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David Knox Barker is the founder of Market Cycle Dynamics, LLC, and the publisher and editor of The International Market Cycle Dynamics Letter. Barker is one of the world's foremost experts on market cycles and the global economic long wave. He is the author of The K Wave; Profiting from the... More
My company:
Market Cycle Dynamics, LLC
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MCD Weekly Briefing Blog
My book:
The K Wave; Profiting from the Cyclical Booms and Busts in the Global Economy - eBook
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  • Global Stock Market Cycle Forecast 2011
     The job of a stock market cycle tracker and forecaster is far more difficult with trillions of dollars in government intervention and global central bank quantitative easing sloshing around global markets. The liquidity is bidding up everything from oil to coffee to corn, but the cyclical stock market picture is clearing up. There is both good news and bad news regarding global stock market cycles for 2011. It is always better to get the bad news off your chest first, so let’s dispense with the bad news, and move on to the good news.

    The bad news is that the global Kondratieff long wave and winter season could have ended in 2009. If it had, a global long wave spring season would now be underway. An orderly unwinding of bad debt, the closing of the overproduction lines, and the deflationary implications of the regular long wave global economic forces is as natural as the turning of the annual seasons from fall to winter. The fall season is beautiful and the air is crisp and fresh, but government has no business trying to make it last forever. A free market economy would unwind the excesses of the long wave cycle in a far more orderly fashion than the job the Keynesians are doing.

    In The K Wave (1995), published by McGraw-Hill, I predicted a global banking crisis, real estate collapse, interest rate plunge and a deflationary unwinding of global long wave excesses, ending in 2009. The forecast was for the long wave to run its natural course and put in a long wave bottom, making the natural long wave turn from the winter season into a robust global economic spring. That call from almost 15 years out was looking interesting in early 2009, as global markets were in free fall. That call is actually even more interesting now, with the powerful global market rallies out of that low. The case presented was that emerging markets would lead the global economy out of the long wave winter season and into a new long wave spring season and global boom. The updated and expanded edition of the book is Jubilee on Wall Street (2009), and is available at Amazon, in the event you are interested in learning more about the long wave.

    Unfortunately, something tragic happened on way to the long wave spring season. Government came to the rescue. Around the world, governments have run up trillions of dollars in debt, trying to stop the natural turn of the long wave seasons. They have created the greatest amounts of debt in human history trying to counter the Kondratieff long wave cycle, which they do not understand.

    Beginning as far back as the 1980s and 1990s, aggressive government response to financial crisis, beginning with the Latin America debt crisis in the 1980s and then the savings and loan debacle in the early 1990s, has expanded the cycles. Debt was piled on top of debt; all in an effort to try to stop the natural long wave decline and letting bad debt fail. Japan was caught in a liquidity trap after their market top in 1989, due to the great debt pyramid created in the 1980s; they have been caught in the forces of a long wave decline every since, but have continued to pile debt on top of debt.

    Bad credit risks, overproduction, ill-conceived ideas, and inefficient producers and suppliers going out of business and transferring capital from weak hand to strong hands should occur regularly in a market-based system. It is as natural as a winter snowstorm. It removes overproduction and restores pricing power so the deflation ends. Unfortunately, governments and central banks began stepping in with a massive effort to prop up the economy by ensuring and forcing the supply of credit to weaker and weaker hands, with taxpayer backstopped money. The final act should have been the government (taxpayer) insured and bailed out liar loans for 120% of value on delusional appraisals, but now we know that $9 trillion in loans to global enterprises have kept all the weak hands in the game. The last business cycle 2002-2009 was a monster, which is still haunting the global economy, a result of fiscal and monetary intervention.

    There are those who believe the long wave crisis is behind the global economy and that a long wave spring has sprung. Unfortunately, when you pump money into the economy you expand the cycles and make them longer. All the effort by governments and central banks around the world have only served to lengthen the regular business cycles and the long wave. The global economy is now in the final business cycle of the long wave and the long wave is now on track to top in 2011 and then end with a bottom in late 2012. This will be in the wake of a global debt collapse, since all the debt has finally gotten too big for governments to manage.

