Does this sound like a guy who is cracking under the pressure of knowing he is about to be exposed as a scumbag and liar? You be the judge!!!
08:32 Paulson, Rubin warn on dangers of fiscal cliff – CNBC
CNBC noted that two former Treasury secretaries, Henry Paulson and Robert Rubin, said the consequences will be dire if Congress and the President cannot agree on proscribed deficit-reduction targets by the end of the year, triggering a series of tax increases and spending cuts.
Rubin said policy solutions would be elusive for what essentially is a political crisis, while Paulson said Congress will at some point have to address the deficit reduction necessary to avoid the worst-case scenario. He added that it is a matter of if they will do it before the crisis or after.
There has been a continued pickup in attention surrounding the fiscal cliff. Both the IMF and Fed Chairman Bernanke highlighted the downside risks to recovery earlier this week. In addition, a recent study warned that the pending tax hikes could cost 710K jobs, while the CBO said in May that the fiscal cliff could cut GDP growth to 0.5% next year.
Doug Casey’s comments on gold:
“What I think is going to happen in the future is that Gold is going to be reinstituted as money.”
“The U.S. Dollar is the unsecured asset of a bankrupt government…there’s increasingly going to be selling of Dollars by central banks and a buying of Gold.”
“Gold is money, currencies are governments’ substitute for money. Government shouldn’t be in the money business any more than it should be in the automobile business…it’s not a legitimate function of government.”
“At some point in the future…the public will be wild about it [Gold]…I expect to see a golden bear tearing apart the New York Stock Exchange [On a magazine cover].”