
  • The honesty.
  • The report on markets and forecasting
  • Having the confidence in you to invest knowing that I won't lose a lot of money. I started out a few weeks ago with $50,000 and now I've increased that to $145,000 on your recommendations.
  • Honest appraisals of market forces, trends, and risks.
  • Trusting your judgments.
  • Your down to earth, honest evaluations.
  • High level view of the market, storm tracker cash allocations, advice on gold, the portfolio service.
  • Your unique approach to the economy and investing.
  • You provide information that is unbiased.
  • The independent viewpoint.
  • Your straight talk.
  • Your no-nonsense market analysis and perspective.
  • Fact based, no BS commentary and analysis.
  • Truth delivered bluntly. Very refreshing!
  • The honest, blunt, straight forward truth.

Why did you decide to go with Signals Matter instead of another company?

  • I like your observations and investment philosophy (old school) - not new school BS and hype. Signals Matter sees things that many others do not, either because they can’t see it or don’t what to see what is going on.
  • Trying to figure out the Central Banks, how long they can last, and where this is all going to end up is just so difficult because it’s UNPRECEDENTED. Keep up the good work, stay the course.
  • I wanted a portfolio that could withstand storms.
  • You make more sense to me.
  • A much simpler-to-implement, single, cogent and cohesive portfolio level service, at a reasonable price.
  • I value your no nonsense, candid presentation of the market factors.
  • Performance of Portfolio Suggestions.
  • Your down to earth approach.
  • After many months of reading you posts, I really engage with your opinions.
  • The honesty.
  • Honest reports with no BS.
  • After looking forward to and reading your e-mailed newsletter for a few months, I thought yours was the service with the best reasoned plan of action. My only regret is I didn't join before the crash.
  • I liked the commentary and focus on balancing risks-vs-reward
  • We've been following you for over a year and have been impressed with your candor and expertise.
  • A strong gut feeling from your observations.
  • The education, experience, and expertise of Matt & Tom.
  • Liked the 45-minute phone call I had with Tom.
  • Feel you guys are really interested in educating investors rather than charging high fees for worthless information.
  • I connected with your thoughts.
  • Your thinking was more aligned with my own.
  • Simple to use, educational, and so far, profitable.
  • Because of your insight.
  • I subscribe to other services, but I like your analysis. I do believe that signals matter.
  • Everything Matt says rings true to me.
  • Your message resonated with me.

What is one thing we could do to improve your experience?

  • Improve the site and services where and when you can. I can’t really express how much I appreciate what you are pointing out, saying, and doing - a wise and honest “voice in the wilderness” is often a lonely place - but keep at it!
  • Your forecasts actually come true.
  • No recommendations at this point.
  • Can't think of anything. Great as is!
  • Everything is good as you are.
  • You are brilliant at short term investment but not everyone can spend time on their portfolio every day. Some long-term investing ideas would be good.
  • I can't think of anything.
  • We would appreciate your thoughts on core investments for the longer haul.
  • The 60/40 portfolio is a thing of the past.
  • Perhaps for active traders (one of which I have become as a result of my learning and confidence gained at signals matter), even more frequent trading signals.
  • I'm happy with current content.
  • More of the same with a bit more attention to what’s positive in the markets and economy.
  • Just continue doing what you do so well.

Calendar 2020

What Our Most Recent Subscribers Are Saying...

Bob H. says:
Just wanted you to know how much I am enjoying "Signals Matter." Great information!

Lew B. says:
I’m a relative novice to investing. I’ve had a few paper accounts for about 5 years but did a serious one last December. I was doing okay till February and things started to go to hell. I just want to express how thankful I am for you guys and your knowledgeable guidance to lead us through this minefield twilight zone. Not to mention your integrity in an arena that seriously lacks it. Again, thank you!!

Latif Hamdan says:
“Awesome! I think I am informed only because I read your analysis every time I have a chance.”

Wood Rob says:
“Beautiful…. Just Beautiful…. thank you for the superior Modern update of true modern economics!”

Bob McGovern says:
“I devour your emails when they come in. I will be following your direction like a hawk. Keep it up!”

Peter Kapteyn says:
“I follow your comments faithfully. Your comments are insightful above all honest.”

Tom O'Connor says:
“The clarity of all the explanations, especially the connection between money printing, bond prices and interest rates are far better than anything I have ever received from paid subscriptions.”

Larry F Silbaugh says:
“Thank you for Report, one of the all too few true reality windows. it is at the top of my reading list. I don’t think it possible to overestimate its value.”

Giuseppe Spataro says:
“There is so much to learn from your weekly articles and the Monthly Charts that I study every day. Full time job. Thank You.”

L. Arnwine says:
“Great information BACKED by Factual Data.”

Larry F Silbaugh says:
“As usual, one of the finest brass-tack market commentaries on the internet. The “what” and the “when”, these articles are really a miniature trading/investment library. Thank you.”

Richard Privratsky says:
“You obviously have a pulse on the market based upon indicators that appear to be spot on.”

M. Hass says:
“I’ve been exploring for high-quality articles or weblog posts on Yahoo and at last stumbled upon this site. I am happy to say that I have an incredibly excellent and uncanny feeling that I have discovered exactly what I needed. Do not overlook this website. Give it a look regularly.”

Art Davis says:
‘Keep it comin’. Thanks!”

J. Sherk says:
“This article is exactly what’s needed to show people that they are being misled. As an economics graduate, there are many things to be learned from graphs and empirical data.”

A. Short says:
“I much appreciate the truth and thank you for the diligence.”

Roberto Rivera says:
“Excellent analysis, supply chain disruptions affect the real economy directly and the stock market that invests in those companies that serve Main Street. The virus is a cover for the truth. The market is going to burst along with debt riddled Main Street. The recession is on the way or perhaps a depression like the twenties where money was borrowed from banks to buy stocks. Similar scenario here. Gold has no real value except as a hedge from inflation which is arbitrary.”

Donna says:
“Interesting and informative, Thank You!”

T. Rymer says:
“The historic perspective here is excellent!”

D. England says:
“Really like the charts and the key points with minimum words and maximum importance!!”

Ron Bellm says:
“Thanks for your update, always appreciate you looking out for us!”