    The take away here is global stock market Kitchin cycle top coming in 2011, and a final business cycle and long wave descent into late 2012, and possible into 2013 if governments go overboard to try and delay the inevitable day of Kondratieff long wave reckoning. If this updated call is wrong, and the call in The K Wave (1995) was correct, it will become evident on the chart below, as interest rates rally above the declining trend line and U.S. GDP booms, as it did at the start of the last long wave spring in the early 1950s. If this updated call is correct, the GDP recovery will top out shortly and interest rates will not break out over that declining trend line, but end their rise in 2011 and resume their decline into 2012. That ends the bad news.

    1949-2012 Long Wave

    Now for the good news that is central to the LWD 2011 stock market cycle forecast. The late great market timer PQ Wall was the first to recognize that every business “Kitchin” cycle subdivides into nine smaller cycles, known historically as the 20-week cycle. In The K Wave (1995) this cycle was rechristened the “Wall” cycle in honor of PQ Wall, since he also recognized that a Wall cycle is a miniature long wave, but that is another subject.

    Those familiar with PQ Wall’s work will recall that he proposed that the nine Wall cycles in a regular business cycle come in three sets of three. These three sets of three Wall cycles often clearly appear on a market index chart. The rule of third last and weakest makes the third Wall cycle decline harder than the other two in the three sets and tends to show up clearly on a chart, which was what occurred on July 1, 2010. That outsized decline in the S&P 500 into July 1 clearly stands out as a third last and weakest Wall cycle.

    Coming out of the Wall cycle bottom on July 1, 2010, Wall #4 has managed to make a new cycle high. The fact that global markets were able to make a new high, facing the undertoe of a global long wave debt collapse, is a very positive stock market cycle development. Sure, it was the most government sponsored and supported Wall cycle in human history. Government’s and central banks spent billions if not trillions in your money, your children’s money and your grandchildren’s money pumping and propping it up. It is running long. A large portion of the market rally is real. How much chaff and how much wheat are hard to determine, but the market did print a new high and took out the important 1228 target in the S&P 500.

    Here in early 2011, global stock markets are now sitting atop the great rally from the Kitchin cycle lows in March 2009 and at the top of Wall cycle #4 from the July 1 low. This is good news from a cycle perspective, because it means that the U.S. S&P and most global markets got to new highs not just in the Wall cycle but in the second set of three Wall cycles (the 2nd Kitchin 3rd) in this final Kitchin cycle of this long wave. That is no small feat. This new high suggests the upcoming winter cycle bottom will be milder than it otherwise would be. If the final years of this long wave cycle were going to be a worse case long wave scenario, markets would not likely have been able to rally to a new high in this second set of three Wall cycles.

    Wall Cycle Forecast 2011

    There is no doubt that the rising economic force of emerging markets are allowing global markets to rally to new highs this far into the final business cycle of a long wave winter season. Many of the S&P 500 companies and other developed countries major companies have a large and significant presence in emerging markets and are major exporters to the emerging markets. Emerging markets are real and powerful long wave spring forces. The end of the long wave winter was delayed, but the coming long wave spring that will be driven by emerging markets is itching to get going.

    Most developed global markets will follow the direction and cycle trends of the S&P 500. The emerging market will stay one-step ahead of developed markets. It appears as if key emerging markets entered new Wall cycles between mid-November and mid-December, while developed markets have yet to bottom.

    It would be wise for all investors and traders to ponder the rise of emerging markets. Just in the BRICs, a large majority of the 2.5 billion citizens are hardworking, capital forming, and aspiring global middle-class participants. The implications are truly staggering; they are and will radically change the world.

    The smaller stock market cycles, specifically the Quarter Wall and Wall #4, is overbought and topping out. A sizeable correction is in store, likely into late January to mid-February, which will produce the bottom of Wall cycle #4. Out of this low Wall #5 has a chance to rally to new highs, because it is the second Wall cycle in the unfolding set of three. The second Wall cycle in a set typically rallies to a new high. The high of Wall #5 is expected around the May target, whether it is a new price high or not. That will likely be the final high in this final business cycle of the long wave. A rally to a new high in Wall #6 will be a run against the clock of the ticking global long wave debt bomb. When it goes off, it will drive the global stock market cycles down sharply into late 2012.

    They are more than a few shoes that could drop and wipe out the rally of Wall #5, so stay tuned to the important price supports. The exact price and date targets of the cycles are reserved for subscribers to The Long Wave Dynamics Letter. One subscriber said the Fibonacci grid price targets, from the Level 1 grids down to intraday grids, are like reading sheet music. If interested, you can read What LWD Subscribers are Saying.

