Dennis’s views on the financial markets have not changed since the last gathering in May 11. As such, you would find much of the content similar.

Financial crisis is here…

The next global financial crisis already started in Dennis’ opinion. The US economy is largely supported by consumption (70%) and it is not possible for recovery if unemployment rate remains high (now is 9%). As long as the economy is weak, the Fed would print money as it is the philosophy of Helicopter Ben (Ben Bernanke). They may not call it QE3, as people would have negative connotations to the term. Given the mounting debts of US government, it would be a rude awakening to debunk the myth that US government bonds are safe (when there is fear in the stock market, people will sell stocks and buy into US bonds as they deemed the latter as safe haven). In the ...