Wednesday, 20 July 2011

"Controlled Flight Into Terrain"

"The moderate free-market crowd is still under the illusion that an apolitical, independent central bank could be possible that would simply provide... stable fiat money for the market economy. How naïve!"
Detlev Schlichter remarks on the stupidity of the moderates on the Right (never mind the entire Left). Meanwhile in the Telegraph, the unimpeachable Ambrose Evans-Pritchard reports a remark made by the chairman of a very large mining company:
"One of the big US banks texted me today to say that if QE3 actually happens, we could see gold at $5,000 and silver at $1,000."
I think it may be too late for reform from within if QE3 gets the go-ahead - of course attempts at floating new currencies will happen - but they will likely be framed in the myopic, Statist terms Schlichter disparages above. The wake is going to be very rough and yet the whole collapse could have been averted if enough people in positions of influence had heeded the warnings issued by the stars of the libertarian movement over the last five or six years - or indeed even by mere earthlings such as myself as recently as February 2009.

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