The poor Republicans have their Mitt in the wringer. Everyone is ranting and raving against him. Why? Well, he's mostly right. But the 47% that Mitt was talking about don't really live "off the government."
As more and more of these currency units – call them dollars, call them yen, call them euros, call them renminbi – are issued, it would make sense that the nominal, non-inflation-adjusted price of resources over time should go up.
No group of Americans had more to be grateful for over Thanksgiving than the few people at the top of the pile. Over the past four decades, their wealth has soared... thanks largely to the feds. In 1971, President Nixon cut the last link between the dollar and gold.
Why are central banks buying gold? Don't they know that gold holdings don't earn them any money? Don't they know they'd be better off with US Treasuries? Don't they know the dollar is as good as gold? Apparently not.
Shouldn't stocks be flying? Shouldn't gold be closing over $1,800 per ounce... and on its way to the moon? The Fed last week announced what could turn out to be the biggest program of money-printing ever undertaken by a central bank in history.