Jay, 10 x QCOM = $380 Gold losing ground by the day ... only $367 at the peak today [QCOM $390 at the peak and seems likely to break the $400 mark before gold].
China and QUALCOMM are the engine of the world's acceleration into the 21st century.
Aztec's gold is like an anchor. It just sits there. No use as a life-buoy. Throwing me an anchor ... giggle...
I read Alan Green$pan's comments and as expected, people seem to have got the wrong end of the stick. federalreserve.gov <Although the gold standard could hardly be portrayed as having produced a period of price tranquility, it was the case that the price level in 1929 was not much different, on net, from what it had been in 1800. But, in the two decades following the abandonment of the gold standard in 1933, the consumer price index in the United States nearly doubled. And, in the four decades after that, prices quintupled. Monetary policy, unleashed from the constraint of domestic gold convertibility, had allowed a persistent overissuance of money. As recently as a decade ago, central bankers, having witnessed more than a half-century of chronic inflation, appeared to confirm that a fiat currency was inherently subject to excess.
But the adverse consequences of excessive money growth for financial stability and economic performance provoked a backlash. Central banks were finally pressed to rein in overissuance of money even at the cost of considerable temporary economic disruption. By 1979, the need for drastic measures had become painfully evident in the United States. The Federal Reserve, under the leadership of Paul Volcker and with the support of both the Carter and the Reagan Administrations, dramatically slowed the growth of money. Initially, the economy fell into recession and inflation receded. However, most important, when activity staged a vigorous recovery, the progress made in reducing inflation was largely preserved. By the end of the 1980s, the inflation climate was being altered dramatically. >
Mqurice |
