John Mauldin had a few choice words for the Fed, Janet Yellen and the proponents of central banking in a thirty minute interview with Steve Forbes released yesterday.
“Its almost statistically impossible to be as bad as central bankers are at predicting the future,” John Mauldin told Forbes. “Yet we’re supposed to trust them… it doesn’t end well.”
Mauldin said that if he were Yellen he would “begin to taper… allow rates to rise something near the more natural rate. When you artificially hold interest rates low… that is theft!” He also said he is still bullish on gold in the long term, and shed some light on his buying habits.
“I believe gold is… central bank insurance… I do have some, I buy some every month.” Mauldin said. He purchases gold for his grandchildren every month and stashes it in offshore “neutral facilities” for safekeeping. He believes gold will have more value in twenty years than “putting 100 dollars a month into a savings account,” citing sagging interest rates due to central bank activity.
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The media have been buzzing with speculation over the next chairman of the Federal Reserve. Wall Street wants the easy money party to continue forever. Larry Summers does not, according to Stephen Gandel at CNN Money.
Jason M. Farrell is a writer based in Washington D.C. and Baltimore, MD. Before joining Agora Financial in 2012 he was a research fellow at the Center for Competitive Politics, where his work was cited by the New York Post, Albany Times Union and the New York State Senate. He has been published at United Liberty, The Federalist, The Daily Caller and LewRockwell.com among many other blogs and news sites.
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