Like many others, I have been enjoying Jon Stewart’s skewering of Jim Cramer, CNBC’s money madman. But the New York Times has an interesting perspective interesting perspective on this: The media attention may be to Cramer’s advantage (as opposed to what happened to Crossfire when Jon Stewart appeared and exposed them for what they were.
Nevertheless, it must have been uncomfortable being up there, and deservedly so. But I do prefer this one:
While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?
China is now worried about their dangerous over investment in US Treasury obligations. Washington ís long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.
The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts
Ron with 30 plus years in the investment business and banking industry.