The "E-stop" button has been broken off and is lying in the pressroom floor!

Folks, in my previous career prior to working in financial services with precious metals, I used to be in the printing industry. There are buttons on every printing press to stop it quickly - if you have a paper jam, etc. Peter Schiff with Euro Pacific Capital just discussed the outcome of running the printing press wide open. His article was picked-up by the folks at the Daily Reckoning. Here's what he said:

Don't Bet on a Recovery

By Peter Schiff
Westport, Connecticut

"Some will argue that the new jobs created by government stimulus spending will provide the additional purchasing power necessary to revitalize consumer spending. There are two problems with this expectation. First, those jobs being "created" by the government are outnumbered by those being destroyed by government domination of resources. Second, even if it were possible for job growth to return, having hopefully learned from their mistakes, workers will be far more frugal with their paychecks than they were in the past.

AND:

The only possible way consumers can spend is if the government gives them the money. However, since the government cannot legitimately give money to one American without first taking it from another, the most likely means of doling out cash will be to run it off the printing presses.

That, in a nutshell, is our government's plan for economic recovery. Print a bunch of money and give it to consumers to spend. This is not a plan for recovery but a recipe for disaster. Those betting that this program can succeed in putting together a healthy and sustainable economy simply do not understand the nature of their wager. The smart money is going the other way.

Regards,

Peter Schiff

I agree with Peter. The smart money is going the other way - into gold. A Gold hedge against the coming inflation that the printing press will bring is SMART. Rare gold coins are your best hedge if you are considering purchasing gold!