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Outrage, confusion, and disbelief thwart gold bullion prices.

October 17, 2011 – That gold bullion prices are holding steady against the relentless onslaught of Wall Street is testament to the tenacity of the free market. The persistence of the status quo amidst outrage, confusion, and disbelief is testament to Wall Street’s determination to thwart the free market.

A recent article in “Mother Jones” magazine titled “6 Big Economic Myths, Debunked,” typifies the prolific pseudo-intellectual drivel aimed at fanning the infighting by obscuring the real plight of our economy. Here is just a sample:

Myth #1: The stimulus failed. Consider this one subjectively. Look about and try to find one real-world indication that it succeeded. But the article claims “that the 2009 stimulus package increased economic growth, reduced unemployment, and put millions of people back to work.”

Sure a few million went back to work, but at an average loss of income of some 17.5%. And what about all of the new entrants to the job market? You know, the college grads in hock up to their necks for an education that makes them overqualified for the few job openings there are. And let’s not forget the bang for the buck – estimates place the cost per job created between $250,000 and $300,000 each.

Myth #2: The deficit is our biggest problem right now. Just calling that a myth boggles the mind. This is economics 101. If you have unsustainable debt and persistent problems servicing that debt, going further into debt can make matters only worse. The cost of new debt will rise dramatically, and printing up more money to cover it only escalates the progress towards default. Oh wait, I forgot myth #5.

Myth #5: Obama is debasing the dollar. “There's just no basis to the claim that Obama has debased the currency,” we are told. If he had, the recession would be over because suddenly demand for exports priced in the cheaper dollar would surge while expensive imports would revive “buy American” sentiment. The rest of the world would, of course, meekly accept the artificial trade advantage.

In fact exports did spike early on and the world was swift to snuff out the inequality. The only thing holding up the dollar is the vested interests of nations holding our debt who are desperately trying to divest without their national reserves going up in smoke. Check back in on the issue next year after the Pacific Asian Gold Exchange opens its doors.

These aren’t myths, they are plain and simple truths. You cannot run an economy on heaps of Monopoly money and maxed out credit cards. Period.

Gold bullion prices haven’t buckled as planned because the free market has had just about enough of the nonsense.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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