We Saved The Pirates.
By Rob Lambert - 
Email Editor
Date : October 16, 2008
I apologize for this short newsletter that continues my rant. Next week I promise to be back to the nuts and bolts of Asset Protection.
Two weeks ago I wrote a newsletter urging the folks in Washington to let the pirates die. I reasoned that these opportunists (particularly those in the subprime market) got rich fleecing the American public and that they should be allowed to die. I further reasoned that they would be quickly replaced by a new team of pirates and that, if we were going to spend public money, it should be to help the swindled consumers. Well, as you all know, it went the other way on a worldwide scale.
What we ended up doing to try and stop the pending global economic collapse was to spend our way out of it. What is different is that this time the spending was done on a world wide scale. From Asia to Europe the central banks followed our lead and adopted a “print new money as needed approach”, injecting trillions of dollars into the banking (liquidity delivery) system. I don’t know what is bigger than a trillion but it is certain that I will have to learn and figure it out as the nations of the world inject money into their banking systems.
What is certain to follow? Well, this seems pretty straightforward to me. We have preserved the big institutions, increased the money supply by HUGE amounts and done little (some would say nothing) for the regular Joe or Jane on the streets. |
We can and should expect substantial inflation in the future. This combined with further worldwide deficit spending and higher taxes is going to do little to help the doe eyed, middle class, hard working person.
I am sad that we didn’t choose to let the pirates die. I am also sorry that we will soon find ourselves talking about inflation. The good news about this is that the government may actually be able to pay our pensions, albeit with near worthless dollars. In addition, inflation may cause housing prices (not values) to increase so that some of the people who are upside down in with their real estate will actually be bailed out by the inflated prices.
It doesn’t matter whether I am right or wrong. It is certain that things will be very different from what they are right now. Expect more litigation and uncertainty. It is a good time to protect yourself to weather the inevitable short term upheaval which is upon us.
Have a healthy and protected week.
Rob Lambert
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ABOUT THIS EDITOR:
Rob Lambert, Founder and former law professor is considered to be foremost expert on tax compliant asset protection structures. A contributing editor to Lexus Nexus debtor creditors series of law books Rob's passion is implement client wealth plans that stand the test of time and hold up under duress.
10 OCTOBER
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