Anthony D. F. says:
“First time reading your Data and will be looking forward to your future
articles. –Very interesting, as to how you compile and disclose your findings.”

Gerard LePre says:
“Good read…. keep it up!”

Christopher Gibson says:
“Love your sense of humor. We are indeed dining on the Titanic, and we are indeed in the middle of the last, sweetest course; minutes before she hits the iceberg. Not enough life boats or lifebelts to save us from the hypothermia in Davy Jones locker.”

Bob McGovern says:
“I’m reading the Creature from Jekyll Island and sometimes I feel like I’m reading a book of fiction. I can’t believe how long these practices have been going on. I read and just shake my head. Is there any hope that common sense will prevail? Thanks for all the great information that you guys are putting out.”

Brian O'Donnell says:
“Wow, such a neat article to read. So informative and easy to understand. Well done authors. Well done indeed.”

Dan Jenkins says:
“I always enjoy the very real and in-depth analysis from your emails. Smart and intelligent!”

Barry Yager says:
“Great, well rounded overview of today’s economic outlook. Thanks.”

C.R. Pacheco says:
Hola buenas tardes yo consecución les doy las gracias por su atención y al mismo tiempo estoy con uds y si bien esta espero que me den un lugar para marzo gracias y saludos.”

Ken Pizzo Sr. says:
“Thank you for the sound advice!”

Hugh Dolan says:
“Thanks for the realistic commentary.”

Bob Starr says:
“YOWZA! Thanks for the insights!”

Randy Blanton says:
“I have followed the guidance provided in adjusting my portfolio mix of cash and equities. I have approximately 40% cash. Oddly, even with such a mix, I have managed a 22%+ return in my wife’s and my retirement accounts. I certainly rest better at nights knowing that a significant percentage of my retirement investments are sidelined. I consider it a bonus that having such a percentage in cash, I still have enjoyed such a healthy return. Thank you for the realism! It is so refreshing to have sound counsel in the “Twilight Zone.”

George Kuzma says:
“Thank you, guys! Great insights”

John B. says:
“Your comments are always prescient Tom & Matt!”

Tony W. says:
“Thank you for all of your insightful thoughts and analyses.”

B. Price says:
“Thanks for the truth.”

John Gorski says:
“Everything you say just makes sense to me. It’s too bad 2 plus 2 don’t equal 4 anymore.”

Larry F Silbaugh says:
“Matt/Tom, your statement about the possibility of the economy already being in a recession raises an interesting question. I studied economics at three different schools right up to the doctoral level and most of the academics I encountered were of the Keynesian ilk, usually passionately so. Now as I recall, unless Keynes’ own writings have been somehow re-edited, his general definition of recession/depression (academics obsessively quibble over decimal places) was any period of economic output short of that economy’s potential level of production, certainly an economic reality in the U.S. and large segments of the world for some years now. But if all the official government figures are generally true why the deafening silence on this point by his passionate academic acolytes, or, if all the official government figures are in fact – let’s be kind and just say – questionable, again why the deafening silence? Thank you for Report, one of the all too few true reality windows. it is at the top of my reading list. I don’t think it possible to overestimate its value.”

L. Arnwine says:
“Great information BACKED by Factual Data. Also, any intelligent and common-sense person can research this article and track the Federal Reserve during this recession.”

James Bangert says:
“Have been reading your letter for about 6 months now and have appreciated you take on our current situation. Keep up the good work!”

Mel says:
“Wow, scary things are coming. Thanks for helping us navigate through all this.”

Jay Klee says:
“I’m 64, old enough to remember when three percent quarterly GDP growth was considered mediocre. Now anything over two percent puts Wall Street into full-on party mode. It’s easy enough to go to the St. Louis Fed website and construct a chart showing the inverse correlation over the last fifty years between rising national debt and declining GDP. Thanks to the corrupt, controlled mainstream media most “investors” have no clue about this.”

GR says:
“Thanks again Matt for a blunt perspective on this issue— and I appreciate the candor on how gold prices will and can be unstable with potentially “dramatic” pullbacks before a final surge. As you say, the real issue the rest of us have to consider is how we see gold— as a trade or as an insurance policy. I agree that for most of us it’s the latter, and thus need to ignore them price movements and just stick to the big, longer term picture. The central banks have no choice but to keep printing money, just as you forecasted over the summer. The entire global economy is on borrowed time, but the central banks still have some gas in the tank. As you’ve said— the only thing any of us can do is see how much mileage they have left, which no one can time. I’ll be watching that yield on the 10 Y UST, as u recommended, to better track what the markets rather than idiots on tv are saying. Really appreciate your updates and humility. Rare indeed these days— a smart guy who speaks his mind and makes this clear for the rest of us.”

C. Robinson says:
“I agree with your analysis that the “inflation figures” are skewed; the manner in which they compute inflation is inherently rigged to produce a number that supports their so-called “target rate”. Having said that, when the next meltdown occurs (it’s only a matter of when, not if) I can see inflation rising to levels at (or above) anything I’ve seen in my lifetime. I’m approaching my 64th birthday.”

Brian Hamilton says:
“It is good to see an analyst give the pros and cons. Most analysts just barrack for one team or the other.”

Calendar 2019

Signals Matter published over 100 Market Reports in 2019. Here's what folks had to say...

L. Stretch says:
“Well done. Your reports are the only ones I forward to my son who is a financial adviser.”

Darryl S. says:
“Wow, a person actually trying to help the common man. RARE indeed! Listen to every word he says folks. You can’t beat an honest man.”

R. Blanton says:
“I have followed your guidance provided in adjusting my portfolio mix of cash and equities. I have approximately 40% cash. Oddly, even with such a mix, I have managed a 22%+ return in my wife’s and my retirement accounts. I certainly rest better at night knowing that a significant percentage of my retirement investments are sidelined. I consider it a bonus having a percentage in cash. I still have enjoyed such a healthy return. Thank you for the realism! It is so refreshing to have sound counsel in the “Twilight Zone.”

