Dec 17, 2003

More and more Wall Street fraud is revealed...
CALPERS goes after the NYSE...

And yet, the rally continues.

The US trade deficit (despite the fudging of numbers by the Powers That Be) remains at an all time high of about HALF A TRILLION DOLLARS a year...

Yet the rally continues.

The US budget deficit is at more than HALF A TRILLION DOLLARS this year and will be even worse next year...

Yet the rally continues.

Retailers are marking down prices as sales slow, despite this 'holiday season' period, which is supposed to be good for retailers.

Yet the rally continues.

Pension plans remain woefully underfunded, with more than half of the S&P companies having serious shortfalls in pension funding...

Yet the rally continues.

P/E ratios on the Dow and S&P 500 are at DOUBLE historical norms...and the Nasdaq's valuations are nothing short of insane....

Yet the rally continues.

State and local governments are experiencing their worst budget shortfalls in 50 years...

Yet the rally continues.

The U.S. dollar has been falling for a year and appears to have reached a point where it "can't get up"....

Yet the rally continues.

Five million Americans have declared personal bankruptcy in the past three years...

Yet the rally continues.

The people shouting 'buy' are snake oil salesmen, conflicted analysts, bought-and-paid-for economists and strategists...while those saying the markets are virtually all froth include respected individuals like; Buffett, Templeton, Roach and Gross...

Yet the rally continues.

The "outsourcing" of American jobs to overseas cheap labor markets continues, while the 'real' unemployment rate is close to 11 percent.

Yet the rally continues.

Total US debt is more than three times the size of US GDP...

Yet the rally continues.

Insiders are selling stock at a frantic pace...

Yet the rally continues.

The housing bubble looks ready to implode...

Yet the rally continues.

The day of reckoning is approaching.

Many bears have capitulated or turned bullish.

No less than 40 percent of the market volume is program trading.

This appears to be a classic 'distribution of wealth' move...or, to be more precise, a 'pump and dump' scheme that is stuck on the 'pump' phase.

Call the markets whatever you like - a Ponzi Scheme, a Crooked Casino, a Manipulated Mess, an Irrational Financial Orgy.....

But whatever you want to call the markets, one thing is for sure.

This is going to end very badly.

SPECIAL OFFER -- Read what dozens of other respected economists say about the economy, stocks the dollar and gold looking ahead toward 2004 ... Free review copy of THE NEW GOLD RUSH, PT. II: THE COLOR OF HOPE

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