We are in the last innings of a very bad ball game. We are coping with the crash of a 30-year–long debt super-cycle and the aftermath of an unsustainable bubble - David Stockman, interview linked belowThis interview by The Gold Report (http://www.theaureport.com/) is an excellent follow-up to my blog post from yesterday. In this, Stockman does a superb job explaining how the Fed manipulates the cost of money and the cost of debt and how Wall Street takes advantage of this through the use of insiders, like former Goldman Sachs partner Bill Dudley, who runs the NY Fed:
The Fed is destroying the capital market by pegging and manipulating the price of money and debt capital. Interest rates signal nothing anymore because they are zero. The yield curve signals nothing anymore because it is totally manipulated by the Fed...there is also just plain crony capitalism that is not that different in character and it's what Wall Street does every day. Bill Dudley, who runs the New York Fed, was formerly chief economist for Goldman Sachs and he pretends to solicit an opinion about financial conditions from the current Goldman economist, who then pretends to opine as to what the economy and Fed might do next for the benefit of Goldman's traders, and possibly its clients.This is a must-read interview - every word. Stockman succinctly and clearly lays out what happened and why in 2008 and explains why the next wave that will hit our capital markets will be the final blow: LINK
The only conclusion that anyone can draw from this - at least anyone willing to open their eyes to the truth and accept reality for what it is - is that the financial, fiat-currency driven disaster that is going to hit this country necessitates the conversion of as much of your paper wealth into gold as possible.