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Death, er… Debt
Spirals; Blow Out and BLOW UP
As the currency and financial systems
of the developed world’s social-welfare-states head towards their doom,
the battles between King Kong (Mother Nature and Darwin) versus Godzilla
(public servants and banksters) continue. After generations of defying the
reality that you must produce more than
you consume, the social welfare states are being presented with the bill
for their unpayable social obligations.
Modern day kings and their courts in
developed world capitals are learning what King Canute once did: you CANNOT
stop the tides from rolling over you; man is not god; he cannot command
nature or defy its laws (i.e., survival of the fittest and producing more
than you consume or perish/submit to those who do) and to believe he can is
FALSE. POLITICS and MAN WILL NOT
PREVAIL OVER NATURE or MARKETS (which are nature).
Morally and fiscally-bankrupt public
servants, ratings agencies and finance ministers can try to DECLARE that
bankrupt sovereigns and financial systems are AAA, but it does not change the
fact that they are BANKRUPT. They
only produce PAPER illusions and, like governments and kingdoms in history
tried to turn lead into gold, this form of sovereign alchemy will FAIL as
well. We only wait for history to
roll over them like the tides.
The farther they climb out on the limb, the bigger the coming economic
and financial system CRASH.
Black swans are taking flight in
a number of areas; the “when hope turns to fear moment” continues
to advance towards the social welfare states.
Broken promises loom. First, the entitlement promises to the
something-for-nothings which have driven us to this point, and then,
ultimately, to the holders of Bonds through the IOU’s in which they are
denominated, known as G7 currencies (US dollars, British Pounds, Euros, Swiss
Francs, Aussie and Canadian dollars.)
The greatest transfer of wealth
from those who store it in paper to those who don’t has commenced: A Crack-up Boom is on the horizon.
Remember what the December 2009 Tedbits
stated about the something-for-nothing societies? They will borrow until they can borrow
no more, then they will print the money until it is no longer accepted. This is in full motion throughout the
G7, the idea that 11 million people in Greece
who have already borrowed 300 billion Euros ($396 billion) are going to be
rescued by the Euro Zone by lending them another 110-120 billion Euros is
FALSE, as the NEW patsies, er….. lenders shall soon learn.
“Extend and pretend” only
works when income and growth can be expected to resume robustly. Obviously whoever is engineering this
package FORGOT to bring the calculators to the table to see how the money
might be REPAID.
For
prepared investors this is the greatest opportunity in history; for those
looking in the rearview mirror it is the seeds of their demise. You must learn to restore the
functions of money to your fiat currencies to stop the debasement of your
money. Then apply various
absolute-return alternative investing techniques and the indirect exchange as
outlined by Ludvig Von Mises to turn the unfolding crisis into your
opportunity. Volatility is
opportunity and it is about to explode.
The Greek drama is fascinating to
watch and from which to learn, but it is just a small glimpse of what is to
come; like a snowball rolling downhill gathers size and momentum, this crisis
will also until it engulfs the base and BLOWS it apart. The belief that the EU, ECB and IMF
will stop contagion is false; the cat is already OUT OF THE BAG.
PAPER is TOXIC, as are any promises of
morally and fiscally bankrupt governments, central banksters and their BIG
bank partners, crony capitalists and their state-run capitalist systems.
Insanity in individuals is something
rare - but in groups, parties, nations and epochs it is the rule….
-- Friederich Nietzsche
The insanity began with the creation
of the Federal Reserve and central banks in general, but really accelerated
with Bretton Woods II in 1971, when semi-reserved-backed currencies (dollars
were redeemable in gold by central banks) were converted into government-sponsored
FRAUD (dollars and all currencies redeemable in NOTHING) and became
IOU’s.
“Prosperity
was to be created out of government debt, not effective policies. That notion
was so appealing to the politicians.
Greece
simply carried Keynesianism to an extreme. Government workers and pensioners
were to receive excessive salaries and annuities, financed by government
debt, in exchange for votes. Keynesianism evolved into quite simply the
substitution of government provided incomes for earnings from private
activities. As we will observe in Greece,
and likely in Spain, Portugal,
and England,
the terminal stage for a debt-financed lifestyle is a lower standard of
living.
Keynesian economics, through
government intervention in the real economy, creates distortions. Rather than
investors placing their money at risk in sound business ventures, they are
seeking to extricate it from those unsound economies. Rather than investing
in those enterprises that would provide tomorrow's economic growth, wealth is
hiding in U.S.
government debt. With $13 trillion of debt, the U.S.
government has provided plenty of hiding space”.
– Ned Schmidt
Malinvestments are at the heart of the
insolvencies, as misallocated capital vaporizes the money and credit placed
in them, and while other sectors which DID not receive the proper funds (due
to financial system distortions) become DARLINGS sooner than later. I hope you all understand BOTH
concepts outlined by Austrian economist Ludwig Von Mises: Malinvestments
(buy them when they become UNDERVALUED) and the Indirect Exchange (exchange your money for them to store your
wealth and create CASH flow) are the KEYS to SUCCESSFUL investing for the
foreseeable future. This will
unfold over and over again until the global financial crisis ends. I am working on these subjects for
readers and investors.
We are just waiting for purchasing
power to collapse under the debasement which is currently unfolding both in
PLAIN sight, and by stealth by morally and fiscally-BANKRUPT central bankers
and public servants. All FIAT
currency and financial systems (they are just credit, aka IOU’s)
throughout history have fallen to their doom in insolvency, and this episode
will be no different. Never in
the history of the world have the outcomes been different. Let’s take a look at a recent
comment from the granddaddy of newsletter writers Richard Russell:
“I want to make one thesis clear. Up until
recently, gold moved inversely to the dollar. If the dollar was weak, gold
rallied, and vice versa. But I believe that has changed. With the mess in Greece
and other European nations (Portugal,
Spain, Italy,
Ireland),
suspicion is rising about ALL fiat money. Increasingly, gold is considered
the ONLY safe money (probably along with diamonds and famous works of art).
The most stable intrinsic wealth is gold because it is priced around the
world every hour of the day, and it can be sold immediately in any quantity,
making it completely liquid.
As I see it, a great drama is unfolding. What we are seeing is the slow,
steady decline of the greatest fraud ever perpetrated on the people of the
world. The fraud I am referring to is fiat money. This is the so-called
"money" created by the central banks. Fiat (non-intrinsic) money
can be created at will by a central bank via a computer.
You work all your life to make a total of $900,000. The Fed, with no work or
sweat on its part, can create a billion or 10 billion fiat dollars at will.
Is that logical or moral? It allows politicians to spend whatever they want,
and the bills are paid for in fiat money. The result is that many nations
have spent far more than they ever should have, and oceans of fiat money have
swept across the planet.
If you continue to produce an over-supply of an item, ultimately that item
will become progressively less valuable. This is what's happening to fiat
money. As fiat money, all of it, loses value, it takes an increasing amount
of a given fiat currency to buy an ounce of gold.
As economies sink, governments create an increasing amount of fiat money in
an effort to jump-start their sinking economies. Thus, what we are seeing is
the perfect formula for the death of fiat money. But before death, the value
(purchasing power) of a given fiat money must head down.
Therefore, I view rising gold as the death knell for all fiat money. But
first, investors will exit the weakest and most speculative of the various
fiat monies. Right now we are seeing investors fleeing Greek money in favor
of the US dollar. In the end, I believe this is a fool's trade. Ultimately,
we'll see the final flight to safety. This will be the flight out of dollars
into gold.” -Richard
Russell
Thank you Richard (I urge you to
subscribe - www.dowtheoryletters.com). The sage Richard Russell understands
it all. Look at the Greeks in the
streets, their way of life having been taken for granted, built on wage,
entitlement and pension promises to pay which will never be met. Now that illusion to reality is
SHATTERED. Just think of all the
pensions, government entrepreneurs (private sector vendors to government),
Medicare, Medicaid, government-sponsored healthcare recipients, social
security, public sector pensions, etc.
ANYBODY dependent on government support in one way or another is about
to be issued a WAKE UP call. In
the G7 welfare-state economies this is OVER 50% of the economies.
This way of life planning is woven
into the fabric of the developed world social welfare states, built on government
promises to pay which will also NEVER be met. If you count the hundreds of
trillions of dollars of entitlement and pension obligations held off balance
sheet by bankrupt G7 governments, then the
streets of Greece
will spread to every G7 Capital.
Let’s take a look at the amount
of understatement of debt-to-GDP ratios, which do not include BIG
“politically connected or controlled” bank debts, which are also
out of control and unpayable:
 
Looking behind the curtain, the
understated OBLIGATIONS are bigger than outlined. An example of this is Fannie and
Freddie debt and guarantees which are not included in the above calculations,
and amount to almost another $10 trillion. These liabilities are only ½ of
the total, because every Dollar, Euro, Pound, Swiss Franc or whatever is also
an IOU of a bankrupt G7 government, so we can double the amounts their
constituents hold. Here is a chart
from a recent www.nyt.com outlining
the enormous amount of money which is owed between countries, a “Web of
Debt”:
Greece is
but a footnote, the main event is about to unfold. When you consider this picture you now
understand this was not a rescue of Greece;
it was an attempt to rescue these behemoths and their CREDITORS from the meat
grinder. The meat grinder is also
known as Mother Nature and Darwin; politics WILL NOT prevail over fundamental
insolvency which spells the demise of the unfit, morally and fiscally BANKRUPT
elites, central banksters and their BIG bank cronies. But the fight is certainly interesting
to watch.
These obligations are unpayable,
inextinguishable and represent government fraud upon their constituents and
employees. Pitting the
“something-for-nothings” (welfare recipients of one sort or
another), public servants and under-worked and overpaid public employees
against over-worked and income-starved private sectors (destroyed by
misstated inflation, over taxation, mandates, and rules and regulations that benefit
crony capitalists and destroy their UN, politically-connected PRIVATE SECTOR
competitors). As German
Chancellor, Angela Merkel, quipped today “we have reached the fork in
the road,” spelling doom for something-for-nothing societies as they
grasp for lenders and cash from their private sectors, and thereby destroying
the seed corn required for growth.
The parasite is killing the host private sectors and is a sociopath in
search for something for nothing.
These conflicts are set to EXPLODE as
MANY governments REFUSE to reform themselves or reduce spending; instead,
they are selling fairy tales to the something-for-nothings and vote
buying. The printing press and
its incipient inflation are in the PIPELINE to destroy these illusions and
expectations for the future.
Under the gold standard, deficit
spending, entitlement promises and the size of bailouts available to public
servants, banksters and crony capitalists was LIMITED. In a fiat system there is no limit to
them until the purchasing power of the money COLLAPSES.
We are in the stretch run for these
MAINSTREAM currencies and their financial systems, as hundreds of billions of
Dollars, Euros, and Francs etc. will be required for the bailouts and unpayable
promises, and sooner or later the lenders will FIGURE out the game in which
they are the patsies. This is why
DEFAULT in Greece
is to be avoided at ALL COSTS, as to do so would FREEZE the lenders into
inaction, creating an immediate sovereign BOND market collapse.
The only source of the funds is the
PRINTING press, as these economies NO LONGER produce more than they consume,
if properly measured. In fact,
wealth creation has gone in reverse; these economies are shrinking at a rate of
5 to 10%, or more if you SUBTRACT government spending which is miscounted as
GDP, paid for by socialist, corporatist monsters who are BORROWING from
SAVERS and sending the bill to FUTURE generations and their children.
Just before the collapse of the
financial systems and markets in August 2008, I wrote an article entitled Blow Out and Blow Up -- and that is
where we find ourselves NOW.
Greek Bond interest rates have exploded higher and inverted, the
Two-Year Note trades at approximately 19%, and the Ten-Year Notes are just
north of 10%.
