GDP

We noticed with amusement Emperor Ken Henry’s statement that: “What people have called the global financial crisis, that has passed, I think it’s safe to say.”

It’s pretty easy to say that when you’re a career leach. Sorry, we mean public servant… No, actually, we do mean ‘leach’ after all.

On reading those words from Emperor Henry, it rather reminded us of this moment back in 2003:

“Major combat operations in Iraq have ended. In the battle of Iraq, the United States and our allies have prevailed… [Applause, whooping and hollering] And now our coalition is engaged in securing and reconstructing that country.”

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Why don’t we need the Copenhagen Treaty’s sinister, unelected world government helping itself to 2% of our annual GDP and raking another 2% off every financial transaction, in reparation for imagined – and imaginary – “climate debt”?

Why should the world government not go over our elected representatives’ heads, and run our economic and environmental affairs, and cancel our patents, and fine recalcitrant nations, and end democracy, freedom and prosperity forever?

Simple. “Global warming” is now known to be a non-problem.

Strip today’s Earth of its atmosphere, biosphere, hydrosphere, and cryosphere, leaving only the lithosphere, a globe of rock like Mars that bounces just a sixth of the sunlight that hits it back into space.

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The official bid for gold, let alone private-sector demand, looks likely to hold strong…

GOLD didn’t only break new Dollar highs this week.

Jumping to 8-month highs against the Euro, Swiss Franc and Canadian Dollar, it also took out fresh records versus the Indian Rupee and Chinese Yuan.

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“A mere $400bn went missing in the UK debt-savings boom of 2000-2008. Not to worry…”

SEEMS WE’RE NOT the only ones trying to figure out this week where the last decade’s record consumer borrowing went.

“Where did all the debt go?” asked Bank of England economist Spencer Dale in a speech this Thursday in Exeter. Sadly for US and British households, however, let alone savers and investors, he had fewer answers than even we do here at BullionVault.

“Household debt as a proportion of income increased from 100% to 165% in the 10 years to 2007,” Dale noted of the United Kingdom. “[Yet] this big run up in debt was not used to finance a surge in spending,” he added, as if taking his cue from our Wednesday essay, and scribbling his speech the next morning as the train crawled through Reading.

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