    I would be remiss in not pointing out that the S&P 500 price target of 1278.95 is the inverse golden price target in the current Level 2 Fibonacci Dynamic Web price grid. These are the sort of targets used to indentify precise entry, exit and stop loss targets. Note that the top tick on Thursday the 6th was 1278.16, in Quarter Wall and Wall cycles that are overbought and topping.

    In conclusion, the good news is that the rally in global markets in this final business cycle of the long wave is a gift from the hard working citizens of the emerging markets, who will lead the next long wave spring season advance. And of course the hard working central bankers of the world. Take this cycle topping opportunity to prepare your finances. Consider yourself warned. The long wave spring is coming, but a late long wave winter blizzard lies on the other side of this false spring season.


    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Tags: SDS
    Jan 08 4:20 PM | Link | Comment!
  • New School Fibonacci Market Cycle Analysis

    There are investors and traders that have been misinformed. They believe the application of Fibonacci ratios to stock market movements in price and time have been fully explored, suggesting there is nothing new in the remarkable discovery of Italy’s favorite son, Leonard Fibonacci, for investing and trading applications. Research at Long Wave Dynamics (LWD) suggests our understanding of the Fibonacci sequence and ratios, and their implication for human action and market cycles have barely scratched the surface. LWD has pioneered a new school of Fibonacci application in price and time. Deep mystery as old as time itself is manifesting itself in Fibonacci ratios in daily stock charts that will stun and amaze, if only you are willing to look.

    Leonard Fibonacci was a citizen of thirteenth century Pisa, the Italian village of leaning tower fame. Fibonacci is widely accepted as the greatest mathematician of the middle ages, but the jury is still out. Fibonacci may well be recognized as the greatest mathematician of all time before the wobbling orb of earth stops spinning. Historically, Leonard Fibonacci was known for providing the first explanation of Hindu-Arabic numeral system to the Western world. More recently, in the last century, he is better known for discovering the Fibonacci sequence, 1,2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc.,   which produces Fibonacci ratios, 61.8%, 38.2%, 23.6%, etc. and Fibonacci spirals, all of which are proving to be the living space-time backbone of growth and decay in much of nature.

     Fibonacci Spiral 

    Joseph and Frances Gies revealed in their book Leonard of Pisa, that Leonardo da Vinci along with other artists and architects of the Renaissance consciously employed the golden ratio in their art and designs, unaware of Fibonacci numbers and the natural manifestations of the golden ratio. The Gies also reported that Johannes Kepler wrote of the divine section, the golden ratio, as symbolizing God creating like from like, and that in the 1920s Yale University professor Jay Hambidge coined the term dynamic symmetry to describe the symmetry of growth where the golden ratio is discovered, as opposed to the static symmetry of simple division.

    There are critics of Fibonacci ratios applied to art, architecture, natural spirals, and some have valid points. Critics note that spirals in seashells, galaxies and other places often used to illustrate Fibonacci ratios do equate to the golden ratio. The Fibonacci spiral pattern is often clearly there, but the exact ratio measurements are off, sometimes significantly. What critics may often be missing is the time element to an unfolding Fibonacci phenomenon that a still picture may not capture. The light from the stars in the spiral galaxy below began the journey to the camera lens at different times, so exact Fibonacci ratios in the spiral may not be evident.     


    Fibonacci Galaxy 

    There are also those that criticize Fibonacci ratios applied to stock market activity. However, the advantage of Fibonacci ratios applied to stock market activity is that stock prices are a rather exacting science; otherwise, trades could not clear to the satisfaction of buyers and sellers at the end of the day. Stock cycle tops and bottoms occur at specific prices, on specific dates, and at specific times. In this article, you will read a very exact application of Fibonacci ratios to stock prices that span decades of space-time.    

    Spiral galaxies are beautiful and interesting, but using a new school of Fibonacci market cycle analysis to trade the E-mini futures contract or to know when to exit current stock positions for what will invariably be a greater value-buying proposition for large cap stocks at a stock market cycle low in the future is our real interest. This is where the Long Wave Dynamics Formula Timing plan enters stage left in your space-time continuum of investing and trading. The objective is to provide perspective and clarification regarding what appears to be market chaos, but where just under the surface is a fractal order in any market that will produce shock and awe in the thoughtful observer.  

