Photo: Courtesy of u07ch
This from Michael Fox in The Smirking Chip:
In an excellent column on the state of the dollar, Brother, Can you Spare $10,000, economist Peter Schiff writes that:
“…Bernanke blames the [Great] Depression on the Fed not printing enough money. Had the Fed done precisely what Bernanke now thinks they should have, the Great Depression would have been much worse. Had the Fed tried to re-inflate the stock market bubble or keep it from bursting in the first place, it’s the dollar that would have collapsed, and Depression-era America would have looked liked Weimar Republic Germany. As bad as the Great Depression was, hyperinflation would have made it even worse. The good news is that there is still time to alter course and steer clear of both hyper-inflation and depression. The bad news is that if we remain on our current course that is precisely where we will end up.”
So what can you do to hedge against this? Precious metals, especially platinum and gold. But remember, if anyone thinks saving coins qualifies, they don’t (unless they’re very old).
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Tags: Bernanke, depression, fed, gold, great, inflation, peter, schiff
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