I Am Not Going To Say I

Gold Has No Increasing Value. And If You're Really Worried About, Say, Inflation Rising, I Would Buy Spam. You Know, You Can Eat Spam. You Cannot Eat Gold.

Having Spent 10 Years Studying Emerging Markets, I Know That You Have Patterns Repeated Over And Over Again. A Bubble Is Like A Fire Which Needs Oxygen To Continue... When You See There Is No Oxygen, Things Change.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.

I Am Not Going To Say I Told You So, But I Did.

You Have To Eventually Nationalize Us Banks, You Have To Take The Problem By The Horns. In My View Actually Most Of The Us Banking System Is Insolvent.