    For starters, the Long Wave Dynamics Formula timing plan requires that you identify the Level 1 Fibonacci grid, which is the intraday low and intraday high of the most important move you can discover in the market is you are studying. There is not sufficient space here to explain why the intraday low and high are essential, just take our word for it. As they say, a picture is worth a thousand words, and pictures are provided. Below is the Level 1 grid in the S&P 500, which identified the most critical Fibonacci targets in the entire 1982-2007 bull market.    

    Level 1 S&P

    Once you have located the Level 1 high and low Fibonacci grid target in any market, you drill-down into the next level of the grids between any adjacent Fibonacci ratios. This applies to all the Fibonacci ranges of every Level of Fibonacci grid. It is important to note that over the 61.8% target the method uses the inverse of the Fibonacci grids below 38.2% to produce the grid targets on the way to the 100% of the given grid. This grid ratio process is explained in detail in the Long Wave Dynamic Formula Timing Plan for subscribers. Below is the current Level 2 grid of the entire 1982-2007 bull market. 

     Level 2 S&P 1228.20

    The new school of Fibonacci ratios applied to markets recognizes that all Fibonacci targets are important, but that the 38.2% and the 61.8% targets are especially important, because they divide every Fibonacci grid into 1) Solitude range, 2) Normal range, and 3) the Frenzy range. You will recognize that the market plunge into March 2009 reversed right on the 38.2% target of the entire Level 1 grid. This was clearly an important turn in the Fibonacci Dynamic Web. Mr. Market refused to drop out of the Normal range of the entire Level 1 grid and into the Solitude range. In fact, he has insisted on climbing back up the entire Level 1 grid of the Normal range, bursting into the Frenzy range only recently. Whether he can manage to remain in the Frenzy range is an important matter for any market observer.

    What the observant investor or trader will immediately recognize is that the show put on for all the world to see in March 2009 was repeated on a smaller market cycle scale when Mr Market plunged into July 1, 2010. Just below the S&P 500 61.8% target at 1013 the market reversed, refusing to drop back into the normal range of the entire Fibonacci Dynamic Web of the 1982-2007 bull market.

    This is where it gets interesting. Since Mr. Market has now broken into the new Level 2 grid above 1228, the 76.4% target in the Level 1 grid, he has been diligently climbing the Level 2 grid in pursuit of the 38.2% target in the Level 2 grid at 1278.95. Mr. Market knows that if he cannot get into the Normal range of the Level 2 grid, he risks dropping back through the 1228 target, where market gravity will attempt to pull Mr. Market back into the Normal range of that Level 2 grid.

    This pattern of Mr. Market in the Fibonacci Dynamic web is evident down to the lowest possible level, i.e., to a hundredth of a point. Drilling down into the deeper and deeper fractal levels of the market you will recognize this character in Mr. Market even between your sips of coffee, as you try to map out your investing and trading strategy for the New Year. Put that coffee down as you observe the chart below. I would hate to have you burn yourself when you see the chart below.

    After trying to break out over the 1259 target in the Level 2 grid on December 22, 2010, Mr. Market backed off into the morning of December 27, 2010, to make another run for that 1259 target. Where did it turn around on the morning of December 22, 2010? It turned on the exact Fibonacci golden ratio of the Level 4 grid at 1241.58. If that is not granular enough for you, note the high on December 28, 2010, at 1259.90, the golden ratio target in the Level 5 grid. These grids are generated from an intraday low in 1982 and an intraday high in 2007. Consider the implications. There are powerful forces at work in the universe that manifest in Fibonacci ratios. 

    The point is that what appears to be chaos is anything but. There is remarkable order to market activity, right down to the penny, every day, every hour and every second. Obviously, these deeper levels of market activity are not necessarily useful to investors and traders. However, they are the smaller scale versions of the larger moves the market makes, like the March 2009 low and the July 2010 low. All these market moves are ruled by Fibonacci ratios that were discovered long before the electricity that executes your investment and trading orders. You ignore such deep universal order at your peril.

