Eric King:  "David, I wanted to get your thoughts on gold in the midst of this big deflation you think is in front of us.  When you look at the collapse of 2008 – 2009, gold was one of the best performing asset classes.  Gold went down but it went down much less relative to virtually everything else.  Contrast that to 1973 – 1974, where we had a 47 percent stock market collapse.  But during that time we had skyrocketing gold and silver.  What's in front of us because it looks like gold and silver may be ending a 4 year bear market and ready for a 1973 – 1974-style up-move?"

David Stockman:  "Yes.  I think the two periods are quite different.  Although at the bottom it's central bank errors that underlie each.  But remember that in the 1970s we had just finally exited a semi-stable Bretton Woods Gold Exchange Standard system.