In a Tweet yesterday, the ingenious gentleman Nouriel Roubini de la Milan taunted the gold bugs, “Where is 2,000?”
Someone should have Tweeted the self-described ‘global nomad’, “Ask Bernanke, my Lord; he’s almost done building that windmill for you to fight.” Sign-up for my 100% FREE Alerts
But, it appears the errant-knight isn’t ready to go home, quite yet. And like Don Quixote, whose repeated follies resulted in his uneducated squire paying Quixote’s damages, the investor who follows Roubini will most likely receive a similar bill at the end of a failed monetary system.
In December 2009, when gold traded at $1,100/oz, Roubini exclaimed, “all the gold bugs who say gold is going to go to $1,500, $2,000, they’re just speaking nonsense.”
On the other hand, Marc Faber, the man, who, not only has worked hard protecting the public from American pathocracy, has been right more often about a subject he knows something about: gold—and its critical role as a competing medium to mismanaged state currencies.
But the modern-day high priest charlatan of Milan pretends he’s never heard of Martin Luther or Copernicus.
When Faber was asked in a Dec. 7 FSN interview why gold hasn’t crashed the U.S. dollar yet, Faber blamed the countless deflationists who still follow the likes of Roubini, Prechter, Shilling and David Rosenberg (who appears to have recently defected, from his note to clients, titled, Eight Areas of Behavioral Change to Watch for in 2012, where he sneaks out the back door of deflationists headquarters).
“I don’t hear about gold. I lived through the last gold bubble between 1978 and January 1980. The whole world, whether you were in the Middle East or in Asia or Europe or in America was trading London gold, buying and selling every day,” he recalls. “This has not happened yet, and it hasn’t happened. Your friends, the deflationists, have been telling people that gold will collapse to $200 an ounce for the last 10 years and that it was in a bubble.
“[They] said it [gold] was in a bubble at $500; they said it at $600, and they’re still maintaining it. So a lot of people they don’t own it; they bought it and sold it again. But in the meantime, gold has moved into sold hands.”
See BER article, Marc Faber Fears Gold Confiscation
In the FSN interview, Faber is talking about Roubini, for one. The graph, below, reveals whether Roubini has been right about gold since his bold statement of Dec. 2009.
So far, Roubini has cost us 33.8 percent at the supermarket and gas station. How much has the Larry Summers and Jeffrey Sachs protégé cost us to purchase a lousy 2 percent dividend yield of the DJIA?
Roubini cost us 20.1 percent to receive 2 measly percent, which loses us money after inflation, anyway.
Listen to his economic outlook because he’s good at that, but ignore his advice of where to put your savings. Stick with Faber, Rogers, Sinclair and others about wealth preserving positions. And visit the Web sites of James Turk and Eric Sprott for how and where to protect your assets.
Wouldn’t it be nice to see $1,200 gold?
Gold $1,200? It would be great, sure. But we’d have to listen to Roubini’s I-told-you-so nonsense. Preserving wealth not only making the right decisions, it involves resisting the psychological warfare waged by possible plants who will discourage the silver bullet option (gold and silver) away from the Federal Reserve system. In fact, many have questioned whether Roubini, Dennis Gartman and Jeff Christian are today’s Lord Haw-Haws.
Sounds like another tin-foil-hat conspiracy theory? Who knows the truth about anything when a bunch of sociopaths have taken over the financial industry, government and media. Ask yourself how well would you have fared listening to Bernanke, Greenspan, Roubini, Gartman or Christian? Ask Gerald Celente.
“I think it is absolutely essential in a democracy to have competition in the media, a lot of competition, and we seem to be moving away from that.” —Walter Cronkite
“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States.” —Sen. Barry Goldwater (Rep. AZ)
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” —Henry Ford
“Government spending is always a ‘tax’ burden on the American people and is never equally or fairly distributed. The poor and low-middle income workers always suffer the most from the deceitful tax of inflation and borrowing.” —Congressman Ron Paul
“All the gold bugs who say gold is going to go to $1,500, $2,000, they’re just speaking nonsense.” —Nouriel Roubini de la Milan