STREET DOGS: Ruffers
From Jonathan Ruffer: "In our view, the perception that wealth is endangered in the world will come suddenly, and not gradually."
From Jonathan Ruffer: Our call that inflation is on the way is the irresistible conclusion which one must draw; in the world that is passing, it was asset prices that went up; in the world that is coming, it will be wages and retail prices that go up. The credit crunch of 2008 was the natural onset of the cold winter which removes the excesses of the long prosperity which preceded it; the Fed turned the radiators on, thereby artificially prolonging the summer, and now that it, too, is ending, we are looking once again at the elemental corrective to economic excess – a destruction of savings. It is our job to protect clients to preserve the wealth in winter, as well as to encourage its growth in summer. As always, we are less interested in when it will happen and more interested in the shape of the difficulties if and when they arise. If our analysis is correct, there will be few hiding places, and, unlike the past 25 years, cash will not be safe. In our view, the perception that wea...
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