8/26/2011 Portland, Oregon – Pop in your mints…
We will continue our Ode to the Auto Feo next week. The week appears to be ending anti-climactically. Ben Bernanke said nothing of consequence at the economic conference in Jackson Hole, Wyoming today. As we have stated here at The Mint previously, the FED has essentially shot its last round of lethal ammunition, announcing that rates will stay near 0% until at least 2013.
Anything further would make the FED look like more of a laughing stock than it already is. At this point, they are giving away money because no one will take it. Unwittingly, the FED’s taking this most recent stance will spur a spending spree that will certainly be labeled “economic recovery” by the politicians who have become accustomed to identifying capital consumption as “growth” and capital accumulation as something to be severely punished.
Fortunately, the currency regime will end long before it can further scorch the earth. Our only advice is to not hold dollars or bonds when it does end, for those assets are the ones that will burn.
It appears that the debt crisis in Europe is spreading to the football clubs of Spain and Italy. Allegedly some of the clubs can’t pay salaries and the players are striking in the off the field sense. This is probably why the great Samuel Eto’o went to Moscow to become the highest paid player, of any sport, mind you, in the world.
Samuel, opting for liquidity over fame, must figure that Russian billionaires are more likely than Europeans to pay their bills over the next three years. Not a bad bet.
We will leave you with some footage of Eto’o’s goals which should tide you over in case La Liga and La Nazionale don’t play for a time:
Stay tuned and Trust Jesus.
Key Indicators for August 26, 2011
Gold Price Per Ounce: $1,828 PERMANENT UNCERTAINTY