Riots, Revolutions and Great Reformations
Bob Hoye
Institutional Advisors
Posted May 19, 2011
Address to the Spring Dinner of the Committee for Monetary Research and Education (cmre.org) May 12, 2011
Forgive me, but I have to start with an illustrative joke from the early 1950s. A beatnik is standing at a corner in Greenwich Village snapping his fingers in a very cool way.
A friend asks why and he answers:
"It keeps the lions and tigers away."
"There aren't any lions and tigers in Greenwich!"
"Does a hell of a job, doesn't it!"
To be serious, this is a proxy for the failure of the Fed. It was formed in 1913 to prevent bad things from happening and the fifth Great Depression since the advent of reckless central banking soon followed. Another classic bubble climaxed in 2007 and there is sufficient evidence to conclude that Great Depression number 6 is underway.
For the Fed it is the second Great Depression and in a financial sense Wall Street has been over-run by lions and tigers. Most folks are beginning to discover the scam of policymaking.
Full article: http://www.321gold.com/editorials/hoye/hoye051911.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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