I had no idea, until today, that respectable MSN financial columnist Bill Fleckenstein was a “goldbugger.” But he is.
Of course, he repeats the elementary mistake of most goldbuggers in claiming gold has “intrinsic value.”
No, it has very little. It has little technological and other use. If you want a precious metal, put us on a silver system.
If you want something real for today’s world, back our money with oil, coal or uranium, from the energy side, or else with silicon or lithium, from the tech world.
Anyway, the fact that Fleckenstein thinks gold has “intrinsic value” leads me to question his overall financial analysis skills.
Paul Krugman has more on the sudden rush of goldbuggery, or some functional equivalents, even among Fed governors, and what's wrong with all this.
A skeptical leftist's, or post-capitalist's, or eco-socialist's blog, including skepticism about leftism (and related things under other labels), but even more about other issues of politics. Free of duopoly and minor party ties. Also, a skeptical look at Gnu Atheism, religion, social sciences, more.
Note: Labels can help describe people but should never be used to pin them to an anthill.
As seen at Washington Babylon and other fine establishments
October 12, 2009
A sad and unexpected goldbugger
Labels:
Fleckenstein (Bill),
gold standard
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment