Attended a talk by Jim Rickards yesterday. "Currency Wars".......we are in the third. What was interesting was his take on why QE3 had not happened yet. Pressure from US to Europe to act, but Europe not being pressured and yes, Europe have a plan but US hasn't. US standing back and seeing that holding off had not made the sky fall in on Europe (my words here not his) so therefore US think maybe they can hold off for longer before launching. It is a bit of an eye-opener for someone like myself to delve into this, no economics or history background (pretty obvious...!!!) That governments can suddenly make announcements -such as Nixon's 1971 'New Economics Policy - saying "I am determined that the American Dollar must never again be a hostage in the hands of international speculators", and wherein he closed the 'gold window' among other measures - is very sobering in deciding one's investment strategies. On a path to wealth one day....gone the next! What I think I mainly took away from this session is that anything is possible wherein governments are concerned...especially as they try to survive economic minefields. If we think governments can't or wouldn't take extreme measures...think again! It has happened in the past, it is happening and will happen in the future. So, where do we put our investment dollars? Rickards isn't saying put it all in gold, in opinion, but he does think that gold has to go up, in fact he thinks it is inevitable. All I know is that this 'game' of trying to make money, trying to be ahead poised and waiting for investments to take off or even survive, is a lot harder to figure out and a lot more confusing this morning than it was yesterday morning.
Good luck to all. Cheers... Cazzex
Jim Rickards Author "Currency Wars"...The Making of the Next Global Crisis...
