Wednesday, October 27, 2010

The Gold Hater: Don't Worry, Be Happy

As more and more money managers begin to realize the serious ramifications of the Fed's planned $500 billion money printing escapade, Joe "The Gold Hater" Weisenthal has figured out what all the warnings really are:

In the last few weeks, big-name have begun screeching about the evils of the Federal Reserve like never before.

Today, Bill Gross, who is frequently accused of talking his book and being too in bed with the government actually busts out the word "ponzi," a favorite word of Fed critics.

Yesterday Jeremy Grantham depicted Ben Bernanke as a bubble-inflating, economy-destroying zombie.

Last week, the famed currency trader John Taylor compared Bernanke to Adolph Hitler.

John Hussman has been calling the economy a Ponzi in some manner or another for some time.

There are surely the countless more examples of over-the-top rhetoric among big investors than what we came up with in 45 seconds worth of searching.

So what's going on? Does all this caterwauling actually signal impeding doom?

You'd be forgiven for being terrified, but no, the end of the word won't be preceded by a bunch of multi-millionaires whining about the end of the world.

Remember this: All these investor letters are MARKETING.
Yup, Joe says everything is fine. These top money managers are just making things up. Sell your gold coins and chill, and when the inflation comes and you can't buy a damn thing, just remember,  Joe's news group now has a sports page that you can stay at home and cruise for free.


  1. Taylor : I'd go for boxed insanity, but god only knows .....

  2. Stock bugs are everywhere on Wall st. Little do they realize that stocks have been in a lengthy bear market for over 10 years when priced in the correct numeraire. In 2000 it took 44 oz. of gold bullion to purchase 1 share of the DJIA. Today it takes roughly 8 oz. Where should your capital have been invested since 2000, stocks or gold?

  3. these guys are are a serious case of Stockholm syndrome. First they get inside info and front-run the Fed and then they come out and say how it is doomed policy and that we should invest with them. Then they unload to us what they call a ponzi scheme. Are we really going to accept our captors as our financial planners? Central planners through and through.