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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: 2sigma who wrote (84502)	9/4/2008 12:29:56 PM
From: zamboz	1 Recommendation Read Replies (1) \| Respond to of 116555

Paul Volcker Said, "Letting Gold Go to $850 Was a Mistake." In looking back at the rise of gold from $35 to $850 during the 1970s', Paul Volcker said, "It was probably a mistake to allow gold to rise so high." Not only does that statement presuppose that the U.S. could have controlled the gold price, but it also suggests the establishment's arrogance in assuming they have a right and obligation to do so. gold-eagle.com I have probably added emphasis to this statement or cannot find the more aggressive sentiment that I stated. Under Volcker, interest rates reached 20% in June 1981. I am also long gold, and we should be careful concerning a new administration. Obama knows the economic issues. He says this country is like that unemployed cousin who keeps coming around in a fancy car and nice clothes. Administering the necessary medicine will be painful.