The markets have shut down for Greek
banks, money is FLEEING the country and the big Greek banks are about to
collapse as the REPO market is CLOSED to them. But the bigger story is the
downgrading of Greek debt to Junk, forcing institutions to SELL and
prohibiting holders of the debt from borrowing against them from the European
Central Bank. Take a look at the
size of the GREEK debt currently held by banks in the Euro Zone:
The money on their balance sheets just
took a 30% haircut at the minimum, and NO ONE will lend against them, except
the European Central Bank (which changed the rules to keep them eligible to
use as collateral). It
is only a MATTER of TIME before this spreads to the other social welfare
states. As this crisis
spreads to Italy, Portugal
and Spain
the interbank lending market will become increasingly dysfunctional and
FREEZE up, as the COUNTER PARTY solvency issues which emerged with Lehman
Brothers resurfaces.
This is actually a bailout of the European
banks as they are STUFFED to the gills with sovereign debt, running the carry
trade with 1% money from the European Central Bank (this is how Trichet got
around QE in 2008, now it is BACKFIRING) and buying longer term maturities
from the respective bankrupt sovereigns.
Until now a win/win as quantitative easing, now practiced by the Bank
of England, US Federal Reserve (the fed is STILL monetizing, only through
different channels to hide it) and the Bank of Japan. Look for Libor (London
interbank spreads) to start blowing out soon as counterparty risk
considerations come to the fore.
Euro Zone public servants are outraged
at the credit ratings agencies which FINALLY acknowledged the unfolding
insolvency, calling for investigations of their refusal to provide
politically-correct but practically-incorrect sovereign bond ratings. It is being postulated that the Greek
downgrade was a diversion from the raising of the debt ceiling by the US
of $1.9 trillion in February. Global
financial crisis part II has begun or will do so SOON. Take a look at 2-year yields - they
are a canary in the coal mine:
As you can see, Portugal
is at the doorstep with Spain
and Italy
about to join the BANKRUPTCY party.
BLOW OUT and BLOW UP is happening right before your eyes, financial
calamity DEAD AHEAD. The
contagion cannot be contained at this point as all the other Euro Zone
countries try to finance their own budget deficits of 5 to13% and become
lenders of last resort to Italy,
Portugal and Spain,
who will, at some point SOON, arrive at the point Greeks are now. Ten-year Spreads are blowing out over
German
Bunds as this chart illustrates:
Look at deficits currently unfolding this year, and
the debt as a percentage of GDP
from a recent www.wsj.com :
These countries are NOT growing, but
their debt and borrowing is exploding HIGHER. These governments are doing NOTHING to
increase incomes and generate higher levels of wealth creation (remember this
does not include off balance sheet OBLIGATIONS). In fact, they are raising taxes and
burying their private sectors in new regulatory mandates (increased costs
such as health care, cap and tax and new entitlements of one sort or
another). Do you see ANYTHING in
government policy which creates jobs, rising incomes or economic activity?
NO, it is INSANITY. A RECIPE for
ECONOMIC collapse…
Since the beginning of the global
financial crisis, the private sectors of these economies have and continue to
shed millions and millions of jobs, while the public sectors are the same
size, or growing, and have wages that are considerably higher than the private
sector, and they produce NOTHING.
Wealth, job and Income generation are
public sector and main stream media HOT AIR with absolutely nothing being
proposed or implemented. ON
PURPOSE. This is the final
assault on CAPITALISM and the private sector just before the UNFOLDING
ECONOMIC collapse lowers the BOOM on what little freedoms are left. Why start a new business or work hard
to make money when the Government and president think:
“We don’t begrudge success
fairly earned. I do think at a
certain point you’ve earned enough money”
… Bar@ck
Ob@ma
This is an obscene attitude from the
president of the United
States.
VOTE EVERY DEMOCRAT OUT; it is the only way to stop this man from
destroying more than he already has.
Congressional oversight and support of wealth creation must be
restored.
Of course, this number is in continuous FREEFALL throughout the developed world
welfare state (while rich is continually defined LOWER), in France
that number is about 50,000 Euros, after which rates become confiscatory. France
is not growing in any meaningful way except through misstated inflation.
Next year when the Bush tax cuts
expire, taxes on DIVIDENDS and investment income are slated to climb to
39.6%, then the health care bill adds a 3.8% SURCHARGE taking the rate to
43.4%. Can you say gangster government? In effect, this is a tripling of the
current 15% rate. Do these
GOVERNMENT terrorists actually believe this will not affect human and
investor behavior? They are
destroying all incentives to PRODUCE wealth, invest and create jobs. This is CHANGE WE CAN BELIEVE
IN… the bastards. This is
UNREPORTED by the media, and is already in law for the 2011 budget. They seek nothing less than the FINAL
death of capitalism.