B. Abrahams says:
“As always, great information.”

D. Kalicharan says:
“Very informative, supported with good analysis and data.”

B. Weeks says:
“What a dynamic analysis. Thank you.”

B Yager says:
“Very well written”

N. Guerrero says:
“Please keep your reports coming as they are a breath of fresh air even though it is gloomy and doomy, but as they say the truth is never pretty, yet cleansing. I’m for the truth. “

Rodger says:
“Very insightful!!!!”

Thompson says:
“Good stuff.”

R. Phillips says:
“Thank you!”

T. Shetterly says:
“Matt: I couldn’t agree with you more."

J. Harwood says:
“Thanks for the concise overview of the many market ‘storm clouds.’

P. Jason says:
“Matt, you make more horse sense than the last three Triple Crown winners…Now I’m watching the melt down and reading your reports.”

Frank says:
“Thanks for the great analysis. Something brokers and most investors don’t look at.”

G. Manter says:
“Excellent reports that really mean something presently. Thank you for your reports and I will look for your next.”

L. Z. says:
“Please, please keep us posted. We are in uncharted territory with most aspects, not only markets but debts and economies.”

Mel says:
“Good job, Matt.”

J. Brooks says:
“Hi, I’ve been following you for about 6 weeks now and I’ve been impressed. I definitely want to know when the Deja Vu tipping point will begin. And since I’m new to this, I’d love to have your help in guiding me on what to do. I look forward to your information each week.”

A. Winstone says:
“You guys are doing a fantastic job of interpreting financial market conditions. Thank-you so much!”

B. Evans says:
“Thank-you. Appreciate this true view you give. In a financial world of greedy B.S., this is truly refreshing and enlightening…”

J. Jones says:
“Thank you for your candid assessment of the markets.”

W. Junius says:
“Hi Matt, first of all, you are delivering every week great and informative content for us. Thanks a lot for this work.”

D. Lintz says:
“Hello, I have been following your Report for about 6 months now and appreciate the level of detail you put into your reports.”

K. Merritt says:
“I see no-one else talking about turning and tipping points. Am interested in the continued thought process. Please provide your insights in the future.”

K. Johnson says:
“Matt, thanks for all you do for us.”

Ben says:
“Keep up the great work. Your site has been a great help, thanks.”

E. Myklebust says:
“You guys are my lighthouse in the storm and I can’t thank you enough for your insightful and comprehensive guidance. Thank you, thank you, thank you!!”

Stefano says:
“Hi Matt, great content. Thanks.”

B. Manders says:
“Thank you for your information. I am 77 years old-can’t afford a big loss.”

Jim B. says:
“Really am enjoying your thoughts & your letter!”

J. Gibson says:
“You make more financial sense than most of the financial newsletters I have ever read.”

Barry says:
“Once again, very comprehensive insight to the future economist outlook.”

G. Blazek says:
“I really appreciate the wisdom and candor, and the trade ideas. Thank-you.”

B. Owens says:
“Thanks Matt you are truly a gentleman and I thank you for trying to inform regular folk about what is coming.”

D. Heiman says:
“Good reports! Looking forward to next one. Thanks!”

R. Bare says:
“Hi Matt, love the storm tracker.”

R. Hartmanns says:
“Excellent overview plus detailed and quality info.”

A. Pacheco says:
“Matt, I like your writing and communication style. Straight forward and no BS. Keep it up.”

R. Phillips says:
“Thank you!”

T. Shetterly says:
“Matt: I couldn’t agree with you more.”

J. Harwood says:
“Thanks for the concise overview of the many market ‘storm clouds.’

Steve says:
“Perhaps the best reasoned and revealed assessment I have seen. Thank you.”

Larry says:
“Thank you. One of the best suggestions for “why now gold” that I have read or heard.”

P. Andre de la Porte says:
“Makes a lot of sense. Thanks for the analysis.”

W. Berkley says:
“Others have written in the past few years their own version of owning gold. Yours has been the most succinct, insightful and thereby credible.”

Mark says:
“Love your analysis!”

Robert says:
“Keep me posted.”

M. Roberts says:
“Thank you for your dead pan honesty.”

M. Dvorecky says:
“The reality is truly sad, like Mr. Piepenburg describes it. The mainstream media helps to black it out, especially here in Europe. Thanks to the author for this contribution.”

T. Fenn says:
“Thank you, Matt, for the heads up, well written; scary toxic subject – I “will” take heed!! Appreciated.”

Martin says:
“Fantastic report on the big thanks.”

Jim says:
“Superb analysis as always. KUDOS! The American investor NEEDS this level of plain talk information and investment advice.”

B. Steves says:
“Yes, I agree with you Matt! Thank you for your open and honest reporting.”

Fritch says:
“Thank you for your research.”

N. Dean says:
“Hi Matt. I BELIEVE YOU ARE DEAD ON ABOUT WHAT GOING ON. ITS EASY TO SEE ONCE YOU TAKE THE BLINDERS OFF. LOVE YOUR UPDATES, THANKS SO MUCH!”

Shelley H. says:
“Yes! Thanks for your awesome reports!”

N. Ross says:
“Thanks for explaining this so well.”

RONNIE says:
“Thanks for your education.”

G. Belden says:
“Thank you for your research and e-mail letter.”

Hoeroa R.M. says:
“I continue to observe your analysis with considerable appreciation. Thanks again Matt.”

J. U. Toronto says:
“Matt, you are bang on! I could not agree more!”

Kevin says:
“Excellent description of reality. Negative yielding bonds are technically already in default. Couldn’t be said any better than that. I suppose that next the central bank’s will just ‘print’ money and hand it to governments without the pretext of creating bonds.”

J. Stevens says:
“I totally agree, the foundations are very, very unstable.”

Mark says:
“Awesome column…..keep up the great work…”

E. Bingen says:
“Fascinating work Matt. What an eye-opener. Thank you.”

Mindy says:
“We have heard your message (loud and clear) and have reduced our stock holdings substantially.”

Kip says:
“Thanks for the clarity.”

J. Brimacomb says:
“Hello Matt. Thank You!”

Mark says:
“Thanks again!”

Stephen H. says:
“Great knowledge but very scary.”

