Summary: The stealth bear market that dressed like a bull<br> Could we see a repeat of 1968-82? Inflation + Bear Market<br> Sentiment Index Indicator says accumulate gold now<br> <br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> <br> Tech Stock Boom Fears Antitrust Bust<br> March 9, 2021<br> <br> “The only thing that our academics within the central bank community know how to breed is every form of volatility, the stated goal to reduce volatility, introduce price stability, and it’s the exact opposite. What they’re breeding is social discontent and volatility, political volatility, economic volatility, and I think in significant ways this year, incredible market price volatility.” — David McAlvany<br> <br> Kevin: Welcome to the McAlvany Weekly Commentary. I’m Kevin Orrick along with David McAlvany. <br> <br> David, on Tuesday mornings I meet with a group of guys early in the morning and one of them, a friend of both of ours, he spoke this morning and I didn’t really know the detail of how he started out here in America. But he was Cuban, and his family in 1961 fled Cuba. They had been land owners there, and then of course, the great leveler came in, communism. And their land was taken away from them, their farms, they came to America with virtually nothing. And it struck a chord because we’re starting to hear about wealth redistribution right now, and top-down management of who gets what, and when.<br> <br> David: Well, there’s a lot of great things that come from Cuba. But—<br> <br> Kevin: I’m not talking cigars.<br> <br> David: No, I think it’s a reality we quickly forget that maintaining flexibility with the resources that we have, and having some ability to move and restart. None of us wants to ever imagine that. I don’t think we have to. But in this case, we have a friend whose family was devastated by revolution. It wasn’t war, precisely, but it was just a change in ideology and there was more of an extractive nature. Well, more of, there was a completely extractive nature. For anyone who is a landowner, you were considered a part of the problem, and the new solution was going to create equality.<br> <br> Kevin: It’s interesting when we look at what creates inequality. A lot of times it comes from sources that people have absolutely no idea is happening. It seems like it’s a political thing, what happened in Cuba, but really when you see what’s going on economically, Dave, you and I have talked, especially over the last eight or nine years, of the distortions that are created in wealth distribution based on the fact that you’ve got two players in this world. You’ve got those who have to earn their money and those who can print it freely. The problem is, for those who print freely, you can create an amazing amount of distortion that later turns into a political action that you may not want to see.<br> <br> David: Many of our private conversations going back to the period of Occupy Wall Street included this idea that the political spectrum from far right to far left is not sort of a straight line where you have the extremes, and language kind of fits far right on the spectrum far left on a linear line. But actually bend that line and you find that the far right and far left are very close to each other. And I always wondered why the conversation never came to cause. What is the issue with inequality? What is the issue with corrupt politics and public policy? And what you find is the enabling function of central banks. When you have loose credit, you’ve got a lot of other things that get real loose as well.<br> <br> Kevin: When my daughter lived in New York, I went out during the Occupy Wall Street thing, and I went down to Occupy Wall Street when it was happening. And I just talked, I walked around, and I talked to the people who were camping right there in Wall Street. And I told you the story,
