My friends, I want to talk for a few minutes with the people of the United States about banking — to talk with the comparatively few who understand the mechanics of banking, but more particularly with the overwhelming majority of you…
Franklin Delano Roosevelt, President. 12 March, 1933
It’s been ninety years, and we still haven’t learned the lesson.
Note: The Not Fake News does not give investment advice; the following is opinion only. If you come to us for advice on what to do with your money, you probably deserve what you get anyway, but it needed to be said.
It’s counterintuitive as all get-out, but it’s happening anyway. In the face of massive business closings, record unemployment due to COVID-19, and the Federal government effectively printing trillions of dollars based in nothing but faith in the future, the stock markets nevertheless are booming. So — how is this possible?