Peter Schiff on Detroit and Bernanke’s Gold Ignorance (Video)

In his most recent video blog, Peter Schiff explains how the bankruptcy of Detroit is a microcosm of the what is happening on a larger scale with the entire US. He also explains how frightening it is that Ben Bernanke admitted that he doesn’t understand gold.

“[Bernanke is] the head of a central bank. Gold is a monetary asset. Central banks hold gold as reserves… How can our chief central banker admit that he doesn’t understand gold? … It’s kind of like a coal miner having no idea what that canary is doing in a coal mine. Maybe the canary drops dead and the coal miner [says], ‘What’s up with that canary?’ And then just going about his day… If he doesn’t get out of that mine, he’s going to die too! … Gold tells you if your monetary policy is correct.”

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