Comments on: Because You Can’t Spell Gold without G-O-D

By: Tough Central Bankers and What Should’ve Been Done to AIG « Deep Thoughts by Professor Pinch

Mon, 01 Feb 2010 13:13:56 +0000

[...] The truth is, there’s another way to conduct monetary policy, which is to control the money supply and let interest rates take care of themselves. Volcker did it and was immensely successful. [...]

By: Good Reading

Good Reading — Mon, 11 Jan 2010 23:07:16 +0000

[...] Was The Wizard of Oz one big giant allegory for the use of silver in the gold standard? (TamelaRich) [...]

By: Hot Links: FDR, Merrill & The Wizard of Oz The Reformed Broker

Hot Links: FDR, Merrill & The Wizard of Oz The Reformed Broker — Mon, 11 Jan 2010 22:55:02 +0000

[...] Was The Wizard of Oz one big giant allegory for the use of silver in the gold standard? (TamelaRich) [...]

By: God, Gold, Guns & Butter, and Cold Hard Cash « Deep Thoughts by Professor Pinch

Mon, 11 Jan 2010 06:35:13 +0000

[...] Hard Cash Jump to Comments Tamela Rich, who is a brilliant talent, wrote a thought-provoking blog recently. Part memory lane stroll, part analysis of the symbolism of “The Wizard of Oz” [...]

By: Paul Denlinger

Paul Denlinger — Sat, 09 Jan 2010 04:35:54 +0000

Love, money and religion all depend on a unique combination of faith, love and trust. Abuse it, and it’s hard to get it back. Now more than ever.

By: David Buffalo

David Buffalo — Sat, 09 Jan 2010 03:09:41 +0000

Here is my comment. I got a bit long-winded lol.

http://thebuffalotrader.com/blog/?p=260

By: A response to Tamela Rich’s post “Because You Can’t Spell Gold without G-O-D” | The Buffalo Trader

Sat, 09 Jan 2010 03:06:53 +0000

[...] Here is the original post. [...]

By: derek

derek — Fri, 08 Jan 2010 11:20:07 +0000

Deep, Tamela, and a great history lesson. “The belief in something transcends rationality”…indeed! As long as people view gold as a store of value, it is a store of value and THE alternative to fiat money. Until it isn’t, but that’s not for me to decide

By: professor pinch

professor pinch — Fri, 08 Jan 2010 06:44:42 +0000

Tamela,

This is a great post on gold. I have a couple of thoughts for you:

1) Volcker did it right. He recognized the fact that in a fiat world, where currency is not backed by anything – just “full faith and credit” – management of the money supply takes on greater importance than under a regime where currency is backed by something tangible. Greenspan and Bernanke were/are oblivious to this, and so is our Congress. They all still believe in the tooth fairy and the Easter Bunny, thinking we can blithely borrow and debase our currency as we see fit, because when we wake the next morning, future economic capacity – and the demand for that extra capacity – will always be there. Let’s just say I don’t share their optimism/naivete.

2) Glenn Beck is a toolbox, but you’re speaking about an interesting dynamic: if gold is the hedge against inflation, why are people selling gold for cash? It’s the crux of the wishbone world we live in. Deflation of assets on one hand, debasement of the currency on the other. Both sides are pulling on the wishbone, and it’s unclear as to which dynamic is winning. I’ll blog on this later.

Further reading on these topics:
http://wp.me/pHQaH-9q The *Real* Case for Commodities

By: Kim

Kim — Thu, 07 Jan 2010 22:18:27 +0000

Interesting thread of stories on this topic and a timely reminder that money is the embodiment of faith – faith that the value it represents is real.