A journalist should never be concerned with winning any “popularity contests”. This is a point about which I like to frequently remind myself – since I will certainly never win any such contest with my own work.
An example of this harsh reality has surfaced again after my recent commentary “The Continuing Mystery of the U.S. Treasuries Market”, written just before I joined Silver Gold Bull as their precious metals analyst. It has ruffled a few feathers – both inside and outside the precious metals community. An example of someone from the latter group is a writer for “Business Insider”, Joe Weisenthal.
Given that Mr. Weisenthal repeatedly spelled my name incorrectly, I presume he’s someone not familiar with my previous work, and my extensive writing on this subject. Putting aside the spelling mistakes (no publicity is bad publicity?), I have a few qualms with Mr. Weisenthal’s attack.
At the top of the list is the fact that there is not one word in this critique concerning the question I considered so important that I highlighted it in bold: who is buying this worthless paper?
With that huge question remaining unanswered, I might have a few more words on this subject at a future date…
Here’s The Solution To The ‘Ultimate Financial Contradiction’
At TheStreet.com, Jeff Nielsen has a very conspiratorial post essentially arguing that the US Treasury market is an epic fraud, and that it’s only because Bernanke is printing money like crazy that yields on U.S. debt are so low, and that the entire thing is a scam.
It’s four pages of conspiracy-mongering, but part up front is what we wanted to address. This is where Nielsen introduces what he calls the “ultimate financial contradiction”, the fact the supply of Treasuries I so great while the prices on them are so low [sic]…