The author of the supposed report above, Mike Whitney, is the current leftist du-jour. Another anti-American blogger, who spouts the liberal party line about anything that even remotely represents the ideals of our President, and the things that make this great Nation great.
Everything from Bush "stealing" the Election (twice) to how the housing market is going to tank, throwing the United States into depression and homeowners becoming the new homeless. Typical fear-mongering, doom and gloom and despair.
Since liberals believe anything they read on the internet, here's just one (of many) pieces I found on their darling, Mike Whitney.
http://caosblog.com/814
The author of the supposed report above, Mike Whitney, is the current leftist du-jour. Another anti-American blogger, who spouts the liberal party line about anything that even remotely represents the ideals of our President, and the things that make this great Nation great.
Everything from Bush "stealing" the Election (twice) to how the housing market is going to tank, throwing the United States into depression and homeowners becoming the new homeless. Typical fear-mongering, doom and gloom and despair.
Since liberals believe anything they read on the internet, here's just one (of many) pieces I found on their darling, Mike Whitney.
http://caosblog.com/814
Mike Whittney is a true slime ball.
I didn't read the whole thing, but I got this good picture from that site.
How they do it. How we do it.
http://www.hotboatpics.com/pics/data...ifference2.bmp
All the other crap aside, the author has no sense of the value of gold. While gold's price may have "doubled" - gold's value is no where near any kind of high. Gold was hiting $600 in the 80's, with inflation, today's gold price in yesterdays dollars is under $100 - right close to $60. Gold is a commodity in which gains are only made on the cyclical nature and by the people who sell it. Gold is today's Florida swamp land . And people thought taking the dollar off of the gold standard was stupid, when the dollar has actually out performed gold. Perhaps if we take every thing out of context, we can make a case that Bush has focked up everything. Unfortunately, the left have no clue how money works shown by the stupid relation to gold.
BTW - Inflation is a good thing when it comes to debt and has been one of the primary tools of the government of paying off debt. See, in times of inflation, he with the most debt wins. Paying off yesterdays debts with today's dollars is a bargain. You see, the price of gold from the 80's in todays dollars is right near $6000 dollars. So, if you took on $600 debt, today you would have $6,000 to pay it off....except if you actually own gold. Perhaps I could sell that guy a bridge in Brooklyn?
I know the link was about Bush being a fock up, but the left is so f'ing clueless on money and finances and is just more proof they need to not be in charge of it.
$600 to $6000 in 20 years seems somewhat of an excessive inflation number.
10x in 20-25 years. :hammerhea
You might get close if comparing to real estate but not gen rate of inflation. And gold isn't real estate.
$600 to $6000 in 20 years seems somewhat of an excessive inflation number.
10x in 20-25 years. :hammerhea
You might get close if comparing to real estate but not gen rate of inflation. And gold isn't real estate.
Real Estate actually gains in value....unlike gold. The number is not as big as it seems. Would you like help with a financial calculator....and a copy of the Wall Street Journal from a few weeks ago?
It's just simple math. Inflation has been no where near producing an 10x yield over the past 20-25 years. While real estate and various other investments have far outpaced inflation, to assume gold should have had a much higher rate of increase than the US average inflation rate is highly speculative. As is comparing it to any investment that might have had a 10x performance factor over 20 years.
Applying the historical US inflation rate to the $600 gold example from 1982-2004 yields a result of exactly 2x, or $1201 in today's dollars. This is assuming no appreciation or depreciation in gold and just represents the $600 80's value in today's dollars.
Now I'll agree gold is a shitty investment being worth about half the value it was in the 80's (adjusted for inflation), but you can't convince me it should be worth $6000 in today's dollars due to inflation. It just isn't so.
Historical US Inflation Rate
YEAR/Inflation Rate
2004 2.68% $1201
2003 2.27% $1174
2002 1.59% $1156
2001 2.83% $1125
2000 3.38% $1088
1999 2.19% $1065
1998 1.55% $1049
1997 2.34% $1025
1996 2.93% $996
1995 2.81% $969
1994 2.61% $945
1993 2.96% $918
1992 3.03% $891
1991 4.25% $865
1990 5.39% $821
1989 4.83% $783
1988 4.08% $752
1987 3.66% $723
1986 1.91% $710
1985 3.55% $686
1984 4.30% $658
1983 3.22% $637
1982 6.16% $600
BTW - Inflation is a good thing when it comes to debt and has been one of the primary tools of the government of paying off debt. See, in times of inflation, he with the most debt wins. Paying off yesterdays debts with today's dollars is a bargain. You see, the price of gold from the 80's in todays dollars is right near $6000 dollars. So, if you took on $600 debt, today you would have $6,000 to pay it off....except if you actually own gold. Perhaps I could sell that guy a bridge in Brooklyn?
From the sounds of that, I'm guessing HM is bidding for a spot in the WSJ's new comedy section. He with the most debt wins....Bwahhahahaha.
Ask a millionaire what got him where he is. I'll give you a clue; it wasn't "having the most debt"....I can send you a calculator that works (since yours must be broken) and a copy of the facts about people with REAL money and their habits, if you like.
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