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Gold Holders Beware!
The worst possible news for gold hit this week when the Wall Street Journal ran an op-ed piece touting the metal’s virtues. Famed equity strategist, Christopher Wood, in a piece entitled “The Fed is out of Ammunition” concluded by stating the following:
“…the present crisis in the West will ultimately end up discrediting mechanical monetarism — and with it the fiat paper-money system in general — as the U.S. paper-dollar standard, in place since Richard Nixon broke the link with gold in 1971, finally disintegrates.
“The catalyst will be foreign creditors fleeing the dollar for gold. That will in turn lead to global…
26Nov2008 | Oxbury Research | 0 comments | ContinuedMarc Faber says $250 billion dollar bailout is meaningless
CNBC:
U.S. Treasury Secretary Henry Paulson’s sweeping measures to bailout the financial system will probably fail, Marc Faber, editor & publisher of the Gloom, Boom and Doom Report, tells CNBC’s Asia Squawk Box.
"What I object to in all the bailout plans in the Western world is (that) they do not address the fundamental problem. And the fundamental problem is overleveraging,” Faber comments
Faber believes the U.S. budget deficit is going to stay at or above $1 trillion level because the government needs to print money in order to meet all the obligations they’ve made to rescue the financial…
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