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The U.S. Economy: A Distinctly Chill Wind
Do you detect a change in the weather, this Fall? You probably noticed that
on Friday (November 2nd) the spot price of gold spiked to close at $806 per
ounce,
and silver at $14.53. (Both were 28 year highs. Yup, I told you so.) You also
probably saw this article: Fed
pumps [another] $41 Billion into US financial system. It is now obvious that
Helicopter Ben and his Federal Reserve Board of Governors are in full
scale
panic
mode. I should also mention that the very next day after the announcement
of
this huge
injection
of
liquidity,
the
New York stock
market went down more than 360 points. Apparently Mr. Market
cannot be fooled. There is a chill breeze and a strong hint of recession in the
air.
Meanwhile, we
read: Chrysler
to cut up to 12,000
jobs. It seems that someone knows that there is a substantial economic
downturn
coming. One more news snippet: Citigroup
to hold an emergency Saturday board
meeting--CEO may resign.
All that I can say to SurvivalBlog readers is something that I've said
many times
before: Be ready. (Read: beans, bullets, Band-Aids and minimize your exposure
to dollar-denominated investments.) Note
to Ben Bernanke: Have
fun re-arranging the deck chairs. Oh, by the way, that chill in the air might
be because your
predecessor
(the nearsighted Mr. Magoo) charted
a far northern course up toward the pack ice.
