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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (212063)	12/31/2002 8:37:48 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Indeed, Jay...along similar lines, the Mogambo Guru related his dark vision of 2003 recently (he also commented on private ownership of Gold by the Chinese citizenry earlier in the piece): dailyreckoning.com <snip>The Fed's constantly debasing of the currency continues it's tradition of slowly starving the poor to death by nagging, persistent inflation. The Federal Reserve System has been such a dismal failure that the purchasing power of the dollar has lost over 95% of it's value since they took over. And all along the way everybody whose incomes could not keep pace with the devaluation of the dollar suffered every inch of the way, as each day they were able to buy less and less with the same income. And now it is getting worse, much, much worse, every damn day. You like soccer riots? Then you are going to love what the future holds! When the poor and the lower-income workers reach some breaking point, they always tend to become angry. For years they have had to worry about money, argue about money, try to get some money, try and save some money, try and stretch a little money, and it never seems to be enough, because inflation just keeps grinding them down, down, down. They quietly seethe at how their incomes buy less and less every month, and how the money just never seems to go far enough. Then one day, because I figure there must be some odd vibrations in the cries of starving children that drive parents and the neighbors insane, the dreaded Something Happens happens. Somebody ought to take a look into that vibration thing, but getting back to the point, in other words, the buying power of the currency is less, and it takes more dollars to buy the same basket of goods to compensate, and this is how currency devaluation is translated into price inflation. And then price inflation is translated into anger inflation. And it is anger inflation that changes the destinies of nations. So let's take the remote control in hand and flip the TV around the dial a little so that we can take a look at Venezuela and Argentina. Hey! Looks like the fun has already begun! But why take my word for it? Let's drag ourselves to our feet, complaining and whining the whole time, and meander aimlessly through the musty archives that Alan Greenspan is so loathe to visit and note the end game of reckless monetary expansion. What do we typically find at the end of these booms? Income differentials are extreme. Black markets and corruption increase. Crime soars, as increasingly-desperate people resort to do-or-die solutions. Inflation roars. Bankruptcies explode. Unemployment skyrockets. Chaos and war and ruination fill the news. Then- horror of horrors! -your grown children and their children want to come and live with you, signaling the end of the world as you knew it. Aggghhh! Best regards and Happy New Year! Patron