By Daily Crux Editor Justin Brill:

Don't listen to the talking heads in the financial media, says analyst Gregor Macdonald.

Stocks aren't going up because the economy is recovering. There are no "green shoots." The rally in stocks and gold and commodities - the so-called "reflation" trade - is just the latest, and last, bubble being blown by the Federal Reserve's reckless money policies.

What we're likely to see next is the "recognition phase," where the general public finally realizes we're in a depression that's not going to get better anytime soon. Macdonald is looking for $100 oil, $1300 gold, and 15% unemployment as signals that things are finally bad enough for the realization to set in.

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