Today, how does an experienced speculator emerge wealthier through and after a crisis?
Doug Casey: The most important thing is political diversification.
Most people have all their assets, investments, and attention in the country where they live.
That’s a mistake, as the Russians found out 100 years ago, the Germans found out in the 1930s and 40s, the Chinese in the 1950s, the Cubans in the 1960s, and the Vietnamese in the 1970s, just to name a few well-known examples. Everybody in the backward countries of South America, Asia, and Africa gets an education in political, social, and economic chaos every few years when their government changes. Americans should pay attention to how quickly things can change. The spectre of Marxism is stalking the West.
As great as the financial and economic risks are today, however, the biggest risks are political. That’s why it’s very important to diversify politically and geographically if you can.
In this coming decade, some speculators will make huge fortunes, but it won’t be easy since it’s cyclically time to eat the rich. Governments are going to try to take what you make away from you. Millions of people suffering from a serious decline in their standard of living are going to be envious and resentful. It’s not going to be a good time to show off expensive toys; put the Lambo in the garage and leave it there.
~ Doug Casey, "Doug Casey on How You Can Think and Act Like a Professional Speculator," International Man, July 3, 2021
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