What A Racket!
I have often, and sarcastically, referred to the fiat bills in my wallet as “garage sale flyers” — you know, the ones you see on mssg boards and telephone poles. Now because i live in Canada, it is usually a colorful array of bills...
And a similar pallet (often) chosen as stock paper for those “notices” that one sees all too often. I have thus mused about what a racket printing dollars backed by nothing is: “Hell” have i proclaimed, “they may as well be garage sale flyers.” So i was none to surprised to read the following quote today in an article about Fed notes:
Damn! If only i could host a garage sale that was celebrated the world over, so much so that mere announcements about it were covetted as value laden promises for a good time and some cheap goods. “Hell,” with one o those garage sale flyers i could buy five of these ⤵️ here in North America.
And indeed, if i was oversees and some fool merchant in an lcs was unwilling to sell silver for usd, i could readily convert it and go hog wild!
The point to consider here, is that when the Franklin is overseas buying shit, the liability has already been assumed by someone else overseas. So what happens if, and when, all that cash comes home? When the “debt promise” is called on home soil?
I’m telling you folks, there simply isn’t enough lamps, knick-knacks and old LPs to go around — the garage sale is only so large... so to keep any stock, guess what a smart garage selling host would do?
A: S/he would raise prices.
There’s blood in the streets it’s up to my ankles...
Got hard assets all you hard asses? Go get you some, or go get you some more.
Cheers! from @thedamus