fiscal insanity

Gambling at the Currency Table
Hal Pepinsky, pepinsky@indiana.edu, pepinsky.blogspot.com
November 13, 2010
I’m listening to the BBC on currency contention. Gold now sells for $1400 an ounce. Will it rise to $2000. The IMF says gold is an undependable hedge against currency inflation. So…what currency to invest in? The US fed has bet $600 billion against the dollar. As a result, US banks will lend abroad rather than at home. Democracynow.org was the first to point this elemental economic logic out. Now the BBC notices. Maybe even NPR will catch on.
I’m a devout Muslim when it comes to the immorality of speculating on making money out of having money. It is obscene that we in the US hear daily quotes from stock markets, which President George W. Bush wanted us seniors to bet on in lieu of contributing to our social security pensions. Our fixation on how to make money out of realigning global exports and imports is equally obscene. And so I strive to live locally, familially, independently as I can from global fiscal insanity. Love and peace--hal