Hang on Sloopy!
No, don’t sell your stocks. It’s not the end of the world as we know it. Ron Paul does not know anything you do not. This morning’s global market collapse is probably just another big scare engineered to create opportunities for insiders to make huge fortunes.
I know. I know. You’re shaking in your boots. It’s not every day that the Dow is down 1,000 points. But it has happened before and it will happen again. Remember the financial collapse of 2007-2008? You could have picked up blue chip stocks for pennies, and made a fortune in a few years as the market recovered – and soared.
Of course a lot of stocks are overvalued. Especially electronics and dot-coms. They get that way on purpose, I suspect. Then the insiders unload them, and make a bundle while you with the stars in your eyes take another hit.
The market responds to all kinds of forces – some of them logical (like China’s economic slowdown), others totally senseless.
Take, for example, the parareligious movement that has been growing on social media recently. According to articles I’ve read, there are financial market gurus and Judeo-Christian end-time theorists out there who have attracted a surprisingly large following with predictions of doom.
One theory sees “the end” coming September 13, as the Shemitah year in the Jewish religious calendar comes to a close. Why? Beats me. It’s far too mystical for my finite brain to sort out. But I am pretty sure it will be business as usual in this old world of ours after September 13, just as it was back on January 1, 2001. Just as it was when the Mayan calendar ran out on December 21, 2012.
I don’t know what makes so many people hanker for the end of the world or some apocalyptical economic event, but I know they’re probably wrong in their predictions. I’ve heard so many in my lifetime – from Jamaica’s Bedward to America’s Ron Paul, and when the dust settled things have always gone back to normal.
And I’ve learned one enduring truth: Economies crash, wars break out, disaster is always just around the corner, but the rich and powerful somehow always manage to emerge unscathed, and the rest of us always bear the brunt of it.
So, when the waters of the financial world rage and swell, the best strategy I can think of is to hang on and wait out the storm.
For the eight decades I have been on this earth, stocks have gone up and down, sometimes dramatically. But in the end the solid ones usually go up. If you hang on long enough.