I'd like to comment on a recent 60 minutes story that discussed the human side of the real unemployment story. A story Goldseek Radio has been bringing our listeners for two years now, finally, a major media outlet has presented the story and gotten right. Namely, by pointing out without equivocation, that when you take into account the underemployed as well as the unemployed, the national rate hits 17%; and in California, where this story was based, it hits 22%. Beyond that, 1/3 of the unemployed have been out work for over a year and that hasn't happened since the great depression.
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Continue reading "Unemployment on 60 Minutes and the New Orleans Investment Conference" »
On Monday this week there was a Reuters article that proclaimed: "US Treasury Secretary Timothy Geighner sought to ease fears the US was actively weakening the dollar to gain an export edge, saying no country could devalue its way to health".
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The bull market in gold has an incredibly long way to go. There are some analysts who have suggested we are beginning to enter phase three of this bull market, the mania stage, where the average person starts investing in gold. That may be true in a very minute way, but we still have a very long way to go.
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One week ago, major headlines were suggesting that "Gold Rush Gets Cut Short" as gold temporarily fell back from the $1310 price point. As I record this one week later, gold is knocking on $1350 and silver is flirting with $23. All of this is happening as the economic backdrop continues to worsen by the day.
Japan just announced their own version of a zero interest and quantitative easing policy in a last ditch attempt to stimulate their economy. They are hoping to drive the yen lower relative to the dollar to possibly stimulate exports. While that was happening, Chicago Fed President Charles Evans was telling the media that the Fed should be doing "much more" monetary easing to spur a sluggish economic recovery. When he talked about unemployment numbers not coming down he said: "This is a far grimmer forecast than we ought to have".
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Continue reading "Will A 911 Type Financial Event Push the Economy Over the Edge?" »