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Reader comment on: James Grant on Gold

Submitted by abbot (United States), Nov 14, 2010 23:20

The Future of Capitalism? There doesn't appear to be any, what with Socialism (no property, no ownership, no capital) and bronze-age atavism in ascendancy. It's looking like the planet of the ants, in contrast to the fable of the bees, if there's anything left after zero-sum game, blame the other guy, bumble feks get into power and turn this world into a cratered, building monuments to death instead of life & living society. The spectacular nature of life on Earth today and we've never heard so many whining and imagining some paradise lost in their fevered recollections of yesterday.

It's important to have ownership of Gold, Silver, and other commodities for individuals to be able to protect themselves from inflation but Fiat currency has tremendous advantages for reciprocal trading, founded on trust, contract and lubricating the wheels of trade, commerce, and industry. The precious metals and whatever else evolves that status are, at base, a fiat currency's best friend, as they supply contingency, despite their appearance as a wall to some who have designs to, what history hath shewn, is Utopian lunacy.

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