Rick Santelli today gave an EPIC RANT on the difference between physical gold and paper liabilities commonly traded on commodities exchanges.
I don’t even look at gold as gold anymore since they securitized it. If things went badly in the world that I used to observe as a gold bug; the gold would end up in the hands of the gold bugs. If things go badly now, they’re going to end up with checks from ETFs!
Sorry, it’s not the same! The reign of paper gold as the Ayn Rand endgame, to me, that’s over. Game, Set, Match!
The only CNBC commentator who does have a clue, Rick Santelli, gave another epic rant this morning concerning the fiscal cliff, Federal debt and unfunded liabilities, and the Fed. Santelli, sounding like James Grant or Tyler Durden, stated the true fiscal cliff is the $100 Trillion in unfunded liabilities, and stated that The Fed doesn’t have a clue.
Santelli’s full rant below: