Goldseek radio has an interview with Robert Prechter here.
Prechter’s 2002 book, “Conquer the Crash,” predicted the current economic collapse and this is an interesting and wide-ranging interview. Prechter is a renowned Elliot Wave theorist and a long-time prophet of depression.
Summing up his most important points:
*We have been in a developing deflation since 2002
*Debt is the problem, not paper-printing.
*Gold will hold value and do well, but it won’t go to the moon
*Cash is a good place to be
*The market will go down for a replay of 2008, in spades
In Prechter’s 1978 book, “Elliott Wave Principle” he predicted the 1984 – 2000 Bull Market (Grand Supercycle III) and the current (2000 – ????) Bear Market (Grand Supercycle IV). Doug Casey has been talking about the coming “Greater Depression” as long as I can remember.
Hi –
Well, I agree with both of them on that.
I think it’s a mistake to just dismiss this as perma bear talk, as some people do.
The fact that they might not have timed it correctly is really irrelevant. As manipulated as the economy is, it would be impossible to predict for someone who wasn’t privy to what the insiders were up to.
I’ve studied a bit of Elliot wave but I never got into the details. I keep an eye on the price levels, read the macro stuff, and then tune it all out…and try to catch as much of a move as I can.