Global stocks tumble amid recession fears

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  • My2Cents Kearns, UT
    Aug. 5, 2011 7:36 a.m.

    Fears of a recession is an understatement. Related to job reports is a falsehood and lie. In all the 10 years I have been watching and monitoring the markets I have never seen oil and precious metals go in opposite directions with so much of a change. Oil is down over $20/bbl from 3 weeks ago and gold, silver, platinum have risen way beyond expectations, an abnormal condition.

    We are seeing the beginning of a global meltdown and not in the people but in governments and banking. Debt is imploding and no longer a commodity. Banks large and small with no tangible assets will collapse and those with tangible assets become the new power brokers. Foreclosed homes are not an asset either.

    Obama is being forced to devalue the dollar to its real worth, somewhere around 30% lower, a huge double digit inflationary process. The US will now facing the worst depression in history, thanks to Obama and your childish sugar plumb fantasy world.