Charles Kedlac here at The Daily Reckoning asks, “What, then, should we make of 13th century theologian Thomas Aquinas’ claim ‘…one man cannot over-abound in external riches without another man lacking them’?”
I’ll tell you what to make of it; Tommy boy didn’t know squat about economics, because if a rich guy wants a fancy carriage, maybe with some cool mag wheels and a snazzy paint job, he is going to pay a lot of money to a lot of people who help make that carriage into a smokin’ babe-magnet.
The article was, alas, not about guys and hot cars, with photos of hot babes in scanty outfits sprawled seductively on hoods, trunks, running boards, seats and, best of all, bent over bumpers, but about greed, and how people wonder about the billions of dollars some people make, as “those on the left use the word as an epitaph against the successful as epitomized by Sen. Bernie Sanders ‘When is enough enough?’ he asked in his impassioned plea for raising tax rates ‘on the rich.’”
I’ll tell you when, Bernie! That’s the same question I have been asking about you socialist morons! When is enough enough? It is not enough that local, state and federal spending has grown to half – half! – of all spending in the Whole Freaking Country (WFC)? That’s not enough, for crying out loud?
And as far as enough taxes on the rich, I’ll tell you when enough is enough, Bernie. It’s when thousands and millions of people get tired of selling goods and services to the rich, and becoming middle-class themselves in the process, enough to support a gigantic government bureaucracy and a huge, desperate underclass whose sole source of support is government programs.
Up until that moment, the rich will get richer and the poor will get poorer because you, Bernie, and your Congressional halfwit socialist morons spend more than you collect in taxes, just as you have for the past 50 years – a half century! – and the Federal Reserve has to create the money which somebody can borrow to buy the new government debt, increasing the money supply and increasing inflation in prices, which hurts the poor the most, you lowlife idiot who loves to bleat for the poor but actually spends his time hurting them!
It’s ironic that he can only do that, for long, under a fiat-money economic system, as those days may be thankfully coming to an end, as I gather from “A Comeback for Gold-Backed Money?” an essay by Andrey Dashkov of Casey Research.
There is something in that title there that gives me hope that, yes, we will return to a gold-backed money, and so I read on where he writes that for “the reasons Aristotle outlined 2,000 years ago (it’s durable, divisible, consistent, convenient, and has intrinsic value), gold is hands-down the world’s best money,” with which I certainly agree, even if he doesn’t mention the benefits of low inflation in prices when gold is used as money, which is good news for everybody, especially the poor, who can’t afford to pay higher prices.
Then he starts out with Gresham’s Law, which is where I almost quit reading, because I already know about Gresham’s Law, which has, as I recall, something to do with good money (gold and silver) and bad money (paper and base metals), and how people holding bad money get Screwed Big Time (SBT). I figure that’s enough to know, you know?
But, apparently, that isn’t the case all the time! He explains, “Gresham’s Law tells us that bad money drives out good, but that’s only true when legal tender laws hold sway (incentivizing people to hoard what’s perceived to be ‘good’ money and spend the ‘bad’ money as fast as they can).”
The result is that, “When people give up on the local legal tender, Gresham’s Law goes into reverse, and good money chases out bad.” The old switcheroo!
Well, this is certainly good news, but it begs the question, “How much gold is there to establish this new Utopia of stable prices and predictability thanks to a gold standard?
Well, according to Wikipedia, “The world has official holdings of 30,562.5 tonnes of gold,” where “One tonne is approximately 32,150.75 troy ounces.”
Interestingly, although “at the end of 2004, central banks and investment funds held 19% of all above-ground gold as bank reserve assets” and they constituted the second-biggest holder of gold.
The overwhelming majority of gold (52%) is held in the form of jewelry!
Also interestingly, 108 countries around the world now have at least 813 ounces of gold (0.1 tonne), the last on the list being Costa Rica.
By this, it is obvious that the overwhelming majority of countries in the world are accumulating gold, and so you are in the majority if you are buying gold, too.
Your big edge is that they are not accumulating silver! Yet! Now you know why I say, “Whee! This investing stuff is easy!”
The Mogambo Gurufor The Daily Reckoning
Richard Daughty (Mogambo Guru) is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise to better heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning , and other fine publications. For podcasts featuring the Mogambo, click here.
“When is enough enough?” asks Bernie Sanders, how about when the US was taxing the rich at a top rate of at least 87% from 1951-1963, wasn’t that more than enough to balance the government’s books? (Answer, No, the US was Still accumulting debt per the records from The Bureau Of Public Debt.)
The rich are not dumb, if taxes go too high the Rich skip town, or the country, for greener and tax friendlier countries. It happening now as I type this, it would accelerate if tax rates go up.
While the poor suffer from no money, the rich suffer for having money. Quite a terrible situation. Is there any way to balance it ?
here at The Daily Reckoning asks What then should we make of 13th century theologian Thomas Aquinas claim one man cannot over-abound in external riches without another man lacking them ? .I ll tell you what to make of it Tommy boy didn t know squat about economics because if a rich guy wants a fancy carriage maybe with some cool mag wheels and a snazzy paint job he is going to pay a lot of money to a lot of people who help make that carriage into a smokin babe-magnet..The article was alas not about guys and hot cars with photos of hot babes in scanty outfits sprawled seductively on hoods trunks running boards seats and best of all bent over bumpers but about greed and how people wonder about the billions of dollars some people make as those on the left use the word as an epitaph against the successful as epitomized by Sen. That s the same question I have been asking about you socialist morons! It is not enough that local state and federal spending has grown to half half!
Pingback: tag removal
Pingback: jennifer grey surgery
Pingback: Southern Tagalog
Pingback: wart remover
Pingback: How to get rid of warts
Pingback: new business ideas
Pingback: e cigarettes free
Pingback: jennifer lopez recientes
Pingback: dui attorney Miami
Pingback: heidi montag plastic surgery
Pingback: poker online gratis bonus senza deposito
Pingback: ceny zlota
Pingback: free e cigs offers
Pingback: pure green coffee bean extracts
Pingback: electronic cigarette free starter kit
Pingback: How To Conceive A Girl
Pingback: reconquistar a mi ex novia
Pingback: electronic cigarettes free offer
Pingback: Joshua A Jacobi
Pingback: paintless dent repair
Pingback: At Home STD Testing
Pingback: dukan diet attack phase no loss
Pingback: Ways To Get Pregnant Fast
Pingback: teach in Italy
Pingback: dlaczego ryby
Pingback: аренда квартир в Минске
Pingback: phen375 fat burner
Pingback: the glades tanah merah
Pingback: garcinia cambogia extract reviews
Since the invention of the "shareholder rights plan" (i.e. the "poison pill"), most companies are relatively immune to hostile takeovers. But according to Dave Gonigam that could all change thanks to one activist investor. And if you're savvy enough, you may just be able to follow his lead for big gains. Read on...
As the markets have continued to rally over the last several years, more and more people have touted the problem of "income inequality" in the US. But as Jim Mosquera explains, this perceived problem will likely sort itself out with the arrival of one specific market event. Read on...
Almost one year ago, substation telephone cables were maliciously cut in San Jose, CA. In 20 minutes, 17 transformers were knocked out. A year on, similar threats have cropped up. Today, Addison Wiggin explains why these threats are so serious for the safety of the global economy... and shows you one way to play it...
The big problem with declaring bubbles is that it really does you no good. Unless you're attempting to measure and time market moves, you're also blowing hot air. But if you keep watch for negative divergences, you have a much better shot at figuring out big market moves than the latest bubble-busters. Greg Guenthner explains...
Too often investments are made in a vacuum. But as Byron King demonstrates, the global economic crash... easy money... and technological advancements are all interdependent. In particular, that connection has changed the investment calculus in the resource market. Read on to learn how...
Oil isn't the only resource to experience "peaks." Due to a major contraction in gold exploration over the past few years, the mining sector is no longer mining gold at its replacement rate. In other words, the amount of gold above ground is running out. And according to Henry Bonner, it will get worse before it gets better...