Leeb – Warren Buffett Desperate & Policymakers Scared to Death
March 9, 2012
Today acclaimed money manager Stephen Leeb told King World News what the Fed is doing right now is unethical. Leeb also said Warren Buffett is desperate and policymakers are scared to death. Leeb is Chairman & Chief Investment Officer of Leeb Capital Management. Here is what he had to say: “There’s really only one currency in this world and that’s gold, period. You’re going to need gold, eventually, to buy oil, to buy food, to buy real estate. Just those three (assets), if you look at the dollars that are now transacted in all energy, food and real estate, you come up with a number like $36 trillion a year.”
Stephen Leeb continues:
“All of the gold in the world is only worth $9 trillion. Looking forward three to five years, you have to come up with $10,000 gold. You have to. Everything else is being devalued. So you come up with very high targets for gold.”
When asked what is wrong with central planners letting gold advance to fair value, Leeb responded, “I think it would really frighten people. It would take the covers off what’s underneath, which is just a lot of junk that really cannot be valued appropriately.
It would take the blanket off of what is a broken financial system. There is an inevitability to this, but everyone fights change, Eric. This goes back to (Emile) Durkheim, the famous 19th century sociologist, who said, ‘The worst thing that can happen to people is change.’ They hate it.