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« New York City Movie Prices | Main | What Faith Are You? »

March 14, 2009

Still Time for Gold?

Michael Blowhard writes:

Dear Blowhards --

* Newsweek's Lisa Miller visits with a few people who have been stocking up on gold.

* According to Swiss banker Ferdinand Lips, gold is the money of the real people, where fiat money (ie., paper and credit backed by nothing) is the money that know-it-all, self-serving elites prefer to impose on the rest of us. Fascinating quote from this 2004 interview, concerning the decision governments made in the early '70s to decouple money from gold:

Imagine a foreign company under contract to produce locomotives for export to the U.S. that doesn’t know what the dollar conversion will be when it finally ships its goods. That’s why industry and banks created derivatives and other financial tools. That was the birth of this industry and it has become -- because of the ingenuity of mathematicians –- almost like an atomic bomb. It is so dangerous. It is unregulated and nobody really knows what’s going on. It could be the most dangerous development in history if things get out of hand.

Hmmm ... Things do seem to have gotten rather out of hand recently ...

A fun fact from Lips about the impact of the Federal Reserve, which was created in 1913: "The dollar's purchasing power is now around 5% of its 1913 value." His conclusion: "I think central banks are detrimental to society."

* Why doesn't the financial press do a better job?

More. More. More.

Vaguely related: What to make of Chuck Norris? Here and here.

Best,

Michael

posted by Michael at March 14, 2009




Comments

Amen to all of that.

Posted by: miles on March 15, 2009 11:04 PM



"The dollar's purchasing power is now around 5% of its 1913 value."

How is our standard of living in 2009 compared to 1913? I'm pretty confident the measure of our economy's success should not be measured by the success of our currency as a store of value.

Posted by: anon on March 16, 2009 7:02 AM



How is our standard of living in 2009 compared to 1913? I'm pretty confident the measure of our economy's success should not be measured by the success of our currency as a store of value.

The main reason we live better than in 1913 is because of technological progress. It certainly isn't due to a well-run fiat money system by the liars at the FED.

Right now you might think that we shouldn't measure economic success based on currency value, but pretty soon, you will be! All aboard the hyperinflation money train!

Posted by: Nano on March 16, 2009 2:09 PM



My stockbroker says silver is the way to go.

Posted by: intellectual pariah on March 16, 2009 5:25 PM






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