The first modern competition between gold and paper money ended like the pre-modern ones. Gold won. Herewith, a short summary:
February 1st, 2010 | Bill Bonner | 8 comments | ContinuedAll Posts Tagged With: "Ludwig von Mises"
Obama Insists That Not Only Can We Detect Bubbles We Can Also Deflate Them
For instance, check out this headline from a piece from several days ago on Politico: “Obama Would Regulate New ‘Bubbles.’”
Yes, you read that right. “Bubbles” just occur spontaneously. They have no cause or explanation. We need government to identify and destroy them.
How to Prepare for the Coming Devaluation
Well, yesterday the government said the fall in revenues from the global black swan dive will lead to a $115 billion decline in government tax takings (what the government likes to call revenue). That’s a pretty big hole in the budget. It suggests that we’ve entered an era of regular government budget deficits and, if the RBA holds to form, lower interest rates. These lower rates, and not just in Australia mind you, represent the coming devaluation of paper money against real goods…
February 3rd, 2009 | Dan Denning | 20 comments | Continued