CRISIS OF CONFIDENCE ACROSS THE FINANCIAL WORLD

There is a complete crisis of confidence around the global over the world economy.  This has been brought on by many things but mostly over the downgrading of U.S. credit rating by Standard & Poor's.  Many investors, politicians, economists, and intelligentsia say "we are in uncharted waters."  Oil is dropping, while gold is reaching new highs ($1702) and the dollar reaches all time lows.  Some like Bill Gross (Pimco) think that S&P had "spine" to do what was needing to be done.  But others like Roubini says that there is now a very real risk of double dip recession, stating that S&P's decision came at the wrong time.  There is now a big worry for recession.  Gold is now the unofficial world currency, as gold has risen over every other currency and is the best performing asset.  The result of the ECB emergency meeting is that the Central Banks are willing to do whatever is necessary to stem the tide of trouble in Europe's troubled Spain & Italy.  Italy is going to amend their constitution for radical austerity measures promising to liberalize everything they legally can.  Meanwhile, London is in their second night of rioting and burnings as the citizens reject their austerity plans.  What does all this mean?  No one knows at this point.  Nevertheless, Jim Rogers is confident that helicopter Ben will run the printing press as fast as he can to print money to delay the pain.