On every single occasion when energy prices approached these levels, a recession followed. If that is not the case on this occasion, it will be unprecedented in U.S. history. Incidentally CNBS has been trumpeting a second half recovery for 3 years now. There will be no recovery. Fair warning!
Although I agree with you that the US economy cannot recover anytime soon, I do not share your enthusiasm about gold and silver. The time to have invested in those metals was last year. Just like the time to invest in williams is this year. You can chase investments. The US, Japanese and European economies cannot recovery because they are fully developed. Their growth will come from development of Central and South America; the Middle East and Africa and South East Asia. As the US and our allies invest money and human resources in the developing world the return on investment will come from these economies buying our goods and services.
This is another reason why Williams is such a compelling buy. Everyone that wants a computer, car or place to live or something to wear ... already has these items. There are some replacement purchases. But nothing like boring natural gas. Under $4.00 Williams is a steal. But now is the time to buy it. Gold and silver are pretty much fully valued. The runup has already taken place.
As Bush and Company continue to fuck up the economy and international law, our economic problems will become worse. Higher gas prices translate to higher costs for business and consumers. Then add a huge budget deficit from his Iraq attack and he begins to look more and more like a liberal democrat wanting to spend other people's money. And then add a tax cut for his rich friend and you have real economic harm. The new mantra in Washington is "no millionaire left behind."