They say that attitude is everything. There are some pretty nasty attitudes going on in London at the behest of the Bank of England. An article this week in the London Telegraph quoted a senior Bank of England official who chastised savers and told them they should stop complaining about their poor returns and start spending to "help" the economy.
Charles Bean, the deputy governor, told savers to stop moaning and start spending. He said older households could afford to suffer because they had benefited from previous increases in property prices. He said: "They should 'not expect' to live off interest. He admitted that low returns were part of a the Bank of England's financial strategy.
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What I'm going to discuss this week you just can't make up. There was actually a report that was treated as if it were credible, stating that the recession ended in June of 2009. You read that correctly. The recession was supposed to have ended in June of 2009. 15 months ago. According to the National Bureau of Economic Research, whose credibility is now greatly in question, the recession officially began in December 2007 and ended in June 2009.
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Continue reading "Is the Recession Really Over?" »
Major events are occurring across multiple fronts around the world. Gold has just shattered its all time high and is now in uncharted economic territory, and I expect that significantly higher numbers are in store before the end of the year. Local, state and national primaries are being held across the country in preparation for the November mid-term elections. Once again, the election mantra is change. We've been clamoring for change for decades.
Every 2 or 4 years its the same song, second verse. Real change seems to be an elusive target, while in the meantime we always seem to settle for more of the same. Big government politicians on both sides of the aisle. It's like we keep getting ready, to get ready. And in the process, we kick the can down the road, past the next election. There's a very real possibility the can won't make it past the November election. The can has been kicked too many times. It has too many dents, and is sharp along the edges. The next person who kicks it may very well cut their foot and start to bleed out, and then pass out.
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Continue reading "Gold is a Simple Tool in a Complex Financial World" »
This week there was an interesting article in the Economic Policy Journal about former Fed Chairman Alan Greenspan who is now advising his hedge fund clients to bet against the Federal Reserve and invest in gold.
The article includes a quotation from John Paulson, who runs a multi-billion dollar hedge fund, part of which is invested in gold. In a letter to his investors, Mr. Paulson explains who has been advising his firm to purchase so much gold. He writes:
"Lastly, and perhaps most important, from a monetary policy perspective in developing an ability to forecast the timing and future price of gold we believe we have an unparalleled team. Former Federal Reserve Chairman Alan Greenspan has been extremely helpful to us in understanding the relationship between the monetary base, the money supply, inflation and gold prices."
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Continue reading "Did Alan Greenspan Set the Stage for a Real-Life Atlas Shrugged?" »