P. Lamoureux says:
“THANK YOU, MATT”

M. White says:
“Enjoying your service and staying abreast of economic conditions, helping me to be prepared, rather than “reacting to” after the fact.”

E. Morris says:
“Thank you!”

D. R. says:
“Excellent, terse summaries of the situation. Keep up the good work.”

D. Hanan says:
“Thanks for your insights.”

M. says:
“Thank you, Matt, for keeping us informed. The graphs you presented on retiree pensions, labor force and net worth are surprising, but (at the same time) understandable and sad. I am the first to admit that I don’t know (or even pretend to know) a lot about Bonds. With that in mind, when you warn of the Bond Market crashing, would you say that, that is across the board or just certain types or classes (for lack of a better term) of bonds? Most appreciated.”

Tim says:
“This is the best reporting that I have read. I wish more people would open their eyes and listen because you are correct it will be too late.”

Diane says:
“Thanks!”

P. Jonas says:
“This is some great advice. Looking to here from you soon.”

Larry says:
“Excellent advice for self-directed, qualified investors. I feel sorry for the millions of pension members who are trapped and cannot heed your advice or do anything about their circumstances. You’re right, this next collapse is going to be devastating and these unfortunate members are going to be set back for years and years which will be very demoralizing and very bad for future market investing and future performance. It could possibly take years to recover just back to getting even.”

E. Bingen says:
“Fascinating reports Matt. What an eye-opener. Thank you.”

Y. Mongeone says:
“Thank you for this.”

D. Walsh says:
“Very good analysis…”

R. Walton says:
“Great analysis! I wish it could be more positive, but one needs to call them like they see them. It begs this question: Is there enough dry powder at the Fed to lift the world out of these economic doldrums?”

G. Chevrette says:
“Great commentary on today’s financial status and good insight of future possibilities.
Kudos to you for a great report.”

D. Coyle says:
“A well thought out, common sense approach to the current situation.”

Mel T. says:
“Thanks.”

A. D. Joseph says:
“You help me understand better what action I may need to take. As an ordinary investor I subscribe to many newsletters so are on the same page like you but many are saying ignore all this noise and hype. Thank you for the clarity. Please continue to keep me informed.”

R L. Tompkins says:
“That we are looking at yet another recession/depression should not be in anyway surprising. For one reason or another, these downturns have ALWAYS and will ALWAYS occur in capitalist-structured economies. So how can we avoid these downturns? We cannot say absolutely for sure, but some top down, government run actions to try and prevent these will most likely NEVER work for any length of time. My personal belief is that Professor Richard Wolff and others like him are totally correct in trying to make people aware of the benefits of Worker Self Directed Enterprises versus capitalism. These are a form of work cooperatives wherein the workers vote democratically, one person, one vote on all the major decisions that a sole employer or a board of directors would otherwise make. And such coops are not theoretical. Thousands already exist around the world, the oldest and largest one being the Mondragon Cooperative Corporation in the Basque region of Spain with over 70,000 employees. These types of enterprises are slowing gaining in number, although still very few compared to the vast majority of enterprises. While the Fed has certainly screwed things up for the vast majority of people, let us be clear that while they purportedly work for all of us, they really work for the 0.01%. So, their policies have benefited the very wealthiest in this country greatly, but the rest of us have borne the brunt of their ridiculous policies. It might well be that capitalism is coming to its inevitable end, just like slavery (although it exists in some forms today, even in the US) and feudalism. Hopefully we can eventually arrive at something far less unstable, far less prone to creating such vast wealth/income disparities, and something that places a regenerative, healthy environmental impact as a first goal, not a last side thought.”

H. R. Marumarus says:
“Roger that Matt Piepenburg! And thanks again for all you do.”

B. Fletcher says:
“Well, I asked and you certainly delivered. Loved the link to the “repo disaster”— things are starting to fall apart. Agree that the only thing delaying the inevitable disaster is just how long the Fed can continue this charade of Wall Street support disguised as a recovery.”

C. Sallin says:
“Matt: Masterfully done. You’ve given us an excellent scenario to plan accordingly. I’ve actually been expecting a crisis like you have outlined for the past 20 years. It seems that ‘the game’ is finally coming to a culmination. Thanks for your insights.”

L.F. Silbaugh says:
“Kudos and many thanks. There is a great need for the reliable information you offer the public in these reports. I will only add that the indicator that is the hardest to quantify is the utter “Rot of Public Trust” – but also the one that we should all fear most. Thank you again.”

J. Steffensen says:
“Thanks Matt. Your comments and assessment of the current financial situation are incredibly honest, informative, and a timely warning for our future investment strategy.”

R. Blanton says:
“I have been systematically transferring funds from equity to cash at 2% once every 2 weeks. My cash percentage is currently at 15.4%. Based upon the information you are providing; I am inclined to increase that systematic transfer level to 5% once per week until I have the 47% cash level you recommended. I would appreciate your thoughts on this strategy.”

S. F Sapp says:
“All of us normal people are sitting on lots of question marks. I am not sure from where I sit that it is possible to question when the next recession will be. It should be already here by the stats you reveal. Quants started this down spiral, but ai doubt that they can stop it…. Let’s just say I am confused by the educated bankers and professors. When do we get back to reality?”

J. Desjardins says:
“Sir, There is no word I can find to let you know how much I appreciate your timely research and comments relative to the current highly dangerous market conditions… 1) My annualized rate of return anticipation is 8%; 2) My volatility risk at the moment is 10% at the most; and 3) My maximum level of acceptable loss is 10% as well (down from 20% during more favorable market conditions.) Furthermore, I have two large investment accounts and one is totally invested in Gold (ETF’s and Gold companies) totaling 40% of all funds available and the other account all in Cash (60%) of all funds available… Waiting for the next correction or Crash and I will add to gold positions along with short positions. If you have any better suggestion, I will gladly take note and consider adding an additional option. Thanks again one million times ++++++++ and rest assured that a lot of us greatly appreciate your time and efforts and never let any of your articles pass by unnoticed. I am located North of the US border. Note that this is the very first time that I put so many eggs in the same basket but these are abnormal times…”

G. Sallin says:
“Matt: Refreshingly honest. Keep up the dialogue. Always a pleasure. PS – What happens when this all crumbles? What will the US/world look like in your humble opinion?”

