The Long Run is Here

The dollar is failing. Millions of people can see at least some of the major signs, such as the collapse of interest rates, record high number of people not counted in the workforce, and debt rising from already-unpayable levels at an accelerating rate.

 

Total US credit market debt has hit a new high of $68.6 trillion at the end of 2017. That’s up from $22.3 trillion a mere 20 years ago. It’s a fairly good bet this isn’t sustainable. [PT]

 

I am going to share a little bit about myself and my personal motivation. I want to help fix this problem. The alternative, if it’s not fixed, will be a repeat not of 2008 or the inflation of the 1970’s or 1929. It will be a repeat of 476AD, the collapse of Rome and the known world.

If it weren’t for this, I would have started another software company. I had a successful exit, a world class team that was ready to jump into the next gig with me, great advisors, and access to capital. And this was the career for which I had trained, and which I was pretty good at.

Instead, I studied monetary economics and started Monetary Metals. We are on a mission. It is not simply to sell people on gold. When Rome collapsed, I suppose people who had gold may have had a better chance to escape, than those who didn’t.

But where would they go, and how would they survive in a world gone mad? Some problems, gold does not solve. It is not simply to preach that we need the gold standard. If Mises did not persuade people, then I don’t expect to be successful at the same task.

I think often about that (in)famous quote from archenemy John Maynard Keynes about debauching the currency to overthrow the capitalist order. And the key sentence is:

 

“The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

 

He was right. He understood the system and how to destroy it better than everyone else. He was a genius—evil, but a genius. Except he overestimated the number of people who could diagnose the monetary disease.

 

J.M. Keynes and his book. One of his bon-mots when debating people who urged to forego short term oriented interventionism in favor of sound long term economic policy was that “in the long run, we’re all dead” – but now the long run has arrived, and it turns out we’re not all dead. But Keynes is, so unfortunately one cannot complain to him anymore.  [PT]

 

So the key is to engage the hidden forces of economics, though not for destruction but salvation. The key is to make it profitable to invest in the gold standard.

In this talk at the Harvard Club in New York, I discuss more openly than I ever have before what is Monetary Metals doing, and why are we doing it? What is our vision, and how does it work?

We are in Keynes’ “long run”. We have achieved his goal of euthanizing the rentier (killing the saver) with near-zero interest rates. If his evil plan is not reversed, we are dead.

Monetary Metals is trying to reverse it.

 

 

Chart by St. Louis Fed

 

Chart and image captions by PT

 

Dr. Keith Weiner is the president of the Gold Standard Institute USA, and CEO of Monetary Metals. Keith is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. Keith is a sought after speaker and regularly writes on economics. He is an Objectivist, and has his PhD from the New Austrian School of Economics. He lives with his wife near Phoenix, Arizona.

 

 

 

Emigrate While You Can... Learn More

 


 

 
 

Dear Readers!

You may have noticed that our so-called “semiannual” funding drive, which started sometime in the summer if memory serves, has seamlessly segued into the winter. In fact, the year is almost over! We assure you this is not merely evidence of our chutzpa; rather, it is indicative of the fact that ad income still needs to be supplemented in order to support upkeep of the site. Naturally, the traditional benefits that can be spontaneously triggered by donations to this site remain operative regardless of the season - ranging from a boost to general well-being/happiness (inter alia featuring improved sleep & appetite), children including you in their songs, up to the likely allotment of privileges in the afterlife, etc., etc., but the Christmas season is probably an especially propitious time to cross our palms with silver. A special thank you to all readers who have already chipped in, your generosity is greatly appreciated. Regardless of that, we are honored by everybody's readership and hope we have managed to add a little value to your life.

   

Bitcoin address: 12vB2LeWQNjWh59tyfWw23ySqJ9kTfJifA

   
 

5 Responses to “The Dollar Cancer and the Gold Cure”

Your comment:

You must be logged in to post a comment.

