We talked about this a lot today, especially during the Will Reishman segment in which some asked "why is gold valuable"?
Gary writes: Bill....Thursday's discussion of the inherent value of gold was a gem of rational irrationalism. Have you ever noticed that we value most what we do not possess? Those things that are common to all like health, family, friendship etc. are all readily traded away for just the opportunity to posses the rarest of the rare. This is a form of psychic possession that values the illusory over the actual, the future or glorious past over the now, or the 'bird in the bush' over the one in the hand. Wealth is not stored surplus, which entraps us into guarding, polishing, and protecting its value as does a domesticated servant. Wealth is rather the efficient use of the resources currently at hand expended toward the sufficient needs of the moment. One can provide for all the capacity in the world, but without an intelligent distribution system, a wealth of capacity is wasted. Bottom line: Human potential is not wealth unless it is directed to concrete aims, that represent the most efficient use of the available resource. I'm sorry if I do not trust this area's people, or humanity in general not to be distracted by the 'fools gold' of promise over the wealth of intelligent accomplishment.
Gary, With all due respect, I have never traded health, family, friendship in order to own a rare metal. Still, a rational human needs to be able to store some "potential", some supply of wealth-generating capability during a time of financial surplus "just in case". The western governments are insolvent, and history indicates that their only way out is to steal what others may have, or debase existing currency that people deal in. Prudence dictates some storage of what might be valued in a time of scarcity outside of the government-financial complex.
For some, it's food, water, the buildilng blocks of life. Others may have a commodity or two that can't be stolen easily by a government official. Hopefully those who do never see any reason to use them, for that would mean we've dodged a major world financial bullet. To look at the current financial world with a "normalcy bias" intact would be unwise, in my opinion. "Intelligent accomplishment" is a laudable goal, but that accomplishment often needs needs real resources and energy in order to be fruitful.
I love this take on the "Honey Badger" for Scott Walker - Note, there is some "language".
GUEST INFORMATION 06-21-2012
6:35 Katie Pavlich, Townhall.com columnist, and author of "Fast and Furious",about the Obama gunwalking scandal, and the latest news involving the grant of "executive privilege" protection for AG Eric Holder.
7:35 Jim Ludwick, Oregonians for Immigration Reform. (website) What the president's new immigration policy means for Oregon.
8:10 Will Reishman, Strategic Financial. The dollar, the current situation, and a lot of talk about why precious metals have been considered valuable. Read Will's fave articles on UNDOLLARS.COM.