• Bill Bonner, The Daily Reckoning
Nothing much in yesterday’s market news…so we turn to a remarkable article that appeared in MONEY magazine, proving that MONEY doesn’t know anything about money.
(MONEY Magazine) – Can you tell when a boom has turned into a bubble? One clue: When pop culture starts paying attention. The housing bubble, for example, brought both the TV show Flip This House and a rival on another network, Flip That House.
So if you own a lot of gold, you might regard a recent episode of Saturday Night Live as your first warning. In the opening skit, Bill Hader as China’s President Hu Jintao declares that Glenn Beck was right and that “my government should have bought gold. Unfortunately, all our assets were tied up in US Treasury bills.”
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