Millions, Billions, Trillions? Oh, My!
What comes next after trillions? Quadrillions? Humungozillions?
Does it matter?
Good old Everett Dirksen, Republican senator and minority leader from Illinois in the 1960′s, is most remembered and credited today for his semi-tongue-in-cheek reflection that, “A billion here, a billion there, and pretty soon you’re talking real money.”
That cynical reference to the uninhibited spending of LBJ’s Democrats during the “Great Society,” which proved to be not so great and which in fact devolved into an economic disaster, is today fiscally as antiquated as high-button shoes have been for a century. In 2010, Dirksen would probably scratch his hoary, grey head and gasp, “Trillions?”
That’s the number politicians speak of today as if it’s simply the logical, economic extension of millions and Dirksen’s billions. On Friday, the Wall Street Journal published an article under Real Time Economics titled, “Number of the Week: 10.2 Trillion in Global Borrowing” which, in gross understatement, concluded, ”It’s easy to see that the risk of serious financial trouble is growing:” http://tiny.cc/rmda9
Excuse me? “Serious financial trouble?” Ya think?
Is that in any way translatable for the ignorant masses, us hoi polloi, as meaning, “We’re in deep sh*t?” That the WSJ is well aware of that deep sh*t . . .
(Read more at http://www.genelalor.com/blog1/?p=2560)
Showing posts with label inflation. Show all posts
Showing posts with label inflation. Show all posts
Monday, November 8, 2010
Tuesday, October 27, 2009
All That Glisters Isn't Gold
All That Glisters Is Not Gold
Having barbarized the English language, we now prefer to say that, “All that glitters isn’t gold,” instead of using Shakespeare’s “glisters.”
The meaning is about the same: Gold and the pursuit thereof, whether for investment, speculation, jewelry, or its sheer gut attraction has its pitfalls and the benefits of its attraction may not always be what they seem to be.
The same goes for “the poor man’s gold,” silver, which today seems ubiquitous in cheap baubles.
Unlike real estate which Will Rogers said we should buy since they’re not making any more of it, they’re still “making,” as in mining, gold although gold deposits are becoming harder and harder to find even as competition heats up and as the price soars.
Gold, that most precious of all precious metals, has from time immemorial been the one true sure bet. However, not that it would ever be worthless, but gold could lose significant value and lose investors/speculators big money. For the hoarders, it also presents the problem of storage.
Under Grandma’s bed is not recommended, especially if she tends to wander with her purse stuffed.
Of course, land, real estate, tends to periodically crash and burn as millions of Americans witnessed from the government-caused burst housing bubble.
In today’s very uncertain times, buying–and hoarding–gold has become an enticing hedge against wildly-inflated paper currencies, such the Obama dollar. The inflationary effect of Obama’s fascination with printing far more greenbacks than we should has yet to hit America’s fan.
Just give it time, until after the elections.
Gold is considered the safest hedge . . .
(Read the rest at http://www.genelalor.com/blog1/?p=1288)
Having barbarized the English language, we now prefer to say that, “All that glitters isn’t gold,” instead of using Shakespeare’s “glisters.”
The meaning is about the same: Gold and the pursuit thereof, whether for investment, speculation, jewelry, or its sheer gut attraction has its pitfalls and the benefits of its attraction may not always be what they seem to be.
The same goes for “the poor man’s gold,” silver, which today seems ubiquitous in cheap baubles.
Unlike real estate which Will Rogers said we should buy since they’re not making any more of it, they’re still “making,” as in mining, gold although gold deposits are becoming harder and harder to find even as competition heats up and as the price soars.
Gold, that most precious of all precious metals, has from time immemorial been the one true sure bet. However, not that it would ever be worthless, but gold could lose significant value and lose investors/speculators big money. For the hoarders, it also presents the problem of storage.
Under Grandma’s bed is not recommended, especially if she tends to wander with her purse stuffed.
Of course, land, real estate, tends to periodically crash and burn as millions of Americans witnessed from the government-caused burst housing bubble.
In today’s very uncertain times, buying–and hoarding–gold has become an enticing hedge against wildly-inflated paper currencies, such the Obama dollar. The inflationary effect of Obama’s fascination with printing far more greenbacks than we should has yet to hit America’s fan.
Just give it time, until after the elections.
Gold is considered the safest hedge . . .
(Read the rest at http://www.genelalor.com/blog1/?p=1288)
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