    Price is one thing. Time is another. Even more exciting than what Mr. Market is up to with Fibonacci ratios in price, is how Mr. Market respects Fibonacci cycles in time. Long Wave Dynamics research has discovered that Mr. Market is just as enamored with Fibonacci in time as he is with price. Currently, the cycles in price and time have been juiced with trillions of dollars in central bank monetary and government fiscal stimulus. Aggressive monetary and fiscal stimulus has proven the make the cycles run long in System Dynamics research at MIT by Jay Forrester.

    In spite of the stimulus, Mother Nature is patient and gets her way. There are degrees of freedom in Fibonacci ratios in price and time in the large cycles and the smaller cycles. The current 20-week cycle is pushing the envelope and running way long, but it will turn down and bottom, sooner rather than later. It will do so based on Fibonacci cycles with degrees of freedom in price and time. It is now time for serious investors and traders to consider the implications of the new school of Fibonacci market cycle analysis. The Long Wave Dynamics Formula Timing Plan provides actionable information to improve performance and reduce risks for investors and traders based on Fibonacci cycles in price and time.


    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Jan 01 8:37 PM | Link | Comment!
  • The Legal Fiction of Corporate Income and the Coming U.S. Reorganization in 2012
    Markets and pundits are celebrating the great tax deal “compromise” between the Obama Administration and the Republicans. A tax deal pitched as a compromise between the two-party duopoly that has been selling the United States into debt slavery for decades is not likely in the best interest of the country, or your bank account. The deal strikes me as a bit like a two-year-old eating homemade ice cream for the first time, believing it is the greatest possible pleasure on earth, with no earthly idea of how it stacks up against a honeymoon.

    What the politicians don’t realize is that the global crisis is forcing American’s to grow up fast regarding matters of high finance and the truth about taxes. They are beginning to understand the exploitation of the current tax system. Word is spreading concerning real tax reform that could light a fire under the U.S. and global economy, and simultaneously reduce the deficit.

    There are high hopes that this latest tax extension band-aid will provide some juice to the U.S. economy. However, it has only extended the old two-party regime and game of kicking the debt can down the road. The clear goal of the deal is to bring back the delusional debt binge years. Good luck with that great idea. It is a travesty that matching spending cuts were not required to match the tax cuts, as any responsible adult would have required. Unfortunately, this compromise is likely only rearranging the deck chairs of the U.S. economy, just before it slips beneath the icy surface of the long wave winter season.

    The problem with the tax deal is that it represents such pathetically small thinking. It sells America short and will prove to be too little too late. It is tragic that there is such vast untapped U.S. and global potential waiting to be unleashed, and this embarrassing tax compromise is all the creativity our leaders could muster. The politicians have put us in such a big hole we have to start thinking bigger. The global economic boom that could be unleashed with real tax reform will have to wait for another day, but that day may come sooner rather than later, likely in 2012.

    The next stage of the U.S. and global crisis directly ahead will change everything. What is coming is not an aftershock of the 2007-2009 crisis. That was the warm up, or you could call it the pre-shock. The real crisis is going to come with a political storm that will make the 2008 mid-terms look like civil discourse. What is coming politically is fundamentally different from anything in America’s past, save maybe the Revolution. But we had the Revolution already, what America needs now is a reorganization.

    Believe it or not, I’m actually optimistic. The U.S reorganization is going to happen, in ways that will astound most Americans, and the world. The U.S. reorganization will lead the world into a global boom and new golden age.

    Typically, reorganizations come as part of a bankruptcy. America will not likely go bankrupt, but it will be a narrow escape. Anyone with the pulse of the American people knows they are ready for radical fundamental change like never before. Fiscally responsible American’s from all walks of life and all social views are going to rise to the occasion and demand a U.S. reorganization. Fiscal conservatives from across this great country are going to join forces, from the libertarian left to the religious right and everyone in between, fiscal conservatives will be marching arm in arm and demanding real fiscal change before the U.S. reorganization of 2012 is over.  

    So what should be at the top of the list for this reorganization? Real tax reform must be at the top of the list as the U.S. goes into the reorganization period of 2012. It is almost more that a rational mind can handle, watching the relentless destruction of the U.S. economy and the abuse of the poor and middle class by the current regressive corporate tax code. Yes, I wrote regressive. The supposedly progressive politicians love to talk about taxing corporations so that the proceeds can be redistributed to the poor. It is a bold-faced lie.