J. Nevola says:
“I believe the facts that you stated … There is nothing but desperation and cover ups going on everywhere. I think gold and silver will sky rocket sometime in 2020 or 2021. Most currencies in the future after 2021 will become digital. The trust in governments and promised paper money will be coming to an end.”

E. D'Orange says:
“Merci beaucoup, Matt. Read an article 3-4 years ago about velocity of money’s veritable crash. Would this contribute to lower inflation, if I’m thinking correctly, since the money is not lent out by banks? But then, the Federal Reserve talks about reaching a 2% inflation rate which would be difficult “in a complicit win-win (nod and wink) agreement to play (rig) this game and keep such funds behind a dam.” More Fed deception and/or contradictory goals? Ultimately, if the money is held in reserves and not deployed, then this rigging is not healthy for an economy because it is not invested, but good for banks’ steady, low risk returns and the government’s deficit maw. Would like to comment and read more of your thoughts on unreliability of current predictive tools, but I’ve written too much. Is the 2y/10y interest curve inversion still useful as it has been in the past?”

E.Z. Scott says:
“Matt appreciate your insight…”

L. Morin says:
“Great material. It summarizes well the risk in the market.”

Roland h. says:
“excellent, perfect examples from the past – many thanks”

M. Hammond says:
“Great articles!”

Frank says:
“Couldn’t agree more. I have monthly indicators that topped in January of 2018 and are still headed down. I do not understand what is holding this market up, except as you explained above. Still, the end will not be pretty in a few years. Thanks for great insight that 99% of “investors” don’t understand.”

A. Anand says:
“Excellent articulation with clear view. Thanks for the best work. I really learned a lot of things after reading your posts.”

R. Tompkins says:
“I truly appreciate your explanations of all these amazingly rigged, rather insane arrangements between the Fed and the big banks and other players. I may not like capitalism, but it sure as hell pays to have a “capitalist” like you who understands these insider schemes explain them to those of us who would never be able to figure them out our own!! I read your articles regularly now and will continue to do so.”

D. Nivolianitis says:
“Thank you for the information, this is an eye opener to me an good education. Thank you again.”

C. Sallin says:
“Matt: Once again, you pull back the curtain, and allow us to watch the beast devour us. Nonetheless, good to know. Keep us informed as to how the event occurs.”

D. says:
“Hi Matt, great informative article. I love reading them because I learn from you how these financial shenanigans work. I would like to suggest though if you can maybe make an animation or a flowchart of how these all works as it would be EASIER to understand if you can visualize. Just a suggestion as I know you’re busy. Thanks.”

E. O. says:
“Thanks, Matt. I must be asking the correct questions because you’re directly answering them. I’m concerned about all of the market and money rigging but feel like I can’t earn a decent return except to stay invested in markets. Is short term government paper even safe?”

A.J. Cohen says:
“Great stuff Matt! I believe that you are, unfortunately, spot on in your analysis. The stock market has gone from an investment market to a casino with no regard for fundamental analysis. Black boxes dominate trading activity meaning that “investors” really have no idea of the balance sheets, business activities or management of the stocks that are trading. The Repo market is just such a dark corner of where another example of “market rigging” takes place under the noses of everyone.”

Dr. R. Hartmann says:
“As usual very professional comments and well written.”

S. H. Biller says:
“Well thought out and obviously very interesting.”

R. Tompkins says:
“I read your article that you suggested for me on how classic, market capitalism has been subverted by the Fed and the Big Banks. I have read many similar articles on this subject and I have to agree completely. My only comment would be that there were repeated and fairly regular recessions before the Federal Reserve ever came into being. My take on what we are seeing today is the evolution of attempts to avoid these downturns (by way of a “Keynesian” approach) is itself a result of the inherent problems with capitalism. So yes, we no longer have anything like a market-driven capitalism, and the insanely corrupt and obviously destructive situation we have now is god awful. But the impetus for creating a central bank and then allowing things to evolve to a fiat currency-based monetary supply all can be traced back to the problems inherent in capitalism (and to the greed and power of top capitalists like J.P. Morgan, the man, not the bank). But do not think that I or people like Prof. Richard Wolff support some awful, authoritarian, top-down “socialist” approach. What he argues for, and what I support, is building up a large sector of the economy FROM THE BOTTOM UP based on Worker Self Directed Enterprises wherein the workers in a company vote democratically, one person, one vote, on all the major decisions that a board of directors or sole owner would normally make in a capitalist structured enterprise. This is much closer to what I would call “real” socialism rather than the two types we saw develop in the 20th century. The idea is that if these types of enterprises became at least equal in number/size to capitalist ones, or even the predominant form, then there would be less ups and downs in the economy affecting the lives of the vast majority of people, less income/wealth inequality, a greater tendency to make environmentally-sustainable production decisions, and many other benefits. And it may well be that if such enterprises were to become very common, that we would find that certain types of businesses/enterprises would work best as WSDE’s and others as capitalist structures.”

D. G. Havey says:
“It is sometimes hard to understand but you are making some headway through my financial dim mind. I look forward to each of your emails. So please keep them coming!”

M. St John says:
“Thank You!”

F Gaines says:
“Thanks for keeping us informed. As I have told several friends, 99% of “investors” have no clue what is going on with the fed or the central banks around the world. They all think the fed controls interest rates and all sorts of things when, in fact, that is a complete misunderstanding of what is going on. 99% of “investors” rely on their broker or “adviser” when they have no clue either. The advisers/brokers always say, “Stay the course. The market always comes back.” It only took 15 years for the market to get even after 1932. It took 12-13 years to get even after the market top of 2000. How long will it take this time?”

P. Myers says:
“Have always worried about this part of the markets which no one seems to understand or controls with care. Always interested in your thoughts. Don’t trust wall street at all either.”

