Martin is on a tear here. I guess getting out of prison gives one a new purpose in life.
Us bugs may not like or agree what he has to say but you have to respect his opinion.
Here is the link: New Essay
I'll only make one comment as regards Mr. Armstrong's thesis that gold is not the answer because of what history tells us. Just because something fails once does not mean the premise is flawed. The flaw is not with gold or paper. The flaw is and was human greed.
Until we have central banks that are transparent, whether they are on a paper standard or a gold standard, then any system we implement is doomed to failure. The failure is not gold or paper. The failure is putting too much power into corrupt hands. Checks and balances, regulations, honesty, term limits, transparency and simplicity should be the cornerstone of every monetary and political system.
There are few products on the planet that will enable that scenario as regards money and only two have cultural and historical acceptance worldwide.
Us bugs may not like or agree what he has to say but you have to respect his opinion.
Here is the link: New Essay
I'll only make one comment as regards Mr. Armstrong's thesis that gold is not the answer because of what history tells us. Just because something fails once does not mean the premise is flawed. The flaw is not with gold or paper. The flaw is and was human greed.
Until we have central banks that are transparent, whether they are on a paper standard or a gold standard, then any system we implement is doomed to failure. The failure is not gold or paper. The failure is putting too much power into corrupt hands. Checks and balances, regulations, honesty, term limits, transparency and simplicity should be the cornerstone of every monetary and political system.
There are few products on the planet that will enable that scenario as regards money and only two have cultural and historical acceptance worldwide.
5 comments:
Brilliant piece once again. The wisdom in his writing is undeniable.
DDT
Good critique Louis, thanks. Yep - the parisites will always find a way to exploit and corrupt if an opportunity/entry point exists. With honest weights and measures, less possible (than without).
Was just talking with folk today in their 60's and when I explained to them how the govt. robs our productivity through inflation/taxes I was amazed to find they had never considered it (yet they spoke about the obvious diminishing purchasing power compared with when they were young).
I wonder is it only news junkies who wake up? Why is it some people want to see behind the curtain and others are content to leave it alone?
Pimco's El-Erian is on "Squawk Box" this morning.
"QE3 would be a bad idea" "It could happen though"
"no value in treasuries" "Fed is buyer of 70% of Bonds ... what happens when they step away?"
Sobering essay. Thanks for posting it.
That view of gold works with freegold imo
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