Here is an interesting quote I came across this weekend. It is by Robert Darryl Schoon and you can read the entire article here.

While often wrong, Bernanke is right about the recession. It’s almost over. But a depression is about to replace it.

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Many have said that gold is a relic of the past. One such "authority" who espoused this rhetoric was Milton Friedman who was championed as an expert in the economics textbooks I studied in college 3 decades ago. Consider the following quote by Schoon and decide for yourself if Friedman was an "authority."

When exchange rates were allowed to float in 1974 as encouraged by Friedman who also encouraged Nixon to abandon the gold standard in 1971, the US had a positive balance of trade. Thirty five years later, the US trade deficit is well over $800 billion and is growing over $20 billion each month (Hey, Milton, how much more time will it take to balance the trade deficit?).