Tuesday, March 10, 2009

UBS says: "we have no fucking clue"

Laughed my ass off this morning.

From FT.

UBS told investors on Tuesday to increase the weight of gold in their portfolios, warning that bullion prices could soar because the prospects of either deflation or inflation were “becoming more extreme”

One extreme or the other, basically what they are saying is "stuff is so off the charts and we have no fucking clue where it is going to end up". And they put up a press release about it saying "buy gold!" and according to the article no one listened!!!

Keynes had a more dignified way of saying this, without sounding pompous: "we simply do not know". What a sorry state of affairs, next!

3 comments:

Roy Russo said...

Queue Pierre and his argument for going back to the gold standard.

Me? I just keep my gold in ma teeth!

Marcf said...

Careful, in the neighborhood you live in, at least according to Pierre they will take your teeth out!

Army No. Va. said...

The argument for the gold standard is essentially Thomas Jefferson's argument against letting the banks have complete control of the monetary systems (e.g., thru the Fed).

"Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."