the europe may well recover first, after it goes through the european "iceland" process and the global "argentina" procedure, but then only to be just in time for the "universal" asset price reset post the "galactic" zimbabwe mess
we are still very young in the learning process, and you for one, are not yet sincere.
player tj I am most fearful when I feel content, because the turn for the worse must come. I am most enthusiastic when most struggling, because the turn must come. I am now content, and that can only mean nasties ahead, around the corner, and coming up from behind, fast.
ft.com
Estimates put the unfunded liabilities at between $1,000bn and $3,000bn after years of states promising benefits but not contributing enough in both good times and bad to cover them.
gutenberg.org
" .....And, indeed, it is quite possible that, if the national authorities had stopped with this issue, few of the financial evils which afterwards arose would have been severely felt; the four hundred millions of paper money then issued would have simply discharged the function of a similar amount of specie. But soon there came another result: times grew less easy; by the end of September, within five months after the issue of the four hundred millions in assignats, the government had spent them and was again in distress. 12
The old remedy immediately and naturally recurred to the minds of men. Throughout the country began a cry for another issue of paper; thoughtful men then began to recall what their fathers had told them about the seductive path of paper-money issues in John Law's time, and to remember the prophecies that they themselves had heard in the debate on the first issue of assignats less than six months before ... "
player 1 Maybe never has a better piece been written to help us understand were we are at
At current prices gold , silver and plat are all looking attractive vs the alternatives
player tj "The lesson must be expensive, else the learning is not sincere" is what I just communicated to windmill counterparty, which I thought would be appropriate to rest of wastrel world.
Should we get past the details of global warming and/or cooling, I feel optimistic that our kids will get to live in a post-zero-state-monetary-reset world. I am fundamentally an optimist. |
