Grandson of Earl Browder Is a Goldbug!

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Some of you may be too young to get the irony here. Earl Browder was, for a long time, the head of the Communist Party USA. As such, he preached that capitalism would collapse, to be succeeded by communism. Now his grandson, a super-capitalist hedge fund manager, is predicting the collapse of what passes today as “capitalism,” but in a very different context, one that constitutionalist conservatives and libertarians can agree with.

What irony indeed!

Browder says we are entering the second stage of the crisis: “debasement inflation,” or rising prices with no growth. That will be followed by “the next — and most dangerous— stage of the crisis…the collapse of currencies.” He adds that he and his fund own a lot of gold.

10:53 am on November 19, 2010