Beyond the economic chaos in the U.S. – how does today’s interdependent “global economy” pose an even greater threat to investors?
I think people have to realize and I think to a large degree many people do realize that we're not the only economy in the world out there. When I talk about the world's bubble economy, I mean it. The world economy is terribly important to the U.S. and the U.S. investors. We now know that China is the second largest economy in the world, Japan behind it. We've got Europe is huge. We are very dependent as a nation on the rest of the world in a way we certainly never were 50 years ago. It was just the opposite, right? The world was dependent on us, but now we're dependent on the rest of the world. So if you have problems in the rest of the world, they not only reverberate to the U.S., they directly cause us problems. When the world's second large economy like China has problems that's going to be a big issue for the U.S. and for investors. So investors not only have to focus on what the U.S. may be doing right or wrong in its economic management, it has to be focusing on what China is doing right or wrong in it's management and has to protect against that too. That's one of those unknown factors, or I shouldn't say unknown, but known factors that's like a Southern California earthquake. At some point, that's going to break. I just don't know what the magnitude is going to be and investors have to be able to protect against that as well. Of course, one of the great ways to do that, I might add many Chinese obviously see that as well, is to invest in gold. People in China probably see better than the U.S. the problems and that's one of the reasons is probably there's such a huge increase in demand for gold in China over the last few years. It's a good way to protect against a Chinese problem or Chinese breakdown in that massive bubble economy whether you're in China or in the U.S.