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to the editor from this week's Chronicle To the Editor Another Perspective of Personal Property As a parent, do I view personal
property differently than ‘paternal’ government leaders view personal
property? As a father I hope my children understand laws of
Nature, they recognize that they are the author of their choices and
ensuing consequences, they learn excuses are a waste of time, and they
learn respectable laws of the community should be respectable or
changed. I seek to assist, instruct, and provide experience. Yet
my ‘authority’ or ‘power’ as a father does not give me a license to
taking my children’s property for myself or a ‘lobbying friend’. If
they earned it, it’s theirs not mine. I would ask permission for
the use of their time, tools, skills, or financial resources as I would
my neighbor. If I seized resources from my children or reduced
the value of their financial earnings, others would call me a ‘tyrant’,
‘worthless father’, or a ‘cheat’. What then are many of our civic
‘local Fathers’, ‘State Fathers’, or ‘National Fathers’? Do some
of them think, because they were elected, they have an automatic
license to the resources of voters or to devalue our earnings? Do
some of them play favorites? If so, is this the proper respect of civic
leaders for our personal property?Scott Perrin Cottonwood Redneck Review! No. 374 - 6/26/22 So we might ask! Is it possible to get a glimpse ahead of time about a future which looms ahead? Can it be that a look to the past can provide valuable information about what that future might be? Starting in last week's RNR, a brief look was taken at two statements by reputable authorities concerning that future. Lawrence McDonald, in a June Investment Rarities newsletter, claimed that the Federal Reserve (FED) attempt to control inflation by raising interest rates and pulling money out of circulation caused his "Are you kidding?"Either "They will have to accept a higher level of inflation... or blow up the global financial system, a screaming buy for hard assets." (gold, silver, etc.) A follower of the stock market today knows that it has been sharply up and down, but with an overall down trajectory. And MN. Gordon from the same source claimed "FED chairman Ben Bernanke" reading a Milton Friedman book "got to work using QE (Quantitative easing), inflated the money supply by creating monetary credits created out of thin air...running the FED's balance sheet from $900 billion (2008) to...$4.5 trillion (Dumped that much new money into our economy!) in the next five years. Gordon continued: "Did it ever occur to Bernanke that his actions were further distorting the economy and setting it up for a greater bust?" And well known James Rickard claimed in a recent book THE ROAD TO RUIN, that big banks in this country have not learned their lesson from the 2008 collapse, and commented in words to this effect: "They have not learned from mistakes made in that collapse, and consequently, the coming next collapse will be more serious and more difficult to combat." Pausing, we repeat a statement made often by myself in economic classes: "You have to know the past to understand the present, and to predict the future!" Add a statement made back in 1905 by George Santayana in his book THE LIFE OF REASON :"Those who do not remember the past are doomed to repeat it." What event in the past is strikingly similar to conditions in our own economy today? Why, those of the "Roaring Twenties" followed later by the "Great Depression of the Thirties!" Add Germany's Weimar Republic method, paying WW I debts with enormous amounts of paper money thrown into their economy, spreading to winning countries. Then compare those to the almost identical money policy of the U.S. "Roaring Twenties!" Interest rates near zero, huge injections of dollars in the economy due to the war debt incurred in WW I. The similarities are striking and we ignore at our own risk! We continue with an interesting comment from another well known source. From a recent Weiss newsletter, their Crypto Investor: "As we look out at the near horizon today, we see fear, uncertainty and real-world financial pain." Earlier, their headline "Today's Fear and Uncertainty Create Tomorrow's Growth and Profits." Later, author Juan Villaverde says "Environments of fear and uncertainty are exactly when you can find the largest NEW profit opportunities." Continuing, Villaverde says "And is a store of value like Bitcoin any different than fiat currency or precious metals? None of these mediums of exchange have much utility other than the value humans give them." Recklessly, I choose to disagree! On the verge of putting money into one of the popular digital moneys today, I backed off because of recent Biden threats to regulate digital money. Add the necessity of electricity to keep records and track transactions, to the difficulty of managing passwords! Meanwhile, gold is accepted everywhere as THE store of value, and silver is today even better, because only it, because of bank manipulation, is worth only half today of its one time high value, about $50/oz. (More claims coming next week that silver is due to explode, and gold could hit $10,000 an ounce!) Jake Wren
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