Iran Cutting Dollar Exposure, Buying Gold…
According to a Wikileaks cable reported on by the Financial Times, Iran has been cutting its exposure to the U.S. dollar and has been secretly making large gold purchases. Iran is thought to be one of the biggest buyers of gold over the last decade and is among the world’s 20 largest holders of gold reserves. It is believed that Iran now holds as much gold as the United Kingdom. The cable, dated June 2006, revealed that other Middle Eastern nations were also buying gold bullion.
Republicans Discover Their 2012 Message…
In 2008, as the economy was sending massive warning signs to anyone with a pulse, the dozen or so Republican presidential candidates apparently saw nothing wrong with the nation’s $9 trillion debt, a 30 year old fiat currency, and a 95 year old Federal Reserve. During several of the 2008 Republican presidential debates, the contenders slugged it out. But only one candidate really stressed the importance of dealing with an out-of-control government and a broken economy: Congressman Ron Paul. Paul, and his timely message, were completely ignored. Instead, everything but the economy was considered important and worthy of debate. The Republican base voted for Sen. John McCain, who was quoted as saying that the fundamentals of the U.S. economy were “sound.”
Fast forward to 2011. Now, a somewhat new crop of Presidential would-be’s seem eager not to repeat their party’s 2008 mistake. What is the GOP’s 2012 platform message? According to Politico.com: “The decline of America and its economy…” “The death of the dollar…” “Out-of-control government spending…” “The threat to American exceptionalism…”
You get the idea…
So prepare yourself another onslaught of political debate as we head into 2012. But this time, from newly enlightened armchair economists who want to chop down the tree with a butterknife. Any politician who is serious about fixing America’s economy must not be afraid to confront entitlement spending, the Federal Reserve, and Wall Street head on. This would be political suicide. Just ask Ron Paul.
Also In The News…
1. Dallas Federal Reserve Bank President, Richard Fisher, said on Tuesday that the U.S. debt situation has reached a “tipping point” and warned more QE will lead to insolvency; the fix will be ‘painful.’
2. Japan continues to struggle with containing its nuclear crisis after that nation’s recent quake which left 21,000 dead or missing.
3. The Supreme Court has given the Federal Reserve five days to release all of the information concerning which banks received emergency loans during the height of the financial crisis.
4. Russian and Bolivian leaders have launched a campaign to revoke President Obama’s Nobel Peace prize after the U.S. attacked Libya.
5. Der Spiegel, a German newspaper, has published images that appear to show “trophy” pictures of American soldiers with dead Afghan civilians; the Pentagon braces for the backlash.
Finally…
Here’s a list of 14 funny statistics and 14 not so funny statistics about the “economic recovery.”
Until tomorrow,
Jerry Robinson – FTMDaily.com
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Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.
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