Tuesday, 23 August 2011
Put A Shine On It
That what is left of my teeth is worth more now than the rest of me is worrying. Should the price per ounce of gold keep rising at the present rate they might be worth more than my whole estate. Should I postpone the dentist’s check up or should I have it done as soon as possible?
On Thursday 5th March 2009, it is arguable that this situation could have been foreseen but what the right action might have been is not clear.
In many parts of the world there is real concern about the effects of the fall in the value of the dollar. Some people have been buying Swiss Francs instead. Now in Switzerland they are becoming anxious about the consequences for the general economy of a sharp rise in the value of their currency.
The US site Money and Markets is talking happily about the Ultimate Financial Catastrophe and suggests what it might be best to do. This is puzzling, since in a real catastrophe everybody goes down. It is one thing to be rich in a working society; it is another to hold paper wealth in a collapsed society.
Roubini is saying that Marx might have been right about some things. The problem is all the things he was wrong about. The Oil Drum takes issue with the US Presidential hopeful, Ms. Bachmann who is promising that “gas”, petrol to us, can go back to less that $2 a gallon. Here in the UK it is around $9 a gallon.
With inflation beginning, the Bank of America in free fall, disruptions of one thing or another pending, Banks putting their dud paper into pension funds and the issues over the Euro now much greater together with the perils of some major states supplying oil, the only certainty is uncertainty.
This could have been a long and complicated post, but it is time to clean my teeth.