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I was blasting this while watching bloomberg today, f'ing awesome!
I wish Bernanke's response was included, does anyone have a link to that?
Check the gold market if you didn't watch it this morning.
I'm invested in a 2x bull gold ETF, unfortunately. So I felt double the pain. I just wanted to see how he handled the grilling.
As usual, RP is on point.
Sounds like everyone here has a solid understanding of whats going on with the fiat currency vs gold and silver
Where do you guys see ibanks heading with this currency/debt hurricane under way?
Wall Street is tied at the hip with the Fed, so when the time comes they are going down with the ship. Only reason any of these zombie banks are still solvent is from leveraged profits from the fed funds-treasury spread. Not exactly a sustainable business model.
I'm curious as to what will happen after the this titanic sinks...
A new form of currency gets introduced and voila everyone and every industry including wall street gets back to business
I almost feel as if its a waste of time to go into banking right now and even in the next few years with everything thats transpiring but I'd really like for someone to play devils advocate on that thought
Better yet lol whats everyone putting there money in? are you guys actually buying gold and silver?
Yes
wasn't the best ron paul i've seen. nice of ben to get his vengeance by sending that silver coin down 7% in value in real time.
Nice find, RagnarDanneskjold.
I especially liked when Bernanke tried to marginalise Dr. Paul with the whole "nice to see you again" bit, but the good Doctor replied with solid well-researched, and thought out arguments.
its kinda masturbatory to only have one side of the argument in the video... we have zero insight into how the Fed chairguy sees these issue from that video.
Anyway... I'll play along...
Do you guys think land & hotels in NYC, DC, etc... would fare well relative to fixed income, equities and other financial asset classes given the "impending" dollar collapse and inflationary armageddon?
Did you watch the video?
Yeah... ronny's series of monologues... bernanke only had one or two sentences.
They only get limited time.
You seriously want to hear what he has to say?
Of course I would want to hear what he has to say. He heads the largest single actor in financial markets and there is little value in hearing Ronno's rant without a reply. How else are we going to get a sense for how he "frames" the issue in his mind / his institution.
Also, the video you posted is pretty irrelevant to this discussion (just another propaganda clip). It doesn't address inflation concerns today, or bernanke's views on ron pauls monologue.
i want to go beyond inferring the fed's ideology from their actions and instead to hear their chairman address the issues raised. the video in the original post is not useful in this end, because we don't get a chance to hear him out.
Do some of you actually believe the dollar will collapse? Gone? Like a new currency will be created?
......then what?
It will still be the dollar...just backed by gold.
So someone give me a breakdown on how this will happen...
http://www.youtube.com/embed/xJgru_7JzkY
USD = in freefall since 1971.
Interesting and detailed portrait of Ben Bernanke and his ideas by Roger Lowenstein...
http://www.theatlantic.com/magazine/archive/2012/04/the-villain/8901/?s…
Worth reading to understand why he has taken the policies he has.
There is no defending the actions Bernanke has taken. Everyone will see this much more clearly a few years from now.
I'm in RE, so reading that article gave me an idea of why and to what extent the Fed has and would intervene in RE debt markets... This has big consequences for relative value between the different RE strategies one can pursue. I'm sure its the same for other investors. Definitely makes investing tougher.
After articles like this one I do not consider the Atlantic to be a credible source of economic commentary: http://www.theatlantic.com/business/archive/2012/03/currency-wars-are-g…
[quote=JeffSkilling]After articles like this one I do not consider the Atlantic to be a credible source of economic commentary: http://www.theatlantic.com/business/archive/2012/03/currency-wars-are-g…]
No worries Jeff.
Peter moped the floor with their face yesterday.
You da man Abdel. Schiff being a boss as usual.
yeah jeffskilling (awesome name by the way), they definitely have a policy bent that they're trying to recommend, but considering that, Roger Lowenstein's article on Bernanke was pretty fair in that he gave a detailed portrait of the guy and his ideas and leaves it to the informed reader to draw their conclusions rather than advocating for a particular stance. It's not a polemic against the Fed (wouldn't expect it to be) and its not a blind faith in monetarism type article either.
I've only read a couple of Lowenstein's books and articles (When Genius Failed was excellent) and he seems a bit more intellectually honest than most authors.
The great thing about the Bernanke article is that it shows you how futile it is to argue for Bernanke to change the mandate of the institution he heads... 1st, he doesn't agree with you ideologically and 2nd it raises the question of how much it would matter even if he did. Greenspan was an Ayn Rand ideologue (and libertarian?) in the deregulated free markets sense yet he was one of the main central planners of the previous period.
I don't know if you are involved in the financial markets professionally, but it if you are you will have to consider this as context to how would you invest your firm/your clients money regardless of how you personally feel about the validity of the Fed. What are you doing to do? Just tell your clients to put all of their money into a Gold/Silver trade?
Yeah I do appreciate that the article provided some insight into Bernanke's perspective. I disagree with everything he does, but understanding competing few points is critical.
As far as investing, no I would not recommend putting all your money in gold/silver, although I think it's appropriate to have 10-30% of your net worth in gold/silver at the moment. It just bothers me that so many people live in this bubble of false optimism and feel that things are always going to get better. There are no guarantees in this world and too many people place too much faith in government to come in and save the day. We have become complacent and are trending down a very dark path. It's fascinating how short peoples' memories are when they attempt to replace a negative reality with a positive fantasy. Doesn't anyone remember just 3 years ago we were in full on crisis mode? And what steps have we taken to address these structural problems in our economy? Rather than change course, we doubled down. We bailed out firms that should have failed, we added $5 trillion in national debt, we printed trillions of dollars, and we are again artificially depressing interest to keep this con of a system afloat just a little longer. Over the next 5-10 years, return of capital is going to be much more important than return on capital. Washington is also broken and they are not going to proactively get out in front of this, instead they will kick the can down the road for as long as they can until it's too late.
Epic Schiff boner right now.
Bretton Woods, where art thou?
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