The companies are taxed at 40% on income
and what little they share with their shareholders will be taxed at that
level as well. A double dip for the terrorists in Washington
DC. An increase of 164%; do you think this
is going to spur investors? Or
entrepreneurs? Or create economic
activity? Of course
not. It is absurd policy from the
progressives (BIG GOVERNMENT supporters). To them you are UNDERTAXED; you are
their sheep to be fleeced.
Politicians and Keynesian economists
DO NOT consider human behavior or the incentives to produce when formulating
government policy. They believe
they can keep taxing and that people who actually produce will keep working
just as hard ever, but take bug pay cuts as their incomes are confiscated and
redistributed to others; they somehow missed the history of these beliefs.
Recent polls show 4 out of 5 people DO
NOT trust Washington, and they trust Wall
Street over Washington
by the same amount. I am quite
certain that our European brothers and sisters are harboring the same
beliefs.
This is INCREDIBLE, yet they ignore
this and proceed to bury you and me.
As I have said before, dictatorship is upon us as elected
representatives DEFY the will of the people they represent and work against
the public interest in growing the economy. The progressive,
congressional, democrats in charge are now at ramming speed to implement
everything they want, as they realize that, come
the 2010 elections, they are LAME ducks.
Let the economic destruction begin as
socialist, progressive, ideologues RAM through every hoped-for policy from
the last 50 years, just as they have been doing since the chosen one was
elected. Congressional
progressives and the Executive Branch have been braying they INHERITED the
deficits: B**L S**T, congress passes the budget and the president signs
it. They are the CULPRITS, take a
look at this chart of budget deficits illustrating the reckless expansion of
government embarked upon AFTER the last presidential election:
Of course, they did this to SAVE
YOU. If you properly add in
losses at Fannie Mae and Freddie Mac, the budget deficits are another
$250-300 billion HIGHER. The GAAP
budget deficit (generally accepted accounting principles) is defined by the
US TREASURY at almost $5 trillion rather than the main stream media
advertised $1.6 trillion. I have no love lost for Pinocchio but this makes
Bush look like an ANGEL. This is
the embodiment of the chosen one’s campaign slogan: “Change we
can believe in.” The
chosen one is now the new Pinocchio.
Just as the Euro Zones markets must PRICE
in this profligacy, so must American markets. Think of the reckless entitlement
EXPANSION contained in HEALTHCARE reform. As Ob@ma muttered after it passed, “this
is what change is,” unpayable benefits for those who are
unwilling to work with the bills sent to those who do. Government dependence for money.
Anyone who has looked CLOSELY at the
financial reform bill KNOWS it is nothing of the sort; it is just another expansion of government power over another sector
of the economy. Reform of
Fannie and Freddie are ABSENT, as well as a resolution process for TOO BIG TO
FAIL. This bill is a favor
factory for incumbent politicians. IT IS MORAL HAZARD WRIT LARGE, removing
the fear of failure for politically-connected campaign contributors and the
holdings of the financial ILLUMINATI.
Let’s take a look at the money trails while the GANG of 535
DEBATES the future of banks and financial companies:
And the top recipients are:
Dozens of FUNDRAISERS are being held
while these gangsters are DEBATING the legislation. And who made the BIG contributions to
protect their futures from these congressional PREDATORS?
This is PROTECTION money just like
that collected by the mafia; it’s just like Congresswoman Bachman has
said: GANGSTER government. It’s the Chicago
way. The republicans and democrats
doing imitations of the Gambino’s and Gotti’s as I have said many
times in the past. Tea Party
buyers beware.
Another question that beggars belief
is the fact that this legislation is being put forth BEFORE the financial
commission created by Ob@ma presents their report. How do you fix the problems if they
haven’t been properly identified and defined? This is another political fix to
practical problems. It HAS NO
REDEEMING value except to entrenched politicians, giving them more POLITICAL
control of the banking system. It
NEEDS to be RUSHED through before they LOSE the next elections. You can expect the VAT tax to be
rushed into law before the deficit commission presents their conclusions
which have already been decided upon as well. MORALLY and FISCALLY bankrupt public
servants.
