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“The Fed Can’t Save Us”
By Greg Hunter’s USAWatchdog.com
“Financial writer and book author John Rubino is worried about record debt at every level of the economy. Rubino says, “The next recession is overdue because this is the longest expansion on record. We loaded up car buyers with sub-prime loans. Students now have $1.5 trillion of student debt. Credit card debt is at record levels. Government debt is at record levels. Corporate debt is at record levels. All of these guys have borrowed more money than they ever have in history. So, the idea we are going to convince people to borrow a lot more money by lowering interest rates is at best problematic and at worst insane. We are headed that way because they have no other tools. So, when things slow down, they are going to start cutting again and printing money and buying up assets with that money. We’ll see if it works again. It shouldn’t have worked the last time. We are in a range of unexplored numbers. How much further can this go? Is there a limit out there? We are going to find out in the next recession.”
Rubino is not impressed with the Federal Reserve’s latest promise to slash interest rates and print money to save a teetering economy. Rubino contends, “The markets ought to be terrified by this, but in the U.S. because the rates are not yet zero, the market is not yet terrified. We are not far from 0%. The Fed can’t save us. We’re at the point now where we would be at a 1930’s style depression or a Weimar Germany hyperinflation or something new and equally bad. We have taken on insane amounts of debt, more than any society in history has ever tried to take on. So, we just don’t know what is going to happen. If the central banks cannot stop the next recession, we will find out what happens when this much debt goes bad. The Fed’s biggest fear is that things will spin out of control, and they won’t have the tools to stop it.”
On gold and silver, Rubino warns, “Pretty much the only way out for central banks is they will have to devalue their currency aggressively to keep the debts from blowing up on us and completely destroying the financial system. That is a great environment for gold. It will become more and more apparent to people going forward. As you add to your position (in gold and silver), the big trend will be positive for you. Debt is continuing to soar, and that is continuing and accelerating right now. So, if the big bad trend is accelerating, then the big bad result of that trend is getting closer and closer, but timing is impossible to predict. When this thing really begins to spin out of control, it’s too late to protect yourself. You really hope you don’t end up in a world where gold is $10,000 per ounce because that is a bad world in a lot of ways. If that is no longer just a possibility but a probability, you need to protect yourself in some way. That’s what precious metals do.”
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