Has anyone seen this very long video from Porter Stansberry that is being circulated throughout the internet? I've had a couple clients bring it to my attention and a couple more that haven't mentioned the video but seem to want to make extremist moves that I can only attribute to something like the video. If you google Porter Stansberry End of America video you can find it on you tube. Anyway, it is a long and drawn out fear mongoring tale of how the demise of the dollar, massive debt, and other catastrophism will ultimately cause the USA to not just lose its place as the largest economy, but about a new world order that ultimately results in all asset classes except silver, gold, and farmland to be worthless. While it is hard for me to fathom something like this, or agree with his logic, I can understand how the average viewer might agree with his "proof" and ultimate conclusion. That said, you "must act now" in order to "protect your family" from the certain disaster that is coming and he wants you to buy his newsletter. So I don't take him very seriously, but I'm curious if you all have seen this and, if so, how you respond to clients.
This guy has a history of scams. Google his name with scam. I think he also was charged with fraud before or something like that.
Thanks for posting this. I had a client ask me to watch it. He's very sophisticated, has a big account with me.
Anyone can take a series of events, then talk about those events convincingly, then sneak in a supposed outcome. This is how scams work...
I agree with your comment. He takes the cause-effect outcome to the extreme. I agree that if we print money forever there will be problems and we've probably already printed too much, but it seems there will be no QE3 so I would like to think the Fed is already aware of the long risk of printing and easing off. Anyone that uses scare tactics and "must act now" language I would view with caution. Interesting how he is selling is newsletter in dollars... you'd think he'd want a piece of silver or some canned goods.
One client gave me a Stansberry newsletter and asked my opinion, another two asked me to watch the video. I made it a half hour into it and never got to the sales pitch. It amazes me that otherwise reasonable and bright people would listen to this guy given the information about him on the web.
Justchekin, you made it 15 minutes longer than I did....
I believe there are articles/sites out there debunking this looney!