Saturday, October 04, 2008
The Grand Old Folk of York - They had Ten Thousand pounds...
There seem to be quite a few people currently shuffling money around from bank to bank in a desperate attempt to avoid having their savings evaporate
Of course, given that the root cause of the problem is the inherent worthlessness of the money itself there really isn't much point
Some of the more shrewd savers are looking to switch their loot into gold - but, thanks to its rigged low price, it's in short supply. On top of that, even if someone did mange to build up a small stock, all those lovely new money laundering laws will have the totally unforeseen consequence of the authorities knowing exactly who to call on if and when things really do get that bad
You might be one of those people who were planning to get into the housing market when prices fell and have been saving what they can in recent years.
And yes, house prices will fall - but unless you can find a house made out of gingerbread and coal, the rising prices of everything except houses will mean that you won't be able to feed or warm yourself inside your lovely new home
Inflation must and will be allowed to destroy the capital of the minority of ordinary people who were fortunate or astute enough to avoid debt slavery
but if you must go through the ritual of switching a worthless accounting entry from one useless fiat bank to another useless fiat bank there really can, and will, be only one...
and if this all gets a bit much to bear may I recommend the excellent 'Recession Blocker' news filter...