- The reason why the market is going down is that sentiment was too extreme — nothing to do with the US debt deal or any other news. All 6 major categories of commentators and investors were extreme all together at the same time.
- What will happen next? We are on the cusp of the next great deflationary leg.
- The only way out [of the trillions of dollars of debt] is default. Exactly like the 1930s, but on a Grand Super Cycle Peaking Process.
- You need cash, not in the bank, but in a vault, where you know it will be available when banks collapse. And bags of silver coins in case.
- Potential for social unrest. Every major was over the past 300 years has been associated with negative social mood and during major bear markets.
- He thinks that we are at a period of time equivalent to 1937 where people are partying for the recovery, while the WWII was just months away.
Robert Prechter on GoldSeek Radio
Robert Prechter was interviewed on GoldSeek Radio yesterday (link to MP3). Bob discusses the following points: