Friday, February 29, 2008

The New World in the Making

I don't think it's an accident that the 20th century was the golden age of both artificial currency and broadcast news. When licensed airwaves and monopoly newspapers were the only ways for for people to update their knowledge of the world, paper money could sleep well at night.

For example, let's try a thought experiment.

Suppose the New York Times is taken over, tomorrow, by goldbugs. Let's say all of its editors, reporters, and columnists read this essay, find it plausible, and decide to really speak some "truth to power."

From tomorrow on, the Times puts all its weight into reminding its readers of the undeniably true and objective facts that the dollar is a faith-based currency; that new dollars are being created at about 10% a year; that the current US financial system was designed a hundred years ago, in the age of Morgan, Hearst and Rockefeller, to create a steady flow of new dollars for both federal spending and corporate welfare; that the global financial system is now completely dependent on money creation, and could not survive in anything like its present form with a static money supply; that remonetization of precious metals is a Nash equilibrium; and that if remonetization happens, the first people who move their money into gold will profit the most.

How many weeks do you think it'll take before the Gray Lady's pulp supply starts to turn a little green?

Of course we'll never know, because this will never happen. For the last century, the first commandment of the mainstream media has been responsible journalism. Promoting financial panics is not exactly responsible journalism.

I'm afraid anonymous bloggers have no such inhibitions...[My emphasis]
...and there's the rub, that last.

The Matrix has been found out.

It goes far beyond gold.

What will The New World look like?

Full article.

Psst. In case you haven't been paying attention see
here and here.

Now some will say that last is a bubble about to

Don't you believe it.