Thursday I am asked regularly for my opinion on bitcoin etc. Even two of my sons have recently expressed interest. I understand the thrill of a speculation that is going through the roof, but I also understand the danger. It is a speculation, not an investment. A speculation requires a bigger fool and in a world of peak stupid that has been a good bet. But when the … [Read more...]
Peak Uncertainty
Thursday The markets are manifesting an exuberant and giddy blend of hope and fear. The primary cause is the seemingly bottomless credit being pumped into the system. Crypto Mania (CryMan) will end up more famous than Tulip Bulb Mania as an example of group nuttiness. The problem is that either the credit will stop, or that the credit will become greatly … [Read more...]
With an Eye to the Price of Gold
Wednesday When the dollar falls, it registers as the price of gold (POG) rising; when the dollar rises, then it registers as the POG falling. Gold is the only real measure of value and it has been measuring the US$ as rising in value for a while now. Most of that rise (demand) is due to the necessity to service the massive world-wide debt, much of which is … [Read more...]
From Tribes to Societies and Back Again
Thursday In Dawn of Gold, I pointed out the hitherto unremarked fact that all human groupings are brought about by the need to exchange – whether of sperm/egg cells, goods, services, companionship, hunting skills etc. All congregations, both large and small, are a demonstration of this phenomenon. Without this need to exchange, tribes would never have formed. … [Read more...]
The New Rich
Thursday There is a popular idea that when the depression hits hard, most of the wealth will continue to exist and that it will just change hands. In other words, smart people who saw this coming and hoarded Gold and silver will gain ownership over all the riches – ‘the greatest wealth transfer in human history’, blah, blah, blah. It is balderdash. An … [Read more...]