“Dollar Deemed a Lesser Evil,” proclaims the Wall Street Journal, once again oblivious to the gold and silver alternative. “Heads: The dollar wins. Tails: Other currencies lose.”
For once I’d like to see the coin land on its edge, as it did in an old episode of The Twilight Zone in which it gave a man the ability to read the minds of others. I’d give anything to paw through the cobwebs in a few of those dusty attics to see for myself if there truly is no thought of gold and silver.
“The dollar’s attractiveness is mostly a reflection of weakness elsewhere rather than of U.S. strength,” the Journal concedes. How can one see all of the major global currencies in a tailspin and not even entertain the possibility of there being a fly in the ointment of fiat money?
From the moment the Fed was created nearly a century ago Austrians have been warning us of the endgame, and now we see it unfolding exactly as they predicted. Lately the school has become much more vocal and is drawing highly respected converts. The message is out there, and the long-term outlook for the global economy begs for it to be heard.
Ay, there’s the rub. Nobody cares to look beyond the end of their noses. We want what we want and we want it now. Surely our children will be happy to pick up the tab.
Or perhaps it’s our all-or-nothing mindset, of which many Austrians are equally guilty. They see the other side of the canyon and like Evel Knievel, they keep trying to get there in one grand leap. But the reality is that to reach the other side we must take the tortuous path down the side, find a way to cross the river, then work our way painstakingly up the other side.
We are very near the edge of the cliff. Either we choose to begin the descent or we will fall from the edge. If we fall, it will take generations to heal our wounds sufficiently to climb out. Even then we may well see the raging torrent and climb right back up to where we fell. That story has been replayed countless times.
We are not lemmings, however. We need not follow our leaders as the plummet over the brink. We can stuff our pockets with gold and silver coins and begin the journey without them.