David Stockman shows up on the financial news shows a fair amount. But I don’t remember any of them asking him about gold.
Of course, they don’t. That’s the mainstream media for you. Mostly they practice a form of journalism you might describe as news reporting by government handouts.
But they should ask him about gold. David Stockman is one smart cookie.
He proved it when he was a member of Congress, representing a district in Michigan. When Ronald Reagan was preparing for his presidential campaign debates, someone had the wisdom to ask Stockman to play the part of John Anderson during that three-way race.
He wowed ‘em. The next thing you knew, Stockman was Reagan’s Budget Director. In that role, he fought the good fight. And much of what he described as the runaway government to come has proven accurate.
Now Stockman has had a chance to say a few words about gold. USA Watchdog’s Gregg Hunter gave Stockman that opportunity the other day.
“The only asset that has held its value over time is gold,” said Stockman, recommending that everyone hold some gold as insurance against the coming “reset.”
The reset, he says, is the inevitable bursting of the Federal Reserve is the Wall Street bubble. “This is not the time to be invested in the [stock] markets . . . . A reset is just a pleasant name or a clinical name for a crash of epic proportions, which we will have because the markets are so inflated. There are trillions of dollars that are at risk. To put a dimension on this thing or a way of sizing this, is we have a $60 trillion bubble on the balance sheets of 130 million people in American society, but especially in the top 5% to 10% that own a huge share of the assets. . . . I have no thought about how big the correction will be, but if it were just back to the norm . . . it would be a $60 trillion correction, and that is a pretty big hole in the bucket. If $60 trillion disappears (out of the U.S. economy), it changes everything. It turns the financial system and economic reality upside down.”
Stockman doesn’t pull any punches about the Deep State Money Manipulators responsible for this precarious state of affairs. “When central banks start to inflate like crazy, you first inflate financial assets. It eventually works its way into goods and services, and that’s where we are now. You get the second stage of inflation as well. There has never been a small group of government officials, unelected at that, who have done more damage, more wanton harm to the economy and to the lives of ordinary people than (Fed Head) Powell and his merry band of mad money printers. This is really an outrage. I say these people are damn near criminally incompetent given what they say about the world, which is totally wrong, given what they’re doing, this massive money printing, which is totally unjustified. . .”
“This is the last moment in time to be greedy or aggressive or to be overly optimistic about the future. The future is being driven by the policymakers . . . . The whole system is being run by Washington. The Federal Reserve totally dominates the financial markets. . . . The Fed has printed $6.5 billion a day for the past 688 days. . . . They have printed more money in the last 688 days than the Fed did in the first century of its existence.”
“Preserve your assets,” advises the former Reagan budget director.
Good advice! Let a Republic Monetary Exchange gold and silver professional help you design a precious metals portfolio that meets your individual needs.