My endless quest to propagandize Austrianism in the Torygraph, perhaps the most fertile UK area for such a project, therefore continues mercilessly too:
Jack Maturin on December 10, 2008 at 12:29 PMPlus a second comment, which rather strangely appeared on the Torygraph site before the first one:
The bottom will be wherever Peter Schiff and Jim Rogers say it is. In "Bull Moves in Bear Markets", Schiff reckons it might be when gold hits about $5,000 dollars an ounce, and when commodities trading companies start using private gold currency, such as that offered by goldmoney.com, rather than any government fiat currency.
Alas, we've got a long way to go down yet, and with both Obama in the White House and Brown in Downing Street both planning to do exactly the wrong things, to prop up their collapsing fiat currency bubbles, it could take quite some time to get there.
Jack Maturin on December 10, 2008 at 12:28 PM
Sorry, I've forgotten the most obvious indicator.
When Roger Bootle, Edmund Conway, and Ambrose Pritchard-Evans all renounce Keynesianism and recommend that we switch to a 100% reserve gold standard with immediate effect.
That will be the day that marks the true bottom.