It gets frustrating week after week pleading for Obama and his liberal henchmen to do what is right for the country. I am personally sickened by his tone deafness evidenced by the foreign made bus fiasco last week and his millionaire Martha Vineyard vacation this week and next. His aides are attempting to frame it as a “working” vacation, which it probably is to an extent. But the visuals of him and pies and golf and his wife’s insistence that she go there separately at the taxpayer expense is downright disgusting.
In the meantime, we are supposed to sitting around waiting for his “C U in September” jobs plan. Where the hell has he been for the last three years? I don’t want to hear he is “entitled” to a vacation. He wanted this job. Now he’s got. He cavorted around the world right after his inauguration. You couldn’t tell where his apology tour ended and his vacations began. They all ran together. Not to mention his wife’s sortie to Spain. He has played more rounds of golf than any recent sitting president. His idea of leadership is to wait for Congress to call him and tell him what to do. Now enough is enough. Go back to Washington and at least look the part.
Those of you who know me know I like to dabble in the stock market, so I watch the business news…A LOT!!! This morning one of the CNBC guests was Mark Faber of the Gloom, Doom and Boom report. His analysis of things has been spot on for the past several years as he raised the hue and cry while the rest of Wall Street frittered.
This morning he talked about gold. He said that gold is too high to buy right now, but you should grab it on the dips. And he didn’t mean gold stocks or ETF’s. He recommends that you hold physical gold, like bars or coins, and keep them in a safety deposit box. He then went on to enumerate a whole list of nations and cities you where you might want to maintain a safety deposit box. The United States was not on the list. The interviewer pointed that out to him, and he again listed the places he would store gold and refused further comment.
If there is any indication how distrustful business is of these jackasses in Washington, it can’t get any clearer than this. He says 30% of your portfolio should be in physical gold maintained outside of the country. Without saying it, he confirmed what many of the “right wing whackos” have been warning about. They know how people like Obama and his crew operate. If they view anything as a threat to their economic philosophy, they move to crush it.
Marc Faber apparently remembers Executive Order 6102 signed by Franklin Roosevelt criminalizing the ownership of gold as he moved forward with his New Deal. His rationalization was that hoarding gold impeded economic development making the depression worse. Over the next few years numerous orders were issued to replace previous ones declared invalid by the courts…but the net effect was that it wall illegal to hold physical gold until Gerald Ford's administration. In the mix, there were rumors of Roosevelt’s enforcement arm raiding banks and seizing safety deposit boxes to get those horrible gold hoarders. The record is unclear as to exactly what the government did and didn’t do seizing private safety deposit boxes…but the conclusion is that something happened. Where there is smoke, there is fire!!
Has the nation reached a tipping point when respected financial planners tell clients to buy gold and get it the hell out of the country? The answer is a very clear yes. Obama has lied over and over and over again as to his intentions and content behind his legislative initiatives in the first two years of his presidency, and his regulatory initiatives he is using now to circumvent the Republican House.
I repeatedly say that when it comes to Barack Obama, don’t look at what he says. Look at what he does!!! And you, too, may be looking for a safety deposit box in the Cayman Islands.
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