    The fact of the matter is that any corporate tax is regressive. It is a tax on poor, working poor and middle class that can least afford it. Politicians using talk of corporate taxes to win their votes are engaging in classical Orwellian doublespeak. The U.S. has the second highest corporate taxes in the world, and they are destroying the U.S. economy and shipping millions of jobs to countries with lower corporate tax rates.

    Corporate Income Tax Rates

    Fortunately, the general ignorance of these most basic facts of taxes in the U.S. is ending. There is a great awakening occurring from online education and angry citizens looking for answers. Objective reasoning and the clear thinking it brings is beginning to win the war of ideas. The American people are getting wise to the fact that corporate taxes are one of the biggest political frauds in history. They are recognizing corporate taxes for what they are, a government sponsored swindle that is increasing the costs of all products and services, reducing wages, increasing unemployment and poverty across the land and crippling the U.S. and global economy.

    The FairTax.orgmovement is catching fire. It is going to be a fire that sweeps across the country and burns the unfair and regressive tax system to the ground. Consider the following well reasoned statement from regarding corporate taxes:

    Corporations are legal fictions that have not, do not, and never will bear the burden of taxation. Only people pay taxes. Corporations pass on their tax burden in the form of higher prices to consumers, lower wages to workers, and/or lower returns to investors. The idea that taxing a corporation reduces taxes on, say the working poor, is a cruel hoax. A corporate tax only makes what the working poor buy more expensive, costs them jobs, lowers their lifestyle, or delays their retirement. Under the FairTax Plan, money retained in the business and reinvested to create jobs, build factories, or develop new technologies, pays no tax. This is the most honest, fair, productive tax system possible. Free market competition will do the rest.

    Once the average American starts to understand the basic principles at work here, they are going to turn up the heat on the politicians and demand real change, or throw them out in 2012. The politicians in Washington and in the state capitals around the country know the swindle of corporate taxes is being brought into the light of day by

    Before the current political cycle is over, the class of 2010 will deliver real change in the way of major tax reform by signing onto the proposal, or their days are numbered. There will be a meeting with destiny in 2012. Maybe the class of 2010 will make some real changes, but they are likely already being wined and dined by K Street. It is questionable whether they are up to the challenge, since we are told they are already being instructed and agreeing to raise the debt ceiling as one of their first orders of business.

    There is over $50 trillion in public and private debt in the U.S. that threatens to crush the U.S. economy and the American people in decades of debt slavery. A debt collapse depression is unfolding in slow motion. The municipal bond market in the U.S. and various sovereign debt debacles are now queued up to lead in the next wave of the great global debt collapse, which threatens to bring the global financial system down with it. The only way to put a flow under collapsing asset prices, including any debt that is not real AAA debt, real estate, stocks, etc. will be a radical U.S. reorganization in 2012 with real tax reform.

    The U.S. and global economy will have to have growth to overcome the deflationary collapse. The only way to get sufficient growth when the politicians have spent decades destroying the underpinnings of the economy is reorganization. I’m not talking about cocktails at the White House and a few percentage points of temporary Social Security tax breaks for a minimal growth kick to the next few quarters. I’m talking about real reform. The U.S. needs a $30 trillion economy to grow out of the mess the politicians have created with decades of mismanagement and bad policies.

    The proposal to scrap the corporate income tax and the personal income tax for a single national sales tax is required. It will be the only way out of the debt death spiral into 2012. The proposal is a truly progressive proposal. If President Obama, the GOP or Democrats really want to address U.S. and global economy and financial disaster that is brewing they will get on board with

    If the U.S. scraps the corporate and personal income tax for a single national sales tax, the world will have to follow. Otherwise, every company in the world will want to move to the United States and bring millions of jobs with them. Other major economies including Germany, Australia, China, India, Brazil, etc. will be forced to join in and abolish corporate and personal incomes taxes in favor of only a sales tax that is the only truly viable progressive tax system. It is then that The Great Republic will dawn and a new golden age will commence.

    It is likely a farfetched dream, but if president Obama continues his turn toward objectivity and reason and away from the dead and destructive ideologies of the past, and embraces the plan, even I would consider voting for him in 2012. If President Obama and the class of 2010 do not come up with real and radical tax reform, not the same old tax games and more debt that are bankrupting the country, they can look forward to pink slips in the U.S. reorganization of 2012.


    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Dec 17 5:43 PM | Link | 1 Comment
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