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Turning Hard Times into Good Times. Jay Taylor has been able to more than double his newsletter’s model portfolio from 2000 to the present even as the S&P 500 was in the process of losing 50% of its value! The insights provided to Jay came from a history professor in 1967 who advised Jay that when countries go off a gold or silver standard, hard economic times are sure to follow because nations begin to think they do not need to work hard and save to enjoy a better life. Indeed there is no free lunch and a gold standard reminds people of that every day. Jay watched his professor’s prophetic words come true when in 1971, President Nixon completely detached the dollar from gold.
Not surprising to Jay, the price of gold skyrocketed in the late 1970s as inflation wiped out vast amounts of wealth from average Americans. To protect his own wealth Jay began to invest in gold and gold mining shares and in 1981 he began sharing his success and insights in his newsletter. EconLog | Library of Economics and Liberty. Your Ringside Seat to the Global Financial Crisis – DollarCollapse.com. Mish's Global Economic Trend Analysis. Financial Armageddon. Baseline Scenario. Automatic Earth. The Economic Collapse.