Wednesday, July 2, 2008

This is not “speculation”, this is panic.

Oil and the mother that bore him

There is much argument as to if we are rapidly running out of oil or if there is plenty left. Most of these arguments are magic ones. There are so many sound and reliable experts on either side of the question that I am tempted to say that the "magic quotient" is having a disproportionate effect on the present crisis. This is no longer really about making money, this is about not losing shirts. Oil being the center value of our civilization its paper value is soaring, just as the paper value of gold and wheat. This is not "speculation", this is panic.

Posted by malct @ 10:28 AM (447 views)
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3 thoughts on “This is not “speculation”, this is panic.

  • Whoever believes that non-redeemable bits of paper can stand for money will loose everything. Just as the big statist ideas of communism and fascism collapsed, so too is their financial counterpart, fiat money. The world is inexorably returning to asset-backed money, and the sooner people wake up to this fact, the sooner they will be able to protect their wealth. Oil may crash, but its price is indicative of the fact that people no longer believe in paper money.

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  • george monsoon says:

    Harold, so, I should be buying physical gold and burying it in the garden?

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