WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Investment advice from true believers: Gold and John F. Wasik

Instapundit links this anti-gold column by John F. Wasik.

Who is John F. Wasik? The author of The Audacity of Help: Obama's Economic Plan and the Remaking of America. And yes, the book is exactly as the title implies: a fawning, credulous homage to Obama's central planning utopian dreams. From the preface:
Boiled down, what Obama promises is a more ecological sense of shared responsibility. By ecological, I'm referring to interrelationships within society and the economy and not just the environment. Green jobs for inner-city residents mean better education and opportunity. Reshaping the energy infrastructure translates into less dependence on foreign energy sources, lower greenhouse gas emissions, and lower home-ownership expenses. Can the more than $350 billion the U.S. spends annually on energy imports be rechanneled into domestic energy production and jobs? Obamanomics provides the impetus to transform the United States into a greener economy.

This new economy, in Obama's plan, means redefining connections between government investments and economic growth. Spending money on health-record digitization, renewable energy, and general education will better positsion the United States to compete in global trade. More affordable and portable health care will create more economic security for everyone, particularly entrepreneurs.

That's so naive and laden with buzzwords it could have been written by Thomas Friedman.

Obviously, anybody who believes that Obama is going to lead us to the promised land riding his candy-pooping unicorn is not going to understand the investment case for gold. Gold is for those who don't believe central planning by Ivy League propellerheads is a sound strategy to grow the economy out of 10% GDP deficits.

I've laid out my investment case for gold many times before: the debt and deficit are out of control, we will not grow our way out, and inflation/devaluation will be the most politically palatable way out of the mess. Nothing in Wasik's shallow column changes any of that.


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