In Conclusion: These are the policies of
INSOLVENCY! Nowhere are policies
of economic, job or income growth being discussed or implemented, so a return
to economic growth as a method to pay the unpayable is OFF THE TABLE. There is no way that extend and pretend will PAY OFF. They will have to print the money, and
since we are off the gold standard there is nothing preventing the illuminati
and their minions from doing so. Keynesian economics are falling on their own
petard.
A hyperinflationary depression
continues to unfold. Trillions of
dollars have yet to be created to STEM the collapse. The elites will FAIL and take their
financial and currency systems with them. IT’S ALL AUSTRIAN
economics. The something-for-nothing
social welfare states of the developed world will ALL descend into the hell
hole Greece
is becoming. No politician,
central bankster or crony capitalist can stem the tide of their
self-generated insolvency from washing over them. When interest rate spreads blow out in
your area, you know the crisis has ARRIVED where you live and the blow up
will not be far behind.
Make no mistake, this is an unfolding
currency extinction event and it is not limited to the Euro. Spain,
Italy and Portugal
are at the EU doorstep soon to seek Greek aid. The destruction of the Euro is dead
ahead as they will soon try a rescue of BIG MONEY. A $2 trillion Euro Zone rescue fund is
being proposed. YOU can COUNT on
it. As I have said in this letter
for years: They will print the
money. Germany
MAY leave the monetary union because the rescue is toxic to the public. One thing is certain; they will not
pay for it. The Euro is in
freefall and, as Dennis Gartman correctly notes, the situation has now become
a liquidation of euro-denominated reserves by central banks.
Something-for-nothing societies will
borrow until they cannot do so, and print until the purchasing power of the
currency collapses, up to and including the US Dollar. It will be the last to fall as all
fiat currencies are derivatives of the dollar. Don’t lose everything when they
crank up the printing presses over and over again. The fiat currency PONZI schemes are
collapsing. Learn how to turn it
into your opportunity.
For investors, it’s the greatest
opportunity in the world as these REALITIES are priced into all markets
(stocks, bonds, commodities, metals, etc.) they will zoom up and down. BUY and HOLD is DEAD, except for GOLD
and SILVER (buy pullbacks). EVERY
asset class in the world is MISPRICED as it is impossible to know what a
Dollar, Franc, Pound, or Euro is worth.
As a unit of account for trade they
are WORTHLESS as they represent no intrinsic value except the corruption of
our leaders. They will all ultimately go to their intrinsic value as they
have done throughout history, without exception. In order to thrive, you must learn to
restore the functions of money and consider investments that can thrive in up
and down market conditions. This
is what I do – click here to find out more www.traderview.com/inquire.htm
I also have a special treat from my
friend and Technical Analyst Garret Jones. He has written a special alert on the
major stock indexes and the big and little pictures, it is good work and you
can access it here www.traderview.com/tedbits/GarretJones-SpeAlert70-050410.pdf
There are only two reliable units of
account and settlement and they have not changed value in thousands of
years: Gold and silver. The only thing that changes value is
the currencies in which they are denominated, pushing them up and down as a
reflection of the RELATIVE strength or weakness of the underlying FIAT
currency. Remember: Currencies
don’t float they just SINK at different rates.
The European central bank will have to
figure out quantitative easing or its curtains sooner rather than later. They will do so in one form or
another. Banks soon will rebel at
taking down more bad sovereign offerings. It will probably be camouflaged, as
the fed is probably doing it now:
DIRECT BIDDERS.
Why do we know this will happen? If someone points a gun at your head
will you duck or take the bullet?
These predators (public servants, elites, crony capitalists and
banksters) are no different than you.
They will duck and let the public take the bullets as they have done
since time began. You must learn
to dodge the bullet as well.
It’s all contained in the works of Von Mises, Hayek and
Schumpeter. Applied Austrian
economics. You should learn 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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Tedbits Overview gives a broad description of what’s unfolding globally
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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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