Greyerz: “Eric, gold is down and investors are nervous. We have to ask ourselves, have any of the fundamentals changed? The answer is no, they haven’t. Government deficits are still increasing at an alarming rate, and world debt is at $220 trillion. In fact, world debt has tripled in the last 10 years.
The US is the biggest debtor and the debt is still increasing by $4 billion each day, or $1.5 trillion each year. Since Bernanke has become Chairman of the Fed, the federal debt has gone up by a staggering $10 trillion. That’s $10 trillion in just 7 years.
From 1980 to 2006, when Bernanke became Chairman of the Fed, the US debt went from $1 trillion to $7 trillion. But think about the fact that he has overseen the debt increase of $10 trillion in just 7 years…
Read the complete article at King World News here.
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