Accidentally Conceived in 1971, Gold Money Baby Now Due
by Arthur M.M. Krolman
by Arthur M.M. Krolman: A
Shark Tale (AST)
is Dr. Bernanke. I'm afraid the tail risk of your wife's pregnancy
coming to an end actually came to pass. And it's a really, really
bad outcome: you're the new father of a healthy baby human."
this doc has lost his marbles.
States economy is pregnant with child. Accidentally conceived on
August 15, 1971, this wonderful blessing has been gestating for
40 years and it is now due: the replacement of the Fed's IOU-nothings
with real, human-friendly money: gold.
Signs of mom
being "in a family way" are all over: Utah making gold
and silver legal tender, New Hampshire merchants accepting gold
and silver wire laminated cards, gold-backed Visa debit cards, World
Bank President proposing gold as an international reference point
and Swiss Parliament to discuss the creation of a gold franc. And
just like that lovely huge beach ball under her blouse for all to
see, the number of greenbacks you now need to buy just one ounce
of gold has swelled to a proud bountiful size of around 1,600.
In his book
Action, Ludwig von Mises wrote, Continued inflation
must finally end in the crack-up boom, the complete breakdown of
the currency system." Similarly, we have Voltaire's wisdom,
Paper money eventually returns to its intrinsic value
zero. So, Dr. Bernanke, we're not talking about a "tail
risk" of this baby coming to term. It's coming. And, when the
dust settles, it will be the very opposite of a really, really bad
arrival will be happy news for believers in private property everywhere.
But Bernanke wrings his hands like a squeamish yellow-belly. How
horrible for something new to arrive! What if it's noisy? What if
it's painful? What if there's blood? This is really, really bad!
Hey Ben, cheer up. At the end of all the discomfort, a golden age
baby is coming to the land it will lower unemployment and
price inflation too. Isn't that great? Yes. It'll be great when
the money you save still buys something in your retirement years.
Itll be great to see more capital investment by entrepreneurs
as monetary uncertainty is reduced. It'll be great when you see
how those investments increase the productivity of back-to-work
Americans so that competitive firms can lower prices each year and
still be profitable. And it'll be great for interfering government
to stop growing out-of-control by stealth taxation. Remember, Ben?
Your boss, Alan Greenspan, said, "Deficit spending is simply
a scheme for the confiscation of wealth. Gold stands in the way
of this insidious process. It stands as a protector of property
a "tail risk" that this pregnancy is coming to an end.
It's certain. And the resulting re-birth of gold as a tried-and-true,
human-friendly money, will not be "a really, really bad outcome."
It will be the most beautiful bundle of joy you can imagine.
Martin McCannell Krolman [send
him mail] is the founder and president of a medical device company
based in Boston, MA. Visit his
website. He is also the author of The
Scary Story of the Three Little Pigs and the Big Bad Box of Free
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