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...]
Capital Destruction and Dispersal
Wednesday The prosperity of Western Civilization is built upon accumulations of money. Accumulations of money translate into money to lend and, the reverse side of the coin, money to borrow. Borrow for what? Increased production – the making of better and/or cheaper goods. (It is interest, and only interest, that draws this money out of the … [Read more...]