Friday, May 07, 2010

Gold spot price this morning: £818 pounds an ounce

D'you know I'm sick of hearing the following mantra from the talking heads in the MSM:

'Britain is much better off than Greece, because we can devalue our currency.'

Why is this good? Why is this so marvellous?

Let me rephrase that glib comment above:

'The British government is safe from cutting its spending plans, because no matter what happens, they can on a whim steal wealth from everyone in the country and make them poorer by the backdoor of devaluing the fiat currency it obliges everyone to use. So rather than being forced to cut spending, every time their consumption plans to buy votes run amok, they can keep making everyone else poorer, to take the brunt, so that everyone in the government and their friends can keep consuming without worry. This is marvellous, because we in the MSM are the government's friends, so are usually in the groups of beneficiaries from this continual rape of the proles by the money printers at the Treasury and the Bank of England.'

And what sickens me even more is the way the glorious paper pound keeps being compared to other basket-case currencies such as the dollar and the euro, rather than being compared against gold.

Gold at £1,000 pounds an ounce, anyone?

Remember, you read that here first, when this virtual inevitability takes place.

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