Who Really Needs A Gold Standard?
Written by Jeff Nielson (CLICK FOR ORIGINAL)
Bloomberg News recently made an astounding proclamation in a news release, by nothing less than postulating a return to a gold standard. Let me repeat. Bloomberg, a part of the mainstream media propaganda machine which often bashes all things related to gold (including the gold standard), is now advocating a return to a gold standard.
Wow, did the dollar move down this week! It dropped more than it has in quite a while. It fell 1.3mg gold, or 0.1g silver.
Gold and silver bugs of course are excited, as they look at it as the prices of the metals going up $55 and 72 cents respectively. The collapse of what most think of as money—including especially said gold and silver bugs—is great fun and profitable. At least if you’re short the dollar.
With China offline for the next seven days as its celebrates its Lunar New Year, here are 7 bullets from Evercore ISI to get everyone up to speed on the latest developments in the world's most troubled "growth" economy.
Evercore ISI China Weekly Summary
No one can remember (and we can't think up) more than 7 bullets on anything. Here, this week's top China 7.
Authored by Steve Keen, originally posted at Forbes.com,
The great tragedy of the global economic malaise is that it is caused by a shortage of something that is essentially costless to produce: money.
Both banks and governments can produce money at physically trivial costs. Banks create money by creating a loan, and the establishment costs of a loan are miniscule compared to the value of the money created by it—of the order of $3 for every $100 created.
Last Thursday when we recounted the story of how Venezuela is now literally flying in paper money (using three dozen cargo Boeing 747s), we wrote that "Venezuela's hyperinflation, already tentatively estimated at 720%, will likely add on a few (hundred) zeroes by this time next year. It is also quite likely that Venezuela the country, as we know it now, will no longer exist because once any nation is swept up in hyperinflationary rapids two things occur like clockwork: social uprisings and political coups.