Sunday, Jan 07, 2007
Sunday snooze: Lessons from the past for the future
GoldSeek: Fiat Money: History Repeats Itself
Fun blog article that places paper money in a historical context and looks at the economic conditions in France before the revolution... maybe our bankers will be for the chop too (we can dream).
Posted by harold @ 10:16 AM (149 views) Add Comment
3 Comments
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1. sold 2 rent 1 said...
The guy at goldprice.org is being tested by the markets at the moment
http://goldprice.org/silver-and-gold-prices/2007/01/gold-price-made-low-at-60130-buy-gold.html
Quote from article:
"Things I would have nightmares about if I had nightmares: the possibility that I am dead wrong about everything. The Gold/Silver ratio rallies back to 75, and the Dow in Gold Dollars rallies to G$555 (26.85 oz). Silver falls and gold stagnates and erodes. Three years pass before the bull market resumes in force. Stocks continue to gain, but always much less than inflation. The US Government apologizes for all the trouble it has caused trying to re-make the world; the Federal Reserve board apologizes for robbing the American people and the world for the last 94 years and votes to abolish itself. Venus fly traps apologize to flies.
Like I said, a nightmare -- dreams. Said just to let you know that no matter how well you think you have scoped things out,"pride goeth before a fall." I think about it, too."
2. bidin'matime said...
The summary above makes it sound like a bit of comedy, but it is in fact a fascinating account of how a currency will collapse through the issue of ever more paper.
3. harold said...
bidin'matime
Agreed, it is a fascinating article - however, "it sound like a bit of comedy" is unfortunately true - paper money is, well, a bit of a joke really. And the point of the article is that if a sufficient number of people get the joke, the laughter may be infectious.