Interesting Depression & Period of Living Without – Rick Ackerman

Posted at 9:43 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Financial writer and professional trader Rick Ackerman says the economy is tanking, and there is no way to avoid an economic depression. Ackerman explains, “It’s going to be an interesting depression because we have all the infrastructure of affluence. We have achieved a pinnacle of affluence, and the metaphor I use is riding to the soup kitchen on an $8,000 trail bike. . . . I hope we find things that make life worth going on without all the stuff. So, we are going to be in a period of living without all the good stuff, and that is going to be the norm. There is also a really hopeful side to economic distress, but we are most surely headed into a period of severe distress . . . and a period of living without. We will find we are not living without things that are intrinsic to human nature that are good. . . .We going to have to find ways to get along because we are headed into hard times.”

A few years ago, Ackerman predicted that the trend for interest rates was down. The 10 year Treasury is now near a record low. Does Ackerman see rates going even lower? Ackerman says, “Yes, I see lower rates. I think we will have lower rates until, at some point in the future, people will start sniffing out a hyperinflation. You know I have been a deflationist for a lot of years. I think we will have to cross the valley of deflation, but somewhere there is a hyperinflation. It won’t take high interest rates to do it because we will be dealing with a real burden of debt that is going to be crushing no matter where interest rates are even if they are fixed at 2%.” Ackerman sees the 10-year Treasury hitting “.25%.”

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