6/04/2005

Keep your eye on the Euro. "Talk" about countries bringing back their own currencies may seem like nonsense to most of you until you consider the word "faith." All currencies exist because the people using it have faith that the paper and ersatz coinage made from chep metals are worth something. When Nixon pulled the U.S. off the gold standard he released a reliance on faith to maintain currencies. It's natural for people in countries who see their economies sinking erratically like a fishing lure into deep water to blame something. They blame the Euro and not their leaders who have done nothing over the past few years to fix economies. It's the currencies fault, a currency that was jammed down their throats without a vote. Any time the courts or bureaucracies decree laws instead of allowing voters to do it, you have big problems---just check in this country about abortion jammed down our throats by the courts. Sure, it's easy for jerks like me to stand on the sidelines and lash out at the extravagant vacations, doles, and various subsidies being handed out all over the continent, but the people who voted for that stuff are not going to blame themselves. Look for gold prices to explode over the weekend. If this movement takes on momentum it could affect all of us. A collapse of the Euro Currency is not in anyone's interest.