Stocks Drop World Wide and Gold Rises

No surprise, the US government has announced a confiscatory tax plan and well as dramatic increases in the cost of energy. The rise of gold will continue as fear become the order of the day

March 2 (Bloomberg) -- Stocks in Europe and Asia and U.S. futures slumped, while Treasuries and gold rose as Warren Buffett said the American economy is in a “shambles” and concern grew that financial firms will need more capital.

HSBC Holdings Plc slipped 10 percent after saying it plans to raise 12.5 billion pounds ($17.7 billion) in a rights offer. Commerzbank AG and BNP Paribas SA slid more than 5 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, retreated 6.8 percent as the nation’s wage declines accelerated. BHP Billiton Ltd., the world’s largest mining company, lost 4.7 percent as industrial metals and oil dropped.

Its not to late for President Obama but if things keep up he will drive us right off a cliff.