Retreat: Obama Buys Ad Time in Michigan

At the start of the general election campaign, the Obama camp gamed out its strategy assuming that states like Pennsylvania, Wisconsin, Minnesota and Michigan were safe states. There were no plans to spend resources in these states nor send surrogates or candidates to these reliably Democrat states. But then, Obama gave a disastrous performance in the first presidential debate and Romney seized the initiative and built momentum. Late today, we learned that the Obama campaign was now buying ad time in Michigan. With one week until election, Obama has to spend millions to shore up his "safe" states.


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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