July 30, 2012
Today Stephen Leeb told King World News, “There is no plan for growth, and so in this type of environment people are going to remain very frightened.” Leeb, who is Chairman of Leeb Capital Management, alsopredicted, “This will lead to an ocean of paper money moving into the gold and silver markets.”
The acclaimed money manager also discussed Europe and the US, but first, here is what Leeb had to say about the ongoing crisis: “One thing that defines us today is fear, at least in this country. We are a very frightened people right now. For the first time that I’ve seen we’ve had a dramatic drop in median income. I’m not talking over the last 20 or 30 years, I’m talking about since this horrible recession began.”
Stephen Leeb continues:
“In the US as an example, median income in this country has fallen 10%. That’s unheard of and it’s enough to scare anybody to death. The US is a country that has been used to seeing its incomes rise. To find this double digit drop in median incomes is really horrifying.
How this relates to today is when people get scared, that means they become scared of their own currency….