World Markets Face Global Meltdown

Disastrous economic news has caused markets across the globe to plunge. The news in Europe and Asia is that we have not hit bottom yet. Today the Dow Jone Industrial Average was down over 200 points, but closed down only 34.29 points.

Analysts are starting to run out of excuses for the big drop in the Dow. We need to acknowledge that the current volatility is created by unsteady hand of Alan Greenspan's succesor Ben Bernanke. The new chairman of the Federal Reserve keeps talking about inflation.

Wake up! We are soon to face depression as in the Great Depression. He keeps raising the fed funds rate. Banks will soon start to close. As housing prices continue their downward spiral, the banks main asset, homes are worth less with each passing day. It is only a matter of time before they have more debt than assets, before they are underwater. We are all drowning here. There are black clouds at the horizon, I predict a coming superstorm.

My strategy is precious metals. They will weather this financial hurricane.