Fleck out with some fairly strong comments this evening.
thestreet.com
Of Fed Meddling and the Metals: I recently sold my trading position in the metals, but sometime probably in the next couple of weeks, and depending on how the correction in the euro and the metals proceeds, I'm going to add to my position. This time, I think I'll probably take an even bigger position and tend to sit on it for a while longer than in the past. I'm not doing anything yet, but my sense is that we are approaching the moment in time when having bigger positions in the metals, and being less trading-oriented, will make some sense.
I say this because, while readers know that I have complete contempt for the Federal Reserve, it is beginning to scare the daylights out of me. Yesterday's statement, in which it discussed "an unwelcome substantial fall in inflation" is the clearest declaration yet that the Fed will not tolerate "not enough inflation." At some point, I fear foreigners are going to freak out, and I fear for the value of the paper dollars that I have accumulated over time. I may be overreacting, and I may be way too early, but the Fed has no business saying that it won't tolerate a certain level of inflation, or that it won't tolerate deflation, even though I think deflation is unlikely.
I am afraid that it's only a matter of time before a complete panic is on in the dollar. I'm nearly speechless at how completely and totally irresponsible the Fed continues to be, and how relentlessly it compounds its mistakes. I, for one, don't intend to have the Fed cheat me out of my hard-earned money without putting up a fight. Of course, what I do and when I do it will depend on how things evolve in the coming weeks. |
