More from the War on Cash. The European front is the hot one at this moment as the European Central Bank flirts with the idea of sub-0% interest rates. I mean, because they are worried about terrorism.
Mr. Forbes’s views are his own and do not necessarily reflect the views of ACC.
Mike Gleason, Director, Money Metals Exchange: It is my great privilege to welcome Steve Forbes, Editor-in-Chief of , CEO of Forbes, Inc. to our Money Metals Exchange podcast. Steve is also author of many fabulous books,
It’s not often that a lawyer has the political class of an entire state running scared and looking over its shoulder. Preet Bharara has done this in New York. He recently prosecuted successfully the former Speaker of the New York Assembly and the Majority Leader of the New York Senate. Some think that he is getting ready to go after even bigger game. Though Bharara is being coy about that.
It is one of the most remarkable anti-corruption crusades we’ve ever seen.
Mr. Bharara is one interesting guy. He just prosecuted the formerly very powerful former Speaker of the New York State Assembly Sheldon Silver. (Who is headed to jail for a long time.) Now, according to The Buffalo Chronicle he has Governor Cuomo in his sights.
I was talking to a friend of mine yesterday about some of the assets below. As we were talking I remembered an adage an old metals dealer introduced to me many years ago.
“What do we do when the price of gold goes down? We buy more.”
Same goes for silver.
In the effort to inject interesting economic thought into the discussion at ACC we present the following video by Jeff Deist recorded at the Mises Institute. This lecture will likely challenge many of your assumptions about money.
Yeah, the reckoning has been coming for a very long while. The Fed is out of control and lost. The stock market as it is is not sustainable. Many other markets are in the same boat.
Any market which reflects the wants and desires of the rich (aka those closest to newly “printed” money) is pretty much in a bubble. Art, wine, etc. Even residential real estate in places like London and New York are bubblicious.
It isn’t going to keep going.
Indeed it does. Gold is a little bit of power you can put in your pocket. It is a direct and ongoing challenge to the current system of fiatism. (And by extension crony capitalism.) Central Banks can’t print gold. Gold limits the power of the Fed and its brethren. Gold limits the power of the banks which suckle at the teat of central banks. Gold limits the power of governments to indebt their peoples. Gold limits the ability of governments to wage war.
Bitcoin a couple of years ago.
It was only a couple of years ago that outside of a few anarcho-capitalist and libertarian circles Bitcoin was completely unknown. Times have changed.
We’ve had an amazing run in the markets and many people think the bull will just keep on running. Maybe so. But eventually every bull runs out of steam even ones which are fed by the Fed.
Say what you want about gold but it has held its value for thousands of years. The fiat dollar? Well let’s just say its been a steady march toward becoming trash.
If we want a high value economy, if we want high value jobs, we should have “high value” money. Sound money. Gold backed money. We should have money which can’t be eroded at the whim of our central bank.
Gold is honest money. Gold has been valued throughout the millennia at roughly the same real amount. The old example is that the cost of a nice tunic and a good pair of sandals in Jesus’ time was roughly an ounce of gold. In 1900 the cost of a nice suit and a good pair of shoes was roughly an ounce of gold. Now, today, at $1300/ounce this example still holds. The real value of gold has of course varied a little over time.
It is an idea that is popular in at least 4 states.
Rickards is a guy I listen to. This is an interesting talk.