It’s been a busy week…

New QE from the Fed, gold up to $1,775, Germany’s constitutional court ruled on ECB bond purchases and more.

Here is a 3min ‘week in review’ video from Bullion Vault.

“John Maynard Keynes famously said that ‘In the long run were all dead.’ While that is undoubtedly true, it also seems likely that in the medium term many people will be broke.”

If Bernake’s claim that “This is a Main Street policy” annoys you, you’re not the only one. Here you can find Marc Faber discussing the Fed’s QE policy.

“I think there is a huge misconception and fallacy that money printing can actually improve the rate of employment because the money flows down into the system. It goes first into the banking system and into financial institutions, into the pockets of well-to-do people.”

“the fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won’t. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols.”

“Property prices in the south of the U.S. are very inexpensive compared to property prices around the world. The tragedy is that the people that were evicted from these homes have no access to credit. They have no money. They can’t buy them. So, with easy money by the Fed well-to-do people can buy these properties and then rent them out to the people that were kicked out of these homes. … What a great achievement. Thank you, Mr. Bernanke.”


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