Tuesday, May 15, 2012

What Could I Say?

Today, somehow, I got talking about the economy. Only briefly, but all the time that was required to get an insight into how most people are still thinking of the global financial crisis.

And I get the impression that many are still in the old paradigm.

People find it difficult to change. Just ask men. They hate going to the doctor for a checkup and probably won't until they get a major health scare. Silly them you say. Well, yes, but quite natural. We humans don't like change and even when difficulty rains down on us, we resist.

Anyway, the conversation today moved around to the european situation. Seems most people 'on the street' know Europe is in big Turdville. But their answers are limited to the same old solutions. Just buy US dollars, after all, the US won't go bust, will it?

Umm, it already has. It is insolvent. They are printing more money with less collateral backing it. In fact the only real acceptable collateral for the US, internationally accepted that is, is gold. Just wait till poeple want their money back from US bonds etc and they ask to be paid in gold. Goodbye US dollar.

So change is here, but most don't want to to think of gold as the ultimate saver of wealth. See, it's going down, they say. It was in a bubble after all. Beyond saying that this current drop has more to do with margin calls and the need for gold as settlement, to say that this bout of price smashing should make you not buy gold or even sell it, is lunacy.

Gold will be the last money standing, and soon.


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