Austrian (slechts hier vind je mogelijk rationele economen) Peter Schiff: The message is: if you a have a mortgage, stop making your payments!
And buy gold from wat you save...
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A fair conclusion is that gold is cheap and that its present price does not truly reflect market conditions.
On December 16th, the Fed announced, as we have long forecast, a further cut in interest rates to between zero and 0.25 percent. It also announced 'unlimited' support to buy assets from beleaguered institutions.
The amount of debt and new money injected into the economy should progressively raise inflation alarm bells. The fire of future inflation is being stoked alarmingly, but the recessive forces of deleveraging are concealing it temporarily.
The Fed looks desperate. This could lead to feelings of panic and upward pressure on the gold price.
Investors should also especially be concerned as to who will repay these massive debts. The conventional answer of politicians is "taxpayers". But this is a serious understatement. Any depreciation of the U.S. dollar means that every American citizen and every single holder of U.S. dollars throughout the world will suffer from monetary loss and a severely reduced standard of living.
In 1934, facing a depression President Roosevelt first confiscated gold from every American. Then, he unilaterally devalued the U.S. dollar by 75 percent against gold.
At a stroke, FDR wiped out 75 percent of the dollar denominated debt of the U.S. Treasury.
As both President-Elect Obama and Fed chairman Bernanke are students of FDR, we face the real possibility of a massive devaluation of the U.S. dollar against gold in 2009.
