Richnorth: A few days ago you posted several URLs dealing with Fiat Money and its eventual outcome. When reading these and other essays, it is difficult to argue with most of the premises, as we are witnessing the results of world-wide money expansion and debt. I don't know how these problems will eventually be resolved. But those on this thread have probably made some choices long ago, choices that are not necessarily popular or main-stream.
I again point out, when one looks around the world and sees man's accomplishments, his industry, material wealth, standards of living etc., debt notwithstanding, the fiat system seems to have served him well. Few people including thoughtful die-hard gold bugs believe that a monetary system backed by gold could have allowed for this kind of economic activity. At the same time, I can agree with most of the sentiments expressed here and elsewhere about money being a "confidence" game, and I too have been disappointed at the exuberance of the Stock markets and Gold's lack of response to some recent events.
So what do you think, has the POG already factored in the Lewinsky affair, the S.E. Asian mess, and the Sadam saga? They claim, after all, that the markets are always way ahead.
Phil |
