from King World News
one of the wealthiest people in the financial world spoke with King
World News about what he is telling the affluent investors and
professionals they should be doing with their money at this time. Rick
Rule, who is business partners with billionaire Eric Sprott and the CEO
of Sprott USA, also takes KWN readers through an interesting set of
questions regarding where the future price of gold and silver is headed.
Rule: “This is the time when people need to do some soul searching.
Normally when I give a speech people ask me a bunch of questions at the
end. But the world is turned upside down, so my talks are turned upside
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The bottomline? Economists’ models cannot explain consumer bubbles, tech bubbles or commodity bubbles. Nor can they predict a post-bubble future.- Stephen Poloz
As is well known, Goldman’s Mark Carney is leaving the Bank of Canada on June 1 to take over the UK money printer in a few months, at which point he will proceed to create about GBP25 billion per month out of thin air, pushing the total monthly G-7 liquidity injection to a healthy $200 billion (an annualized rate of $2.5 trillion). Which meant that a successor had to be found. Moments ago we learned just who that is, and surprisingly it does not appear to be yet another Goldman Sachs Partner, MD or even Vice President. Carney’s replacement is Stephen Poloz, the former head of Export Development Canada.
Promptly upon the announcement Poloz noted that flexible inflation targeting no threat to credibility, and Canada’s monetary policy has helped through crisis, and that experience at EDC gives him a feel for Canada’s economy. If nothing else, at least he has held a real job. Unlike those mandarins in the Marriner Eccles building. Either way, his monetary stance is largely unknown, although it will hardly be a hurdle to the other lunatics who have taken over the money printing asylum.