I am a well-known "gold bug" because of my strongly voiced opinion that gold has been one of the best assets for protecting yourself from the US dollar's prolonged decline. Lately, the precious metals have taken a beating, and I've been called to defend gold's future prospects in the media countless times.
Peter Schiff, CEO of Euro Pacific Capital and host of The Peter Schiff Show, notes in his most recent commentary, the Fed's candidness about the risks Quantitative Easing is injecting into the economy is unusually forthright.
This week's revisions to first quarter GDP revealed that consumer confidence and spending are up despite real discretionary per capita incomes plunging at a 9.03% annualized rate. That is worse than the largest plunge during the 2008-2009 crisis (7.52%).
When the data says one thing and the symptoms continuously say another, it makes sense to question the reliability of the instruments.Although our government-supplied data suggests we are experiencing low inflation and modest economic growth, the economy shows symptoms of low growth, rising prices, and diminishing purchasing power.
Economists who have staked their reputations on the efficacy of Keynesian growth strategies have argued that such changes will more accurately reflect the realities of our 21st century information economy. But their analysis ignores the failures so often associated with R&D and artistic productions.
It should be obvious to anyone with even half a brain that Japan's prior experiments with ever larger doses of quantitative easing have failed. Leaders in both Japan and the United States, however, are following this path with reckless abandon.
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