First with Financial Comment from Arabia

Marc Faber on the sovereign debt crisis and buying gold

with 2 comments


Written by Peter Cooper

March 18, 2010 at 1:16 pm

2 Responses

Subscribe to comments with RSS.

  1. Another round of chatter about an imminent discount rate hike today. Interesting that the failed or near-failure banks, think UBS and Citi, are the ones going wild with this stuff.

    The “untouchable” GS are taking the outspoken position that the Fed won’t move until 2011 or 2012. It seems obvious that the hardcore criminal elements on Wall St. know better than the guys currently on governmental life support.

    Fed Funds futures now pricing for an 80% chance in Nov. Who’s on the other side?


    March 19, 2010 at 2:28 am

  2. You know what is rather amazing when you really think about it, is how platinum, which is infinitely more useful (as a chemical reaction catalyst) than gold, and is just as rare, doesn’t sell for a far higher premium to gold. I’ll bet the Chinese government is buying a lot more platinum than gold. Likewise with silver, which has many industrial uses. Having some of each, might be a better idea than putting everything into gold.
    David Faber’s CNBC US TV special ‘House of Cards’ about the housing induced global meltdown is a work of genius. The guy is talented, and he tells it like it is. The folks on Wall Street are very lucky that only a tiny fraction of the American public saw his ‘Untold Wealth: The Rise of the Super Rich.’ After the government transfer of Wall Street gambling loss from the private (think mostly rich folk), to the public (everyone) sector, a $40,000 replacement automobile tire (one tire, not a set) wouldn’t go over too well.
    Especially when some got rich by originating junk mortgages, that they knew could never be repaid. All they had to do was sell the trash debt, with Wall Street’s help, to unsuspecting investors, and they were some other suckers (now our) problem. And not one of these fraudulent debt originators has been arrested. Nor have those who lied about their income to get such loans, which is a felony in the USA. Justice American style.

    Bill Simpson in Slidell

    March 18, 2010 at 11:11 pm

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: