Is Financial Crisis Over? Is Gold A Desirable Safe Haven
Anymore? Patrick Heller, Market
The Dow Jones Industrial Average topped 13,000 last week.
The Federal Reserve claims that the U.S. economy grew in the
first quarter 2008. The latest jobs report was reported to
be better than expected. Is everything fine and the economy
looking up from here?
To me, this "news" is manipulated statistical hogwash,
but my thoughts don't carry economic clout. Alternatively,
JPMorgan Chase & Co. is an institution generally accepted
as a major participant executing market manipulations on orders
of the US Treasury and Federal Reserve. It bought Bear Stearns
in March to stave off a derivatives crisis. Pronouncements
by its leadership move markets.
In the May 3 issue of Welt am Sonntag, a German weekly, JPMorgan
Chase chairman James Dimon said, "We can only speculate
on how deep and how long the recession in the United States
will really be and how than in turn will impact banks. . .
. But we are not done with the crisis for a long time."
Dimon is one of the last people who would admit that the
US economy is in dire straits. So, when he says there is a
lot of economic pain coming, it is time to redouble your holdings
of safe-haven precious metals and reduce your exposure to
US dollar-valued investments.