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Thursday, 4 November 2010

image for Stock Market Could Crash At Any Time: Fed Chairman Ben Bernanke

Fed Chairman Ben Shalom Bernanke told reporters right up front this morning that we could easily have a stock market crash at any time.

"We have just printed enough money to lower the dollar's worth to about 80% of what it was. That means that all those countries like China and Japan are holding dollars that are worth a lot less than they were only last week", Bernanke told Robin Roberts on Good Morning America.

Bernanke stated that he was not trying to start a run on the banks but that this latest move is to loosen the bank's loans to businesses so they will be able to expand and create jobs.

He also stated that President Obama's plan and the new Republican plans are the very opposite.

"That could cause a very unsteady market for who knows how long. Remember, all the market is about is investing in the future earnings of corporations. If it gets into wild swings of ups and downs, people will consider other investments."

Would it be wise to invest in gold?

"Not really. Let's say you have a $20 gold piece and you need groceries or gas. That gold piece is worth $2,000. How are they going to give you change? It would have to be in dollars."

Also on the show was Investment Guru, Anthony Riggs, who has inked two bestsellers on investing.

"You simply have to keep your eyes open. You asked about investing in foreign currency. Well, the Chinese currency is strong right now. But remember, they are holding tons of dollars and if they drop in value, they could go down too."

And your recommendation for investment?

"Food and fresh water. You can never go wrong there."

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