“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost this country enough money to pay the National debt several times over. These twelve private credit monopolies were deceitfully and disloyally foisted upon this country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions. Those bankers took money out of this country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace between Germany and Russia and thus drove a wedge between the Allies in the World War.”

–Congressman Louis T. McFadden, Chairman of House Banking Committee 1921 through 1931 (In a speech made before the House in 1934)

Seeking Alpha:

“One strange correlation that has crept up in the last 15 years that might continue to support gold prices is the relationship between the direction of gold prices and the direction of US debt to GDP. US debt to GDP peaked in 1995-1996. When it began to turn down after that, gold prices headed down as well. When debt to GDP bottomed in 2001 and began to trend back up, gold turned as well. Both have been on a steady march up since then. Unfortunately, the Obama 2011 budget has debt to GDP steadily increasing over each of the next 10 years.”

John McMurtry, Emeritus Professor of Philosophy, Guelph University, Canada, at the 9-11 Truth Conference in Vancouver, June 22-24, 2007, talks about the refusal of the media/establishment to confront the spuriousness of the official conspiracy theory about 9-11. Continue reading →

I don’t normally wander off into cultural controversy, but this one has a couple of political angles to it, especially as May 20 has been dubbed “Everybody Draw Mohammed Day.”

Tunku Varadarajan at The Daily Beast:

“While on the theme of degeneracy: It must be irksome for the mullahs and their adherents to have it publicly shown that a Shiite beauty in a bikini leads not instantly to damnation and wrathful interventions by the gods. Continue reading →

Louis Navallier in an interview with Chris Waltzek:

1. May 6 was definitely an abuse of the market by someone. The biggest, safest stocks were hit – the Russell 1000.  P&G is demanding an answer from the SEC for the plunge in its price.

2. Don’t ever place a market order on an ETF, because you can be picked off by specialists. Always place a limit order. Continue reading →

“I hate gold.  It does not pay a dividend, it has no value, and you can’t work out what it should or shouldn’t be worth,” he said. “It is the last refuge of the desperate.”

— Jeremy Grantham, after admitting he just bought some last weekend

The Globe and the Mail has an interview from last summer with trading guru Dennis Gartman, and since I erroneously slammed him in an earlier post entitled, ‘Dennis Gartman: Gold On Its Way Down,’ because I thought he was just talking his portfolio, I’m posting this interview to make up for my mistake. It’s quite interesting in hindsight. If only I’d read it before jumping into UNG….

(At least, I did wait until the winter to jump in, but the contango issue was worse than I thought, as he indicates). Continue reading →

Update:

I wrote this piece before reading about the EU ban.  I have to revise my opinion in light of that. Gartman wasn’t just talking his book, as I thought initially. My apologies.

CNBC  has this from hedge fund manager and newsletter writer, Dennis Gartman:

“Investors should get out of gold immediately as the metal reaches a technical top and is due for a pullback, says Dennis Gartman, hedge fund manager and author of The Gartman Letter Continue reading →