A. Buccola says:
“Very interesting!”

D. Fast says:
“SAD BUT TRUE! You would like to think that people learn from dumb mistakes but for some reason bankers & loan companies have a serious problem with that. They make all kinds of loans & such knowing that most of the loans will never be paid back for the simple reason with them knowing that the individual really isn’t qualified for the loan. The real sad part is they are using the people’s money and making very poor decisions & investments with it.”

J. Borger says:
“Your take on the coming dollar liquidity panic is truly scary. My rudimentary understanding of money suggests to me that the scenario you predict – money printing by the Fed on a galactic scale – will inevitably lead to Venezuelan-like hyperinflation. I am 71, retired for 10 years and have been sitting out this final phase of financial excess entirely in cash since spring 2018 as I don’t care for the current risk/reward picture. (As of today, I am ahead of the stock market!) I am looking forward to a generational buying opportunity after the coming crash. I feel safe until I consider the possibility that a sudden rampant inflation could decimate my life savings. What can US investors who are trying to preserve their portfolios by sitting in cash or cash equivalents do? Open a Swiss bank account denominated in Swiss francs? Go 100% to gold? Also, I remember that one of the key concerns from the 2008 financial crisis was DEFLATION in the value of assets. Could you share your views on the relative risks of inflation versus deflation and what the average investor can do to protect life savings? I worked hard, saved and invested for 45 years to amass my savings. The thought of it being decimated in a few months truly sickens me. By the way, thank you for sharing your expertise without charging us! It greatly enhances your credibility.”

Robert Tompkins says:
“Once again you have provided a thoroughly informative and astute guidance to what is really going on in our current global economic system. I have emailed my family and all of my friends some of your articles in the sincere hope that they will actually read them or watch that video you recently put out (listing all the reasons why a recession and crash are inevitable). I have also told people I work with to visit your site in the hopes that those who are not that far away from retirement will wake up and not lose everything they have worked for.
I am not sure that Chris Martenson or Adam Taggart of PeakProsperity have ever interviewed you, but if not I will try to alert them both that they should do that so their readers will learn of your website here and the incredibly useful knowledge you are trying to pass on. And it would be good to see if this particular article, which exposes truths about the Eurodollars, which I have NEVER read about before, could be posted on Goldseek.com which I go to nearly every day. You have my upmost admiration and appreciation for what you are communicating in these articles on your website.”

J. Welge says:
“Matt, Where this really smells is when the corporate officers and board arrange the buybacks, then shortly thereafter exercise their incentive options to buy at a bargain price (Markets 38 the option allow a buy at 15), then in short order after exercising the options to buy, sell their stock, It goes without saying that the buybacks are window dressing for EPS, which does nothing to increase the top line or expend money on projects to make the company more efficient. Supposedly this type of activity occurred in the late 1920’s and was a contributing factor in the over inflated markets before the 29 crash. This is very eerie; I hope were not in for a rerun!!!!!”

Rolf says:
“Dear Matt, I appreciate your publications…may God be with you…”

R. de Pourbaix says:
“Well spoken! Who will pay the pension of retirees who have worked hard and put their money in saving accounts/government bonds in order to receive interest? Their funds will be depleted by negative compound interest and they will have no choice but to eat into their capital and when that is gone rely on state handouts to survive. Modern Monetary Theory is akin to the concept of creating a communist paradise, wonderful in theory maybe, but history has shown the awful consequences of these monetary and social experiments. Zimbabwe, Venezuela, Stalin’s Russia and the Eden of North Korea are examples of how these wonderful theories pan out in reality.”

F. Haering says:
“Though the author is writing what most readers already know, it reminds us whose parents lived through the “Great Depression”, that DEBT was engendered by the generation following the 30’s. Some of us —- our entire lives — have never sought debt & paid only in cash! The principle of “living within one’s means” isn’t new. Just ignored. Avarice, yes is one of the sins that church-goers would have had driven into their psyches. But in our new world order following WW2, it appears that “consumerism” has been the new God. God & Gold are certainties. Maybe Debt is on the dark side, lodged with debt $ an anti-Christ!”

Frank says:
“Always enjoy your reports as they deal with facts and not the crap thrown out by the fed, media, government, etc.”

G. V. Ferreri says:
“THANK YOU!!!”

F. Hintermister says:
“Matt, I really like your ongoing analysis.”

R. Simovitz says:
“Fabulous. Assessment clear. And accurate.”

V. Gaynor says:
“Excellent!”

D. Gross says:
“AMAZINGLY WELL/ INTELLIGENTLY EXPLAINED! – THANK YOU, MATT,!!!”

Charles says:
“Amen!!”

Niall says:
“Common sense is hard to come by. Thank goodness there is some still about!!”

C-P. Herberg says:
“I grew up here in America, but in an immigrant German household, where because of what my Dad experienced, as a child, carrying a wheelbarrow full of German Marks to buy a loaf of bread, I was taught early on to be thrifty and save. He would always ask “How expensive is it” when I wanted him to buy something for me as a child. He also frequently used the expression “Germans live to work, Italians work to live” in his conversations with me.”

C. Sayers says:
“Absolutely brilliant Matt; I have subscribed to countless newsletters and investment papers, but none of them have been as explicit and as enlightening… in their explanation off the serious problems relating to the financial markets as yourself.
Thanks sincerely for your help.”

C. Willey says:
“Thank you for your insight regarding problems that seek their solutions by extending their problems.”

M. Buttgereit says:
“Hi Matt, writing you from Germany my simple question is:
Do we have, within the Euro system, similar shenanigans you unveiled for the US-Dollar/FED last month?”

Don says:
“Prior to Matt Piepenburg showing up in my in box I looked forward to the articles by Lee Adler and to be honest I was extremely disappointed that I wouldn’t be reading his thoughts anymore. Although I miss Mr. Adler’s articles, I am always looking forward to yours to the same extent as I had looked forward to his. I really enjoy your style and advice and I try not to inadvertently miss any. Thank you.”

R. L. Tompkins says:
“Matt, I like your humor!! Necessary to have some in these times.”

Lindy says:
“Hi Matt, I simply love reading your post. Your writing on the economic state is painful yet vibrant and with integrity, well analyzed.”

Michael D. says:
“Absolutely spot on brilliant.”

