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• Messageboard • Alte Public Foren • Prada Handbags Prada Handbags Ron Paul, Greece and
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Author: Message:
Lockhart
StabsFeldwebel
292 Posts
registered: 22.12.2012
11.03.2014, 03:10 email offline quote 
With Ron Paul still in the running for president, its become popular again to call for a return to the gold standard. Gold standard fans chief argument tends to be the Fed and all central banks is an egregious government intrusion. They further posit we can achieve a utopic state of economic stability ending the Fed and pegging currency globally to gold. Except it takes a heck of a lot of intervention to get currencies to stay pegged to anything?whether its a chunk of decorative metal or not. A peg must be constantly jiggered. Why Gold is pretty darn finite,Prada Handbags, wealth is not. Only so much gold exists above ground, and we only extract a bit more annually. Yet,Guess Jeans, while gold was sitting inert in bank vaults,www.dcshoesretailoutlet.com, Steve Jobs RIP created massive holder value and global wealth out of an idea he had then pursued in his garage. Bill Gates too. Chuck Schwab. Sam Walton. Sergey Brin and Larry Page. Mark Zuckerburg. Bethenny Frankel. They all created something out of nothing, packaged it,Michael Kors sale, marketed it and sold it to people who believed that product had value. In a world where wealth isnt zero sum, tying money to a fixed hunk of anything requires a massive amount of intervention? the government. To believe otherwise means adopting a mercantilist view of the world that doesnt explain the existence of Skinnygirl margaritas and Angry Birds. And what wretchedness has befallen us since we went off the gold standard in We had gross monetary missteps in the s leading to hyperinflation, yes. A global phenomenon, not one unique to the US. But starting about , inflation has steadily fallen. Interest rates are and have been very benign for years! Headline CPI was also much more volatile on the gold standard than off. US GDP was about was about $ trillion in in current dollars and is now about $ trillion. Global stocks have risen ,%. Incomes have risen steadily. Your phone which cost you $ can outcompute any warehousesized supercomputer which cost a big firm many millions. Overall, we seem to have done ok. Plus, the world before fiat currency wasnt inherently more stable. Nor was the world preFed particularly glorious. The very frequent bank panics of the th century and early th were often followedand and year Depressions. Now,Michael Kors bags, some argue gold is real and fiat money fake. Fair enough. Under the fiat system, currency has value only because we all agree it does. Its psychological. Its the Matrix! But its the same thing with gold. Gold doesnt have inherent value. Its worth what someone is eager to pay for it relative to someones eagerness to sell it. Its worth more than tin because gold is more scarce and,Michael Kors Watches, thousands of years ago, we decided gold was prettier. Mind you, I have no great love for the Fed. Its plausible their autonomy or lack thereof is sometimes perilous. But theres no such thing as a static set of rules politicians play ?ever. They change the rules when they want, and theyll do that with gold too. A final point: Greece wouldnt be better off on a gold standard. Greece doesnt suffer from a lack of credible currency. A credible currency is basically all Greece has going for it now. Greece suffers from decades of socialism making its economy utterly uncompetitive. The last thing Greece needs is Greek politicians managing a gold peg to the drachma. Zeus us all. Markets Never Forget But People Do Ken Fisher CEO of Fisher Investments and Lara Hoffmans is available now. This constitutes the views, opinions and commentary of the author as of February and should not be regarded as personal investment advice. No assurances are made the author will continue to hold these views, which may change at any time without notice. No assurances are made regarding the accuracy of any forecast made. Past performance is no guarantee of future results. Investing in stock markets involves the risk of loss.
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