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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (14768)	2/10/2002 4:20:45 AM
From: marcos	Respond to of 74559

' ... For in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. The Roman as, in the latter ages of the Republic, was reduced to the twenty-fourth part of its original value, and, instead of weighing a pound, came to weigh only half an ounce. The English pound and penny contain at present about a third only; the Scots pound and penny about a thirty-sixth; and the French pound and penny about a sixty-sixth part of their original value. By means of those operations the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and to fulfil their engagements with a smaller quantity of silver than would otherwise have been requisite. It was indeed in appearance only; for their creditors were really defrauded of a part of what was due to them. All other debtors in the state were allowed the same privilege, and might pay with the same nominal sum of the new and debased coin whatever they had borrowed in the old. Such operations, therefore, have always proved favourable to the debtor, and ruinous to the creditor, and have sometimes produced a greater and more universal revolution in the fortunes of private persons, than could have been occasioned by a very great public calamity. ' socsci.mcmaster.ca Smith, Kirkcaldy, 1776 ..... agreed on fiat money, and yes agreed on other stuff as well, like human ingenuity and adaptability, sure these traits are strong .... for instance, modern technology has revolutionised the gold business in recent years - from geophysics to more efficient drilling to communications like your CDMA cellphones to faster cheaper transport for drill samples, to computers linked planet-wide on which the companies' shareholders argue with each other .... really tech and gold are not that far apart, i do not understand the antagonism against gold from pure-tech people any more than i understand the gloom-and-doom goldbugs who positively want to see great economic collapse [and sure the latter exist, they disgust me] ... i think gold makes excellent money, will continue to do so, and will aid humans in whichever other endeavours turn their cranks, and yes that includes acting as a storehouse for wealth while awaiting opportunities in tech Nolo contendere .... actually my biggest position of all is in financial services, you know, www.seglobal.com, fully as reliant on human ingenuity as any tech company out there, they use a lot of tech in-house of course .... but golds are where i grew up as a speculator, and it's come round time for them again ..... check this out - the guy who found Pierina and named it after his little girl now has a company with very few shares out, and ten good-lookin' properties - candente.com ... [the computer on which i type this was bought with proceeds from Pierina, fall '96] Short-term, it's a little ominous that lease rates rose on friday, the forces of darkness may be lining up bullion to stomp on the price next week .... but the trend is in imho, and the trend is my friend -g-