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Strategist: World On The Verge Of Great, Great Depression And The Fed Knows It
Posted By admin On June 1, 2011 @ 10:17 am In Featured Stories,News In Focus,Steve Watson Articles | Comments Disabled
Gold spikes on grinding economic halt, coming Fed QE3
June 1, 2011
A notable market strategist has told CNBC  that the world is on the verge of the largest financial meltdown in history, warning that Wall Street is at a loss as to what to do regarding the ailing economy.
“Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything,” said Peter Yastrow, of Yastrow Origer.
“We’re on the verge of a great, great depression. The [Federal Reserve] knows it.” the futures trader added.
“What we’ve got right now is almost near panic going on with money managers and people who are responsible for money,” he said. “They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.”
Yastrow described betting against the U.S. economy as “a huge mistake”, adding that he would not sell stocks at this point.
Any bears out there better be careful because the dividend yields on these stocks look awesome relative to all the other investment vehicles out there,” Yastrow said. “So bears are going to have to find a new way to express their discontent with the U.S. economy.”
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Meanwhile, gold spiked today on the news that a third round of so-called quantitative easing on behalf of the Federal Reserve is in the works.
“There’s a lot of iffiness about the end of QE2 and questions about whether there will be a QE3,” said Matt Zeman , a strategist at Kingsview Financial in Chicago. “There’s a serious soft patch in economic data, and the Fed is not going to be able to raise interest rates anytime soon. That’s going to be a dollar negative and gold positive.”
Gold futures hit a four-week high today as the dollar slumped to a three week low and equities continued to decline.
Futures for August delivery reached $1,551.60, the highest since May 2, before dropping back to to $1,550.30, still a rise of $13.50, or 0.9 percent.
“The dollar is starting to weaken again,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “Stocks are selling off, and there’s a flight to quality into gold.”
Steve Watson is the London based writer and editor for Alex Jones’ Infowars.net , and Prisonplanet.com . He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England. 
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 a third round of so-called quantitative easing : http://www.prisonplanet.com/fed-ready-to-print-more-funny-money-on-qe3-rumors.html
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 said Matt Zeman: http://www.bloomberg.com/news/2011-06-01/gold-futures-advance-in-new-york-as-dollar-weakens-u-s-equities-retreat.html
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 “The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”: http://www.prisonplanet.com/%e2%80%9cthe-prevailing-debate-among-economists-and-historians-is-whether-the-world-economy-faces-the-%e2%80%98great%e2%80%99-depression-of-the-1930s-or-the-%e2%80%98long%e2%80%99-depression-of-the-18.html
 The Crisis Is Imminent: “When The Real Crash Comes It Will Be Worse Than the Great Depression”: http://www.prisonplanet.com/the-crisis-is-imminent-%e2%80%9cwhen-the-real-crash-comes-it-will-be-worse-than-the-great-depression%e2%80%9d.html
 Shadowstats’ John Williams: Prepare For The Hyperinflationary Great Depression: http://www.prisonplanet.com/shadowstats-john-williams-prepare-for-the-hyperinflationary-great-depression.html
 Bernanke Claims That The Fed Has Averted A Second Great Depression By Bailing Out The Too Big To Fail Banks: http://www.prisonplanet.com/bernanke-claims-that-the-fed-has-averted-a-second-great-depression-by-bailing-out-the-too-big-to-fail-banks.html
 Dow Bloodbath Could Herald “Great Depression”: http://www.prisonplanet.com/dow-bloodbath-could-herald-%e2%80%9cgreat-depression%e2%80%9d.html
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