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Let me run a quote by you:
Our entire system has been captured and we are entering the final stages of decay and ultimately a day of reckoning where the guilty and innocent alike will suffer the awful consequences of currency collapse, death and destruction on a wide scale, and likely civil and world war.
Here's another:
I succeed, therefore I am. And if you do not, well, we shall have to do something about that drag on the efficiency of the economy and the maximization of profits. Ah, the burdens of the aristocracy, and their far flung sahibs. This essay concerns me greatly, because such thoughts echo throughout the Anglo-American culture of late. They are whispered in the evolving mythos of those favored few who enjoy certain völkisch advantages, presumably justified by the nature of their blood. We have seen this kind of sociology before, as the justification for the widespread looting of wealth, the ransacking of nations, and the neglect, ghetto-ization, and murder of marginalized people.
One more maybe?
Never forget that US Dollars (like all other government currencies) are irredeemable. That means that although you can trade USD for many goods and services – even gold – in the market today, no bank or government agency is required to redeem your dollars for anything. At some point, market confidence in the dollar will fade, and the bid for dollars will shrink. And shrink some more. And then the bid for dollars will be withdrawn. That's Zimbabwe Time!
This was all posted in the past couple days by people who have blogs (not just ZeroHedge). While the S&P 500 has flirted with new highs. Of course, the same stuff has been posted by people who have blogs for the past 4 years - ever since S&P 666 - so I doubt any of it is indicative of anything, and therefore none of it is newsworthy in any way.
Life sucks, politics sucks, and the system sucks, sure I agree: but it takes a delusional level of exceptionalism to believe that this time is so much worse than any other time, or that your country is so much more corrupt or doomed than other countries.
Exceptionalism and hyperbole. It's free all over the internet.
Regarding that last bit, state money wins because it's state money. You can't walk up to the US (or Canadian) treasury window and pay your taxes in gold bars. US dollars are the only accepted medium. This is fundamental to understanding how money works in a modern, non-commodity based system.
ReplyDeleteAlso, wildcat free banking was tried and after the counterfeiting and scams and failures ran amok, it was abandoned.
It's funny all the doomers dream of hard money - hard money is the hardest policy of all, and leads to the most suffering historically. And nations can't stay on it anyway-- as soon as a war or a crisis breaks out they "revalue" gold. You want an economy whose main purpose is to peg gold to a fixed price forever? It takes a lot of serfs 'a sufferin to keep that regime moving forward.
History shows that a return to the gold standard would result in a massive recession...If you think things are bad now (which they aren't) the doomers solution would be the nail in the coffin.
ReplyDeleteYeah well, the market veterans have an old saying "Don't Fight the Fed"
ReplyDeleteseems the last 3 years have borne out the truth of that.
There is another famous economic saying though, From Keynes,
"In the Long Run We are all Dead" so who knows?
You dont buy gold because you think its going to be used as currency once again but simply to insure yourself against your governments debasement of your countries fiat currency. All you want is for the long term value to hold up against the currency inflation - farmland will do just as good a job but its not so easy for the average guy/gal to buy a farm. If we return to a gold standard its because we have all gone to hell in a handcart and that wont be fun - cant see it happening tho, life has a tendency to sort itself out most of the time. And to compare the US with Zimbabwe is frankly hilarious.
ReplyDelete