The Empty Suits
I just wasted 5 minutes watching Bart Chilton on CNBS. Please allow me to summarize:
1) Politicians now want to delay imposing position limits until January of 2013.
2) Speculators cause prices of commodities to rise.
3) Volatility must be contained.
What an incredible farce this all is. Again, please allow me to summarize:
1) Politicians can’t/won’t control spending so money is printed and dollar collapses. Rather than accept blame, politicians deflect blame onto rascally, shadowy speculators.
2) Commodity markets, designed as a facility for producers to “forward” sell their products, cannot function without speculators. Just who do you think is buying when the producers are selling? Hmmm? It always takes “two to Tango”.
3) Volatility must be contained. While we’re at it, maybe Congress can vote to “contain” hurricanes and earthquakes, too. Ridiculous. The very nature of commodity markets is volatility. It cannot be removed or contained. You know it, I know it and they know it but that doesn’t mean it’s not a good talking point when you’re trying to deflect attention from yourself.
The U.S. economy remains stagnant, even after all of the trillions spent purportedly to “stimulate” it. This is complete nonsense and SPIN, too. The Fed has printed and spent trillions in following their dual mandate: prop up the balance sheets of their primary dealers and provide funding for a cash-starved federal government. This will continue, for a while it may not be as overt as POMO but continue it will. As tax revenues continue to decline, where will nearly-bankrupt states and municipalities find cash? With interest rates this low, where will treasury auctions find buyers? No, the printing/creation of dollars will simply continue, whether you see it or not.
This leads us, of course, to gold. Individuals and central banks around the world are increasing their reserves. Why? It is store of value and recognized currency since the dawn of time. Investors are increasingly returning to silver as monetary “insurance”, as well. This will continue. No amount of politician or bureaucrat double-speak will change these underlying fundamentals. If you have not already purchased physical metal, the question is why? If currently own metal, the question is why not buy more? If you’re truly worried about the price you pay in fiat, keep reading this site and we will guide your way. Likely, the only “financial system” you know is the one that is dead and gone and not coming back. You must prepare for what is to come, the shape and scope of which even I am unsure. Keep educating yourself, however, and you will survive. Learn, trust your instincts and have faith in yourself and you will prosper.
Have a great day! TF
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