Mallaby knives Greenspan following gold comments
Contributed by: Sprott Money News
December 5th, 2016
Two years ago, Alan Greenspan humiliated America’s financial and political establishment by publicly highlighting the US dollar’s secondary role. "Gold is a currency,” Greenspan said, at a Council on Foreign Relations conference. “No fiat currency, including the (US) dollar, can match it."
There’s a lot to be worried about going into 2017 both in terms of financial markets and in terms of geopolitical concerns.
Some perspectives on the fascinating economic experiment that is China from Eric Peters, CIO of One Asset Management, as told in his traditional third-person style.
Anecdote: “We’ve become anesthetized to the absurdity of Chinese growth,” said the CIO.
The accelerating rate of credit expansion relative to GDP has no precedent. “They’ve run off the cliff so fast that people seem to think they’ll actually make it to the other side.”
John Kerry admitted that the United States gives Israel more than half of the aid that we give “to the entire world,” but Israel doesn’t pay attention to anything the U.S. says. Kerry: Every president, Republican and Democrat, has been opposed to settlements – we issue a warning today when we see a new settlement announced. Nothing happens. It’s ignored, a new settlement goes up. New units, new sales. So the issue — Journalist Jeffrey Goldberg: You’re describing a situation in which you have zero leverage.
Continuing his anti-establishment bent, in his latest letter "Red is the new black", Bill Gross first exposes the "current global establishment’s (including Trump’s) overall plan" consisting of 8 simple steps to "solve the global debt crisis" (yes, the sarcasm is oozing), at which point he goes on to say that "it pays to not fight the tiger until it becomes obvious that another plan will by necessity replace it" and adds "that time is not now, but growing populism and the increasing ineffectiveness of monetary policy suggest an eventual transition."