Re: Doomsday for the Greenback

[Leigh Meyers <the.buffalo.in.the.midst@xxxxxxxxx>]

On 4/14/07, Shane Mage <shmage@xxxxxxxxxxxx> wrote:
> Mike Whitney (pcc Leigh Meyers) wrote:
> >
> "Gold isn't going up; it's simply a meter on the waning value of the dollar."
>
> But the figures Whitney gives tell a very different story:  In April 2000
> gold sold for a little more than 280 euros per [troy] ounce.  Last Friday
> its price was 507 euros per ounce.  Not going up?
My uneducated guess would be he's implying gold would not be anything
more than a hedge against a declining dollar. There's no money to be
made when valued against the dollar...

It's an argument against a certain type of speculation on gold that people make.

Perhaps the kind of folks who saw the ad in the SF Chronicle the other
day for "Limited Edition $5 US Gold Coins, Limit 10 per Customer",
$49.95, magnified for detail 100x and undoubtedly as thin as a piece
of foil, with the same diameter as the heads of a pin need this sort
of wake-up call.

I'm more concerned with the long term implications of:

"GDP measures debt-fueled consumption--it really only
measures the rate at which America is going broke".

Leigh