Last Updated :
15 May 2010 at 09:55 IST
Gold is the only neutral currency
By Justice Litle
Does anyone know how to contact the Inter-Planetary Monetary Fund – the “IPMF”? I’m hoping maybe Alpha Centauri has some spare credit lines we can tap. Because if not, we could be in some seriously deep kimchee here… Seriously though. When the government runs out of money – or rather, the credibility to keep on printing it with abandon – who is left?
Keynesian economists believe that public sector intervention is the key to curing private sector ills. That’s why they were so supportive of the bailouts. In fact, one might argue that “when in doubt, bail them out” sums up half a century of Keynesian thought in just six words. Private sector woes got you down? Let the sovereign entity (i.e. the government) leverage up its balance sheet when times are tough.
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Defenders argue that the great man (John Maynard Keynes) never intended for his ideas to be abused this way. As a balance to all that counter-cyclical spending, governments were also supposed to save when times were good… the equivalent of the squirrel storing up acorns for winter, rather than gorging all year round.
But what good is a theory that works on paper, yet utterly falls on its face in practice? This is one of the reasons ivory tower economists are so useless… and so dangerous. They insist on clinging to ideas that appear seaworthy in the textbooks, only to be shipwrecked by human nature in their application to the real world.
Consider the above chart, which shows total U.S. debt (public and private) as a percentage of GDP (gross domestic product) dating back 140 years. Note, in particular, the nature of the curve since 1970 or so. It has gone close to vertical since then – starting right about the time Tricky Dick Nixon declared, “We are all Keynesians now.”
Of course, it is not the United States that is in the spotlight at the moment. Europe is. But what is happening in Europe is merely a prelude – an opening act, if you will.
Picture a sovereign debt domino chain. With each domino that falls, the stakes grow successively higher. Greece was just a little domino, they said. Just 2% of Europe’s GDP, they said. But little dominoes can topple bigger dominoes.
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MCX SUGARMKOL EX - KOLHAPUR 20 June 2012
contract was trading at
Rs 2910 . What's your view on it?
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