Some critics say we’re like the Joe Bfstplk character in the old L’il Abner comic strip. Joe walked around with his own personal dark cloud hanging over his head.

We defend ourselves by saying, “You don’t understand. It’s probably worse than we than we think and we think it’s pretty damn bad.” Now it appears that a big-time Wall Street mover and shaker is singing our song:

There may be another round of quantitative easing in the U.S. and Europe remains volatile. What’s an investor to do? Get into gold, art and jewelry, Scott Minerd, chief strategist at Guggenheim Partners, told CNBC Wednesday.

“We’re in a ‘beggar thy neighbor’ era. Paper money is garbage at the end,” he said. “It’s a matter of relative values, about which garbage do you own.”
There’s gold, of course, but “I don’t want to get labeled as a gold bug,” Minerd said. “I’m in favor of any asset class which is a store of value, which gets you away from currency risks,” and that would include art, collectibles and diamonds. Over his long-term horizon, “all of these noncurrency-related assets are probably superior investments than looking at financial assets.”

Watch the entire interview. When Wall Streeters begin agreeing with the doom and gloomers at EconomicCollapse.net, it’s a sure sign that the apocolypse is nigh.

Source: CNBC

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