What about these “end of America” videos?
There are many radio stations lately advertising a website by Porter Stansberry called “EndofAmerica.” We’ve had several clients asking about them. So consider these thoughts if you decide to listen to one of his videos:
- Porter Stansberry makes his money selling subscriptions to his newsletters, not by trading.
- Even though Mr. Stansberry still contends he was falsely charged, the SEC filed suit against him for fraud in 2003. See the SEC link for details: http://www.sec.gov/litigation/complaints/comp18090.htm
Are some of the things he is saying true? Yes.
- We are devaluing our dollar by printing money. That brings about inflation, regardless of what Bernanke says.
- We are in a serious debt situation at every level.
- If we don’t address our debt issues responsibly we will have to endure uncomfortable consequences, with global ramifications.
Have we ever had rampant inflation before in America? Yes. When my husband and I bought our house in 1983, our interest rate was 12-1/4%. The max he projected in one of the video was 10%.
Let’s say he is correct in his assessment of what could happen in America. Is subscribing to Mr. Stansberry’s newsletter the way to escape these consequences? Knowing his “secrets” about certain stocks is not a safe haven. Buying gold does not guarantee that your wealth will be preserved [check out our videos on gold].
Bottom line: This guy uses enough truth to make him believable, but he does NOT have secret answers to guarantee safety or wealth. Follow the money: how does he make HIS money? By making YOU wealthy or by scaring you into subscribing to his newsletter?
–Lois Russell