Most read in the last 20 days:

  • The Impulses of Lunar Fed Policy Under Repo Madness
      Trepidation Nation This week, while you were busy working, Jamie Dimon, CEO of JP Morgan Chase, took time out from rubbing elbows with fellow movers and shakers at the World Economic Forum in Davos, Switzerland, to share his trepidations:   “The only thing I have trepidation about is negative interest rates, QE, and the diversion between stock prices and bond prices and yield and stuff like that...  I think it’s very hard for central banks to forever make up for bad...
  • Opportunities in the Gold Exploration Sector
      An Unloved Sector We rarely discuss individual stocks in these pages, but we make an exception now and then when we spot exceptional opportunities. This time the reason is actually more mundane: the vast majority of gold exploration stocks failed to benefit from the rally in precious metals prices last year. As a result many of them came under even greater pressure in the tax loss selling season at the end of the year. We made a list of such stocks late last year – a download link to the...
  • The Triumph of Madness
      Historic Misjudgments in Hindsight Viewing the past through the lens of history is unfair to the participants.  Missteps are too obvious.  Failures are too abundant.  Vanities are too absurd.  The benefit of hindsight often renders the participants mere imbeciles on parade.   The moment Custer realized things were not going exactly as planned. [PT]   Was George Armstrong Custer really just an arrogant Lieutenant Colonel who led his men to massacre at Little...
  • The Strongest Seasonal Advance in Precious Metals Stocks Begins Now
      Bonanza Season In the 18 December 2019 issue of Seasonal Insights I discussed the strong seasonal advance in precious metals around the turn of the year. In silver it begins in mid December and continues until the end of February. A roughly similar pattern can be observed in platinum and palladium, while seasonal buoyancy is at least to some degree evident in gold as well.   Long-term silver and platinum seasonal charts from the late 2019 issue of Seasonal Insights : the...
  • US Stock Market  - Sentiment and Positioning
      Market Drivers The recent outbreak of a dangerous respiratory illness caused by a new Corona virus in China was widely blamed for the stock market sell-off on Monday last week. It is undoubtedly true that the epidemic has the potential to severely disrupt economic activity, although it is too early to come to a definitive conclusion about that. Be that as it may, the event actually serves as an excellent example illustrating that the news of the day are incidental to market action...
  • The Constitution IS the Crisis
      A Review of Murray N. Rothbard’s Conceived in Liberty, Vol. 5 Holy Writ The posthumous release of Murray Rothbard’s fifth volume of his early American history series, Conceived in Liberty, is a cause of celebration not only for those interested in the country’s constitutional period, but also for the present day as the nation is faced with acute social, economic, and political crises.   Murray Rothbard, the foremost representative of the “American branch” of the...
  • A Pharmaceutical Stock That Is Often Particularly Strong At This Time Of The Year
      An Example of Strong Single Stock Seasonality Many individual stocks exhibits phases of seasonal strength. Being invested in these phases is therefore an especially promising strategy.   Danish drug company Novo Nordisk   Today I want to introduce you to a stock that tends to advance particularly strongly at this time of the year: Novo Nordisk. The Danish pharmaceutical group supplies a broad range of products and is a global market leader in diabetes...
  • The Secret to Fun and Easy Stock Market Riches
      Post Hoc Fallacy On Tuesday, at the precise moment Federal Reserve Chairman Jay Powell commenced delivering his semiannual monetary policy report to the House Financial Services Committee, something unpleasant happened. The Dow Jones Industrial Average (DJIA) didn't go up. Rather, it went down.   The Fed chair and His Magnificence, God Emperor, Field Marshall & Stable Genius, POTUS Donald J. Trump: a complicated relationship. [PT]   Were the DJIA...

Support Acting Man

Austrian Theory and Investment

j9TJzzN

The Review Insider

Archive

Dog Blow

THE GOLD CARTEL: Government Intervention on Gold, the Mega Bubble in Paper and What This Means for Your Future

Realtime Charts

 

Gold in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Gold in EUR:

[Most Recent Quotes from www.kitco.com]

 


 

Silver in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Platinum in USD:

[Most Recent Quotes from www.kitco.com]

 


 

USD - Index:

[Most Recent USD from www.kitco.com]

 

Mish Talk

     
    Buy Silver Now!
     
    Buy Gold Now!