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URL:  https://boards.fool.com/marc-faber-quoti-advise-every-american-to-hold-33665338.aspx

Subject:  Marc Faber "I advise every American to hold Date:  11/26/2008  10:59 PM
Author:  abitarePERFECT Number:  88562 of 409

My only long position in the market is AUY.

The next bubble is Gold, IMO. I expect there maybe a panic into Gold and a scramble into physical gold as citizens, who are not dumb, realize that the Central Banks are engaged in a contest to print the most money, to keep the cost labor low, the employment high and to erase the Nationial debts. This will destroy the currenies, confidence and create instability, IMO. 

I am aligned with Marc Faber here:

Also before any of you Bulls get carried away with excitement here is Marc Faber saying "the US will go bankrupt, this I guarantee" 

 

"I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said..."


"With those mealy words, America's Depression-era president ventured from bad luck into treachery. The Executive Order he issued on the 5th of April 1933 confiscated Americans' private holdings of gold, then valued at $20.67 per ounce. Then, in January, 1934, the U.S. president fixed the price of gold at $35. All of sudden, Americans' dollars had been devalued by 69.3%.

Whether this act of nationwide larceny did the economy any good or not, we cannot say. It was not until after World War II that the economy fully recovered the spring in its step. And U.S. stock prices didn't return to their '29 highs until 1950.

FDR reneged on America's historic obligation to its own citizens; after 1933, they could no longer redeem their paper money for gold. Richard Nixon stiffed the foreigners in 1971; henceforth, if the French wanted to trade their dollars for gold they were out of luck."

- Bill Bonner

 


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