L. J. Ratner says:
“Love your work! Keep it up.”

J.D. Johnston says:
“Thank you for the reports. Keep us updated.”

Jay says:
“Brilliant synopsis. It depresses me to see how much the government and mainstream media lie about all this.”

D. Newman says:
“Thanks. I will follow your advice.”

D. Gray says:
“Hi Matt, I just want to say thank you for being direct, keeping it simple and giving us what I heard as heartfelt advice. Thank you.”

F. Gaines says:
“Thanks again. Great analysis. Just good common sense and looking at the facts which is something 99% of “investment advisors” don’t do.”

R. Jones says:
“Congrats on the work you have put into this, I’m one who lost heavily in the mid 70’s/80’s ( $1/2 billion) and I can certainly see this one coming and preparing for it for both self and to be able to assist those 50 years and under who have never seen any real tough times before, the 08/9 was nothing to the coming terrible crash, now with everyone printing money to get through tomorrow, will eventually bite us where it hurts, keep it up Matt.”

Mindy says:
“Thank you!”

L. GERKE says:
“LOVE THE HONESTY AND CLARITY OF YOUR WRITING.”

E. Werts says:
“I have no doubt that you are correct as to where we are headed. Actually, I’ve been amazed that we’ve gotten this far without a very serious financial collapse. I’ve been expecting it for years. I’m just a retired old fart trying to survive on social security. So, I’ve been really worried what I’ll do to make ends meet when the bottom falls out. Recently I’ve started investing what little I can afford, so I’m naturally I’m looking forward to your reports on safe investments. Perhaps I won’t have to worry as much. Thank you for your insight’s.”

Gary says:
“Your reports and commentary are spot on.”

Jason says:
“Terrific and spot on in my opinion. Love your take on natural market forces. Consumers will turn the markets and sentiment shift should soon turn to the downside as spending continues its decline. Having just bought and sold a house this year, that market is definitely still broken. I predict major bubble in ranch style single story home prices in particular as millennials and boomers have crowded this space. Fed cut this week should scream to investors that the Fed is positioning for defense of a slowing global economy. Though they won’t win ultimately, they will likely stick with mid-cycle easing in hanging hat on 90’s similar actions. Cuts will continue and this bull will finally be put to pasture. I also anticipate a protracted period of slower growth and markets after the next crash as all the artificial actions of all the central banks is reset out of failed experimentation and back to investor demanded true market fundamentals. I see 10 to 15 years for this to transpire, as investors grow weary and tired of the rollercoaster ride, they will be forced to exit after 20+ years.”

K. Geery says:
“It is amazing this house of cards has not crumbled yet. I have been a self-employed carpenter my whole life (recently retired). If I did not work, I did not get paid. Pretty basic. I realized back in the eighties, lots of people figured out how to manipulate money, therefore they did not actually have to produce anything “real”. Bankers are still making money off my work, and will long after I am gone. My father used to say, “The bastards are out to screw you”. True words. The truth always wins. Good luck to us all. Thanks!”

Frank says:
“Thanks, and couldn’t agree more.”

M. Collins says:
“Excellent as always.”

M. Ryan says:
“Excellent!”

Anthony says:
“Very well presented and prescient. Too bad our “best and brightest” are neither.”

Martin says:
“Thank you. Like many people, I am nervous about stocks and other assets, but usually when enough people are nervous, they hold up at least for a while. So, perhaps not time to panic yet?”

N. Walters says:
“Wonderful … and a Amen!”

Frank says:
“FANTASTIC ! Way too much common sense for the average investor and non-informed brokers, most of whom act like Adam Neumann, rather than worry about making money for their “clients.” As you said, it is not going to end well.”

R. Gallant says:
“Great insight and understanding for the undisclosed misadventures under acknowledged and the misery that entails. Thank you, for the information.”

JB Bendick says:
Matt, this is some of the best reading in a long time. Thank you for writing. Thank you for calling BS and with a slice of humor to ease the “pure insanity.”

R. Simons says:
“Matt: I wonder and worry about my fellow Americans that do not know and will not be prepared for the swell of toxic seas set to flood our land. Your work is so important.”

D. Spann says:
“Too bad more people don’t see the Pink Elephant in the room and the few that do are feeding it peanuts out of delusional greed, profit, and unearned/unethical gain!”

Doug says:
“Spot-on, Sir.”

T. Frank says:
“Thanks for all your great common-sense research and reporting.”

G. Holguin says:
“Thank you for your common sense message, so please continue with your very welcome information!”

A. Gallegos says:
“Thank You for the amazing analysis of what is really going on. I myself feel a very uneasy and almost sinking feeling about what is about to transpire in our country, and there is a quiet fog of fear that I see in others. The calm before the storm, so to speak. Thank You for the eye-opening facts.”

J. Piper says:
“Thank you for being the watchmen on the tower and pointing out the enemy. God help the honorable and just citizens and the rest go to hell in a handbasket they created for others too be trapped in.”

Joseph says:
“I really enjoy reading your reports. Keep up the great work. P.S. I Love the recession meters you talk about & letting us know how close or what changes are happening that might affect a recession.”

C.R. Davis says:
“Your reports are excellent.”

Billy D says:
“Keep on doing and writing what you do – long or short, it is refreshing (encouraging) to hear some sanity in an otherwise MAD world as Mr. Dalio recently expressed on Bloomberg.
It’s just good old fashion common sense, which is not very common anymore!”

F. Stokes says:
“Matt, thank you so much for your breaking down of this current insanity we call the stock market. I am grateful for your precise explanations.”

P. Wehr says:
“Again, you are spot on! Thanks.”

E. Anchondo says:
“I look forward to your e-mails: The can, that has been kicked down the road I feel, has been mine…and others like me. The past twenty years I have waited, expecting a market correction like 1929. In 2000, I suspected a 3-stage peak to the edge/ finale. I warned all that might listen. I find it noble of you to shine a knowledgeable light on the precipice, lurking ahead. Thank you… If I may say “Paul Revere.”

A. Doria says:
“Totally agree with you.”

Ron says:
“Love it! Keep it simple, especially for us average investors and traders!”

