As early moring Fox News does not presently exist in Britian (it has been taken over by Sky News for Royal Wedding reasons – errr if we wanted to watch Royal Wedding stuff could we not just turn on Sky News…..) I have been watching the financial stations.
I can not get Fox Business (“if you provider does not offer it, DEMAND it” – I have tried Neil Cavuto, I have tried. But my provider is Sky and they will only provide competitors to Fox Business not Fox Business itself), so I have been watching Bloomberg and CNBC.
Of the two CNBC is the less bad (Bloomberg basically thinks that the sun shines from the backsides of Comrade Barack and Fed Chairman Ben B.) and one even (just sometimes) gets a nice story (my apologies if the following story was really from Bloomberg the two stations are so similar, and I station hop, so I may be making a mistake)….
A gentlemen (a guest on the show) claimed he could still buy a gallon of gasoline for 13 cents – just as he could have done in 1931. And he had the coin to prove it.
Of course it was a silver coin (a 1931 90% silver coin – a quarter, 25 cents, if my memory serves).
I remember thinking “but that was before the Roosevelt regime….”
Almost as if he had heard my mental question (for the studio team asked him no such question) the gentleman went on….
“And the govenrment went on producing these basically silver coins till 1964-5 when the modern coinage was introduced – made from materials that have little value” .
That is true, I thought to myself, the Roosevelt regime launched its unholy war on gold – not on silver). Future archaeologists (if there are any) may not date the decline of American (and Western) civilization from what we call the “1930s” at all (as most of the coinage appears to be still sound), they may well date it from what we call the mid “1960s” when the coinage suddenly goes like that of the late 3rd century Roman Empire – base metal “washed with silver” (if even that).
“This buying of silver and gold is a very American thing…..” said someone on the studio team (he did not get round to saying “a very Glenn Beck, stroking your rifle, paranoid thing…”).
“No” replied the gentleman guest – “actually European investors buy twice as much physical gold and silver (per person) than Americans do.”
His company, of course, sells physical gold and silver – but it is worth noting that other forms of gold and silver are just PROMISES. One can not buy goods with promises that gold or silver will be delivered at some future time – not in a time of crises, which is the only time one would be trying to buy food or other goods with gold or silver anyway. So what is the point of “nonphysical” gold or silver?
At this point the various studio people (both employees of CNBC and other guests) started to agree that physical gold and silver was a “good hedge” (we do not buy it out of paranoia – we buy it as a rational hedge, an insurance policy….. BUT YOU DO BUY IT).
And the CNBC lady who was helping the gentleman with his coins suddenly seemed to get very attached to a silver coin (it seemed to get stuck to her hand), as she gazed longingly at the other silver and gold coins (American, Canadian – the nationality did not matter, only the physical content). The other people in the studio had similar expressions.
These people (both the journalists and the guests from other lines of business) regularly see bits of paper (or computer screens) with X zillion Dollars (or Pounds or Euros) written upon them. But I have never seen such looks on their faces before – only when they were looking at these physical objects.