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The Mogambo on the only two reasons to own gold... Nathan Lewis on what to really make of a Japan-like slump... Byron King on inflation and the rush to precious metals... Bill Jenkins on the status of the "almighty dollar"... Bill Bonner on the unfortunate class of '09...and more! ----------------------- Special Offer ------------------------- You could have turned $5000 into $1 million in just over five years... Each week, readers to make just one investment buy. And since November 2006, not one pick has lost value! It's no wonder readers of this newsletter could have turned $5,000 into $1 million in just over five years! Now, they're quickly closing in on $2 million! Join them... ---------------------------------------------------------------- The Daily Reckoning's Highlight of the Week Baltimore, Maryland The borrower is usually the slave to the lender. But you know the old joke, dear readers... A man who owes the bank ten thousand loses sleep at night. But when a man owes the bank millions, then the banker loses sleep at night. And so it goes between the world's largest borrower and its Asian enabler. What a week it's been! While the central bank has been printing up money, the nation's political leader has been trying his hand as a captain of industry. And as Bill points out in the excerpt below, he hasn't done any favors for the auto industry... Two auto-parts suppliers have already filed under Chapter 11. GM is expected to do so momentarily. Too bad about GM. It was set up in 1916. If it had been able to hold together for another 7 years, it would have gone 100 years without having to declare bankruptcy. All people die. All companies die, too. That's why 'buy and hold' is wishful thinking. Buy and hold long enough and you are sure to go broke. And die. Eventually the undertakers and bankruptcy lawyers get you. And today...business is good in Detroit. What cleared the way for the GM bankruptcy was a deal with the bondholders...in which they take equity in exchange for their debt and agree not to contest the bankruptcy filing. Still, the deal - and other deals relating to it...including the presence of one very big and very odd shareholder, the government of the United States of America - is so complicated, it's bound to give bankruptcy lawyers plenty of work for many years. But business seems to be picking up everywhere...at least, that's the impression you get from reading the paper. The war against capitalism seems to be going pretty well, in other words. But how it will progress is anyone's guess. You can read the rest of Bill's assessment of the situation on our website. ----------------------- Special Offer ------------------------- 150% Gains in 14 Days...168% Gains in Just Seven Days These "bread-and-butter easy" options plays have old pros and beginners alike raking in safe, fast gains. We tell you what to do and when to do it... Read more here! ----------------------------------------------------------------

ALSO THIS WEEK in The Daily Reckoning: A few of our friends and colleagues had a lot to say about the goings-on in the markets this week. From gold's continued rise, to the return of the declining dollar, our guest contributors caught it all. And Bill rounded out the week with an impromptu commencement letter aimed at recent college graduates. There's some good stuff here, so in case you missed any of them, we've compiled them for you below. Enjoy! The Only Two Reasons to Own Gold by The Mogambo Guru Tampa Bay, Florida "...as far as I know, there are only two good reasons to own gold; to preserve wealth when prices are stable, and to make a lot of fiat wealth when your government acts so stupid as to create, or allow to be created, excess money and credit that eventually destroys the currency..." The Japan Baloney by Nathan Lewis Binghamton, New York "Everyone's a Japan expert these days. It is a morality tale, supposedly, of banks and government 'refusing to deal with the problem' - the problem is usually 'bad debt' - resulting in endless stagnation... It is a total fantasy." The "Axis of Overspending," Inflation and the Rush to Precious Metals by Byron W. King Pittsburgh, Pennsylvania "Everybody who's anybody in this country, it seems, gets a permanent, pet government program, if not a large bailout. (Huh? You didn't get your program or bailout?) How long can it last? I think we're about to find out." The Almighty Dollar by Bill Jenkins Pylesville, MD "For the first time in a long time, investors are treating bad news for the dollar as bad news for the dollar. So let's take a peek here and see what we have." Class of '09: You're Screwed! by Bill Bonner London, England "So far, not a single major university has asked us to make the commencement address. Nor a minor college. Not even a school of cosmetology or taxidermy. But here at the Daily Reckoning headquarters in London, protected by a broad ocean and a narrow reading of the First Amendment, we will give them - and UK graduates too - advice no one asked for." --------------------------------------------------------------- And before we leave you this weekend, we'd like to turn your attention to a unique opportunity... In just a few days, we'll be releasing the latest installment of our Retirement Recovery series, and we'd like you to gain exclusive access to it. This free webinar series will tell you specifically how to profit when the bond market blows up. With the limited-risk strategy you'll hear about, you'll be able to turn 71% over the next three weeks. These are very realistic gains that you could be raking in. All you need to do is click the link below and sign up. Again, sign up is completely free to Daily Reckoning subscribers. We encourage you to take advantage of it. The report goes live on Wednesday, June 3rd, so don't waste any time. Sign up today. Cheers, Rocky Vega The Daily Reckoning ----------------------- Special Offer ------------------------- Gold is on the Rise Our favorite yellow metal has been flexing its muscles lately...looking better and better to investors. How high will it get? We're not sure. But now seems like a good time to get in, before it goes any higher. Click here for more info.

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