|»The Daily Reckoning by Bill Borner|
Will the US see hyperinflation in 2014?
18 NOVEMBER 2013
Rancho Santana, Nicaragua
I am further insulted by the institutional reply and mindless request I have received as a result of a phone call I made on November, 12th to your offices. A polite, young woman took my call and my request fro an apology in the Bonner newsletter. I was specific as to the reference Mr. Bonner made on Nov. 12th about " ... drunken Irishmen." Now, I receive a further tasking request from your office burdening me with providing the same information I provided on the Nov. 12th phone call. As of today, November 15th, there is still no retraction or apology.
By separate correspondence, I am notifying the Ancient Order of Hibernian's ( AOH ) of the discriminatory references in Mr. Bonner's e-mails and the failure to retract and to apologize for the discriminatory statements. The AOH is America's largest Irish American organization founded in 1836 in New York, NY.
This e-mail will serve to re-iterate my request for a retraction of the derogatory statements and an apology for publishing them. Further, in response to this e-mail, please provide me with Mr. Bonner's professional affiliations, professional titles, and financial industry credentials.
Thank you in advance for your response and cooperation.
Mr. Dennis J. Harris
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Dear Mr. Harris,
Yes, we take it all back. We saw no drinking of any alcoholic beverage in any of the several pubs in Kilkenny, Ireland, on Friday and Saturday nights. Nor did we see anyone who had drunk too much of any said alcoholic beverage. We saw no one so much as raise a glass of Guinness. As for Jameson, it must have been withdrawn from the market. Yes, as far as we could tell, Kilkenny was as dry as West Texas.
And we certainly did not see either of those two fat girls, especially the one with the tattoo on her thigh who fell dead drunk at our feet. Cross our heart and hope to die.
So, we hope the Ancient Order of Hibernians will take pity and pardon us. We realize now, to our great sadness, that we are a disgrace to Erin's Isle and an embarrassment to the whole diaspora, of which we are part.
We would very much like to thank Mr. Harris for bringing this to our attention and us to our senses...and helping us to realize that we didn't see what we thought we saw...nor did we hear what we thought we heard...and if we had, we should have kept it to ourselves anyway.
We are pathetically sorry...and deeply disturbed by these charges. All we can say in the manner of a pathetic explanation, clearly no defense, for we have none, is that we must have had too much to drink.
With warm regards
Last week, Janet Yellen told the senate what everyone wanted to hear - the Fed will support the economy...which means, the Fed will support asset prices. With this put option in their pockets, investors bid up the Dow to nearly 16,000 by the end of the week.
What to make of it?
We're down at a conference sponsored by the Bonner Family Office. And we're thinking. Thinking is the last resort. You only do it when you're desperate. When your opinions, predictions and guesses don't seem to be working out, you're forced to consider alternatives.
While we have no doubt that current Fed policies will prove disastrous, we have nothing but doubts about what form the disaster will take. John Williams, who recalculates basic indicators - CPI, unemployment, GDP - based on what he believes are more honest data. What he discovers is that the CPI is higher, unemployment is higher, and the GDP is lower than the feds tell us.
He believes that there is only one outcome possible - hyperinflation. A year ago, he expected it in 2019. Now, he's moved up the schedule. Expect hyperinflation to begin next year, he says - in 2014.
Why? Because the Fed is more aggressive than expected...and because the rest of the world is losing confidence in the dollar and its guardians. The overseas portion of the US money supply is huge - with dollars in every central banker's vault as well as in the private accounts and hidey-holes of millions of people all over the globe. When these people lose faith, which he expects next year, the trickle of these dollars returning to the US will increase. Prices will begin to rise...slowly at first, then suddenly, in a flood.
Will John Williams be proven right? We'll have to wait to find out!