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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: fedhead who wrote (51733)12/27/2000 8:05:52 PM
From: pater tenebrarum  Read Replies (4) of 436258
 
i'm not an advocate of returning to a strict gold standard. but one of the advantages of the gold standard was that they couldn't print money willy-nilly, which is what they are doing now. essentially robbing future generations, as well as us. in fact the printathon of the '90's compares only to the Mississippi bubble in size and scope. it's truly breath-taking. btw, the obvious solution to there not being 'enough' gold is to revalue it from time to time.
in any event i believe it is way past time to look for something other than the bubble like credit and money creation we have seen in recent years. i suppose however that in order to achieve change the current pyramid must first implode in a manner that gets noticed. which if my misgivings about the situation are correct it will do in due time. it matters little in connection with this if the bubble lives on for another little while or not. it's a big picture issue...you can't have an economy live on paper and paper and more paper alone.
as mentioned before, Richebacher has calculated that every dollar in GDP growth this year required roughly 4,50 bucks in fresh credit creation. it is obvious that such a skewed system is unsustainable in the long run and doomed to fail.
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