David Stockman must read TAE–says "hold cash!"

Had to alert TAE readers to this post on Business Insider, wherein they post an interview with David Stockman, former White House budget director and gazzilionaire, who states:

Capital preservation is what your first, second and third priority ought to be in a system that is so jerry-built, so fragile, so exposed to major breakdown that it’s not worth what you think you might be able to earn over six months or two years or three years if they can keep the bailing wire and bubble gum holding the system together, OK? It’s not worth it.

Read more: https://www.businessinsider.com/david-stockman-youd-be-a-fool-to-hold-anything-but-cash-now-2012-3#ixzz1o6pPTqZW