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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (8158)	9/18/2001 8:42:19 PM
From: Tommaso	Read Replies (4) of 23153

Since I remain expelled from the Strictly Dullness II thread, I am unable to post there the astonishing observation that even when an important part of the financial world literally caves in, realizing their fondest hopes for catastrophe, nothing much has happened with the price of gold. As I repeatedly pointed out, the only thing going for gold is its monetary mystique. Modern heap-leaching methods can produce increasing amounts of gold at steadily lower prices. What really got me expelled from that thread, though, was pointing out that although you might be able to use a Krugerrand to buy a hamburger, you would have trouble persuading Burger King to give you $275 or whatever in change. This proved to be a profoundly embarrassing observation. Fiat currencies do make it hard to know where you are at. "Go to cash!" But what if the Fed inflates the currency so that two years from now the cash is down 20% against everything you want to spend it on? But let's wait and see what the figures are in this latest round of currency inflation. We will know in 2-3 weeks.

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