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Discussion Topics -- February 10, 2012
Fed extends IR Policy to 2014
Targets Inflation
Fuels Gold's Best January since 1980

(February 10, 2012 discussion). Gold posted its best January since 1980 as the Federal Reserve announced an extension to its accommodative interest rate policy to the end of 2014. The end of 2014 will mark our sixth year of zero interest rate policy, placing us smack dab in the middle of our own 'lost decade'. The Fed is also now targeting core inflation rates of 2%. Targeting core rates of inflation is simply another way of saying 'currency devaluation', and carries with it substantial risk. If the Fed is unable to reign back in the mechanisms used to achieve its targets, it runs the risk of creating runaway inflation, especially in food and energy. Meanwhile, it was announced Thursday that Greece reached a new deal to secure another round of bailouts. Deeper austerity measures were agreed to, renewing protests and demonstrations throughout the country. (Post-production note: It appears even this latest deal for Greece is running into trouble, as even greater cuts were asked for after Greece agreed. So again, talk has returned to the risk of default). 25 minutes, with George Cooper, Peter Grant, and Jonathan Kosares

Figure 1

Gold Price Dec and Jan

Figure 2

Debt to GDP

Figure 3

Govenment Spending

Figure 4

Oil Price

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