"Believing In Bernanke Is Like Believing In Santa Claus"
other notable quotes from the good doctor:
“I keep in my toilet a picture of Mr. Bernanke. And every time I think about selling my gold, I look at it and I know better!”
"If you look at what happened in Cyprus, basically people with money will lose part of their wealth, either through expropriation or higher taxation. The problem is that 92 percent of financial wealth is owned by 5 percent of the population. The majority of people don't own meaningful stock positions and they don't benefit from a rise in the stock market. They are being hurt by a rising cost of living and we all know that the real incomes of median households has been going down for the last few years. What happened in Cyprus will happen everywhere in the world, in Western democracies."
"If I had to vote for either Obama or Romney I would shoot myself."
"In order to protect their assets, investors should buy themselves a machine gun…I need to buy a tank. Joking aside, look, we have manipulated markets. Whenever you manipulate markets, you will get unintended consequences."
“In the 40 years I’ve been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality ... Asset markets are in the sky and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up. Something will break very bad.”