I wet myself laughing when I heard the air-head say the following:
"Some investors aren't confident with what gold is backed by- or if its backed by anything at all, as compared to something like the US dollar. Investors are comfortable that the US dollar is backed by the American government, so that no matter what is happening to the US economy, something like the US dollar is backed by the Federal Reserve, that's going to be around a year from now. That's a much more comfortable investment for them."
How about the fact that Gold is backed by:
- The Earth and its finite supply of Gold
- The three major monotheistic religion's holy book stating that Gold is Money
- 5,000 years of the free market choosing Gold over ALL other forms of money (except silver).
- Infinite supply from the Fed and its member banks
- Being outlawed as Money in the US constitution
- Having lost 96% of its value since the Fed has been "backing" it - source
I think the Todd Hirsch mentioned is this guy
Whilst very funny and sad, it is typical of mainstream media. The first time I was interviewed on national Australian TV the only vaguely intelligent question I received was from the weather girl.