There are two kinds of gold bugs. The first kind is the cult figure/cult member who has swallowed all the dogma and spewed enough of his own. He is enlisted in the army of good vs. monetary evil and he is unyielding and uncritical toward his own beliefs. And he really really wants you to see things his way.
The other kind simply sees gold for what it is, a monetary metal that has a place within an ever more dysfunctional (actually, it’s just in or approaching terminus) system. The focus should be on the whole of the system itself, not one shiny yellow tool within it.
Anyway, each Monday over at Biiwii Keith Weiner is posted with his fundamental views of gold and silver. Very often those views conflict greatly with the dogma of group 1 above. I make sure to read him each week. Posted today is an article called Introducing Yield Purchasing Power, which you should read.
At the end of the article is a video of a talk given by Keith to the American Institute for Economic Research, right here in Massachusetts. Very well worth your while to hear a clear, simple view by a very smart speaker. An excellent stroll through monetary history right up to today’s sad juncture.
“If you talk to people in my generation who realize there’s no interest, they just think ‘well, I’ll have to speculate’ – they don’t call it speculate, they call it invest – ‘I’ll just have to invest in stocks’. Obviously you’d be stupid to put your money in the bank… but if you take a step back and look at this from a 30,000 foot view, is it really possible for a whole generation to speculate themselves to a comfortable retirement?”
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