G. Kuzma says:
“Thank you very much, nice insights.”

J. Bangert says:
“Really appreciate your perspective and have forwarded your news a number of times. Keep up the great work!”

T. Wright says:
“Thank you, great analysis.”

A. Gallegos says:
“Excellent analysis and thanks for all Your help.”

J. Hutchison says:
“Enlightening!”

C. Fritch says:
“Thank both of you for your work. I look forward to reading your words of wisdom every week.”

N. Dean says:
“Hey Matt, I love your expert insight of the rigged game we call the stock market. Totally appreciate your honest and candid view. I agree the next correction will, (thanks to the fed) be something for the history books of what not to do!”

V. Blaser says:
“All great stuff. Keep it coming. Thanks!”

Mote says:
“I tend to agree with a healthy cash savings in your portfolio.”

GR says:
“Thanks again Matt for a blunt perspective on this issue— and I appreciate the candor on how gold prices will and can be unstable with potentially “dramatic” pullbacks before a final surge. As you say, the real issue the rest of us have to consider is how we see gold— as a trade or as an insurance policy. I agree that for most of us it’s the latter, and thus need to ignore them price movements and just stick to the big, longer term picture. The central banks have no choice but to keep printing money, just as you forecasted over the summer. The entire global economy is on borrowed time, but the central banks still have some gas in the tank. As you’ve said— the only thing any of us can do is see how much mileage they have left, which no one can time. I’ll be watching that yield on the 10 Y UST, as u recommended, to better track what the markets rather than idiots on tv are saying. Really appreciate your updates and humility. Rare indeed these days— a smart guy who speaks his mind and makes this clear for the rest of us.”

B. Hamilton says:
“It is good to see an analyst give the pros and cons. Most analysts just barrack for one team or the other.”

J. W. Collins says:
“Thanks, I needed that!”

E. Scott says:
“Thanks for being here, and the breakdown.”

L.Z. says:
“This made me realize why I have gold in my portfolio! Insurance is the only way to view it … speculation has never worked for me!”

J.L. Benton says:
“Although I am not a trader at all, but interested to learn about market field. However, if a financially broken family can see severe problems for own families. Then, a financially hollowed country can see massive disasters for entire countries. Measuring pocket to spend, working hard to build country by good policies for America’s greatness of strong economy by America’s own established Constitution laws together to make America great are all Americans’ duties by patriotism & loyalty toward America’s greatness together. Let’s achieve America’s greatness together.”

R. Privratsky says:
“You obviously have a pulse on the market based upon indicators that appear to be spot on.”

Mel says:
“Wow, scary things are coming. Thanks for helping us navigate through all this.”

James B. says:
“Have been following you about 6 months now and have appreciated you take on our current situation. Keep up the good work!”

L. F. Silbaugh says:
“As usual, one of the finest brass-tack market commentaries on the internet. The “what” and the “when”, these reports are really a miniature trading/investment library. Thank you.”

T. O'Connor says:
“The clarity of all the explanations, especially the connection between money printing, bond prices and interest rates is far better than anything I have ever received from paid subscriptions.”

J. Gorski says:
“Everything you say just makes sense to me. It’s too bad 2 plus 2 don’t equal 4 anymore.”

Larry S. says:
“Matt/Tom, thank you for your service, one of the all too few true reality windows. it is at the top of my reading list. I don’t think it possible to overestimate its value.”

Giuseppe S. says:
“There is so much to learn from Your weekly articles and the Monthly Charts that I study every day. Full time job. Thank You.”

L. Arnwine says:
Great information BACKED by Factual Data. Also, any intelligent and common-sense person can research your reports and track the Federal Reserve during this recession.

K. says:
“Love the awareness! Sincerely. Keep it up!

W. Wouters says:
“I opened my Christmas ‘surprise’ little package last night, my youngest daughter brought back from New York to Belgium after a 5-month apprenticeship at the U.N. “sustainable” finance dept. In it I retrieved 7 unique replicas of the original currency during Revolutionary War paper ‘money.’ A brief history I found an interesting read: The first settlers in Colonial America used wampum beads, beaver skins, and tobacco as means of exchange. The SHORTAGE of “hard money” (coins) severely hindered the conduct of business. The most common coin in circulation was the Spanish milled dollar; its value varied from colony to colony. To overcome this handicap to business, the colonies began to issue PAPER currency. Many of the Colonial notes were issued in terms of shillings, because even though most transactions were in Spanish dollars, the official account of exchange was British units – pounds, shillings, and pence. Odd denominations of the currency were often printed because of the lack of small change. To lower costs, many bills were not printed on the reverse side. Each bill was usually numbered and signed individually by hand to discourage counterfeiting The Revolutionary War brought new money difficulties. The Continental Congress, powerless to impose taxes, was forced to PRINT MASSIVE AMOUNTS OF CURRENCY to finance the war. This flood of PAPER money caused the Continental currency to rapidly depreciate; by 1781, the paper was exchangeable for coin at a ratio of 225 to 1! (225$ in paper for a 1$ coin). No further comment after your very professional and revealing article(s).”

D. Thornley says:
“Thank you, gentlemen.”

G. Kuzma says:
“Thank you, guys,! Great insights.”

John B. says:
“Your comments are always prescient Tom & Matt!”

Tony W. says:
“Thank you for all of your insightful thoughts and analyses.”

P. Kaptry says:
“I follow your advice faithfully. Your comments are insightful above all honest. I am ready to short the market. when your signals are pointing in that direction.”

B. Price says:
“Thanks for the truth.”

K. Pizzo Sr.s says:
“Thank you for the sound advice!”

Edouard O. says:
“Okay, you’ve whetted our appetite. I think that equity markets, and not just junk bond markets, are quite toppy. I hold no ETFs which will be difficult to prices in a suddenly dropping market (flash crash). I’ve scaled back on lower rated bond funds, have a couple of mutual funds with higher rated corporates/bonds, have a short-term treasury fund (with a pathetic yield) and a few stocks that I believe are undervalued (IMO, but I could be wrong).”

A. Short says:
“Most excellent writing! Thx you and very much look forward to more of the same.”

H. Dolan says:
“Thanks for the realistic commentary.”

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