When I was a youngster, maybe 10 years old, my parents were buying krugerrands. That was in the late 70s when the Great Inflation was at its peak. I remember the sort of ceremony my parents performed when one would come in the mail. They would open the box in great anticipation of the gleaming yellow coin inside while my sister and I watched with great curiosity. They would spend a few moments looking it over, sliding it through their fingers, and then it would be gently placed in the safe in my dad’s closet. I remember my mother saying that the price of gold had skyrocketed to over $1400 per ounce.
I don’t know what became of those coins. I suspect, however, that they were quickly dumped a few years later as ceremoniously as a used rag doll gets dumped in a Salvation Army bin. Us kids never saw or heard about them again; and we never heard any bragging about the killing they made on them, which we certainly would have.
Fast-forwarding to 2009-10 when the price of gold began to take off again with what I judged to be a sort of irrationality, inflation chicken littles squawking about the coming collapse of the dollar and the dreaded hyperinflation nearly everywhere, I was not impressed. I wasn’t impressed because I can do math.
Perhaps it seems unsavory of me to admit that I’ve rather enjoyed watching the crying over spilled milk going on over the crash in the gold market. That’s the kind of thing that one should buy low and save for a very rainy several years in a row. It’s how I survived a long period of unemployment – selling the shiny stuff to the chicken littles. Buy the panic and get taken around the woodshed and taught a lesson.
I know I really shouldn’t make fun of the misfortunes of others. But considering the circumstances of the enormous damage to the ability of society in general to deal with the ongoing tight money crisis that the inflation nutter propaganda has done, I’m going to take as much license with it as I can get away with. This video is for inflation nutters everywhere who listened to people like Glenn Beck go on a 20-minute tirade about the Fed debasing the currency and shoving us into hyperinflation with the very next commercial coming on being for Gold Line – and fell for it.