D. McHattie

The Intrinsic Value of Nothing, Part 2

The author's point is precisely that money is not the root of all evil. Money is just a medium of exchange.

Paco may be misquoting but this is one of those expressions that is more commonly misquoted than quoted correctly. It does not at all detract from his thesis.


On Nov 03 09:53 AM Luke Skywooker wrote:

> people don't say "money is the root of all evil" they say
> "For the love of money is a root of all sorts of evil, and some by
> longing for it have wandered away from the faith and pierced themselves
> with many griefs."
> It's not a good idea to misquote and then build an argument on the
> misquote. Loving money does cause a lot of problems. Money itself
> is morally neutral.

Don't Be Fooled by Inflation

Bernanke promised inflation. He said he would stop at nothing to create inflation. I can assure you: he meant it.

Bernanke said he would drop dollars out of a helicopter if he had to. And then, kinda, he did: unprecedented actions buying longer and longer term treasuries and accepting fannie and freddie mbs.

Obama and Congress promised trillions in stimulus funded by debt purchased by Bernanke with newly printed dollars.

Bernanke didn't create gold and precious metals out of thin air. He didn't create agricultural commodities like wheat and soybeans out of thin air. Because he can't.

Supply and demand dictates that as the supply of dollars increases, demand remaining unchanged, the value of dollars will fall. The value of real things will rise: gold, agricultural commodities, energy.

Schiff will be proven right.