Good defense of Western Civ, kb, but I didn't read
Telemarker as attacking it. He was adding to the gold discussion by posing a question about what history teaches:
How do you compare the centuries-old history of gold as a store of wealth versus the history of governments resisting the urge to abuse the fiat system? I do hope it will be different this time, but the our present path seems somewhat familiar.
Understated, I'd say, from an historical perspective. The economic dislocations caused or made possible by abuse of fiat and debt have helped inflict, deepen or prolong misery worldwide. They are also beggaring our descendants.
Telemarker's comment drawing response was a valid comparison--not of Western Civ to the rest of the world, but of gold as a store of value vs. the modern financial system. He'd be out in left field if he meant that capitalism (or so much of it as we're allowed) has destroyed the wealth of so many around the World.
"Telemarxist" has a nice ring to it, but is off-target. As a gold stock buyer of long standing, thus privy to the secret gold stock buyer code words, I recognized "the modern financial system" as code for government's fiat and credit pumping, debt guarantees, colossal deficits, and general disregard for solvency and the value of money. Savers, old folks, poor folks depend on that value and are abused by the tens of millions when gov't debases it. So their demands on gov't go up and the cycle feeds on itself.
None of this is inherent in capitalism or the West, but in people. Of course, we may suffer subversion of our nation's ideals by base politicians and craven voters, but at least we started with ideals. Our forefathers made this a rich nation in large part because of those ideals. A "modern" (say, Great Society vintage) financial system of prime 'n pump 'n borrow corrupts price signals, debases our currency, and mortgages our future. Our fiat will not forever be a reserve currency.
On topic: Trimmed shorts today. I have no idea where the Naz goes in the near term, so I still remain partly long even though I see mostly downside. |
