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Quaintance and Brodsky: Fed's exit can be only debt and currency devaluation via gold
6:51a HKT Wednesday, March 13, 2013
Dear Friend of GATA and Gold:
In their new commentary, Lee Quaintance and Paul Brodsky of QB Asset Management in New York argue that the Federal Reserve's only plausible exit from "quantitative easing" is not selling bonds and junky assets but currency and debt devaluation based on a great upward repricing of gold and a general tendering for gold by the central bank at that new price, even if this would only start a new era of debt creation in advance of still another currency and debt devaluation in a few decades. Oh, well, as Quaintance and Brodsky note, this would be only what has been done before. With their kind permission their commentary, "The Fed's Exit," has been posted in PDF format at GATA's Internet site here:
http://www.gata.org/files/QBAMCOTheFedsExit-03-13-2013.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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