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All things are subject to the law of cause and effect. This great principle knows no exception. Carl Menger (1840 – 1921) | ''All things are subject to the law of cause and effect. This great principle knows no exception.'' Carl Menger (1840 – 1921) | ||
KarmaIsKing has the following qualifications B.Com(Hons), LL.B(Hons), MA, LL.M. and is currently in hiding from the banking and government zombies, due to his strong advocacy of the heretical Austrian School of economics. He works as a commercial lawyer by day and writes on the machinations of the global financial system by night. | |||
'''Investing on the Ledge Above the Ninth Circle of Hell''' | |||
[http://en.wikipedia.org/wiki/Inferno_(Dante) Dante’s Inferno] is a fun and informative read on losing your soul to Satan, but for some strange reason it’s rarely if ever recommended by economists or financial advisors to their clients. I suspect that’s because they are themselves all members of Satan’s Spawn and don’t what to reveal family secrets, but I leave that for you to decide. | |||
As a panicked coward fatalistically convinced we are well on the road to monetary Hell, I find myself coming back to Dante to obtain insights into the future. If this seems strange, you have not kept track of the pathetic advice given by mainstream economists and financial advisors. | |||
Turning to Dante’s Inferno, I find it an uncanny predictor of our financial future. We’ve had the Lust and Greed of the 1990s. We’ve had the Violence of two major (failed?) wars and numerous acts of terrorism and bloodshed. We’ve had the financial Fraud, on a scale never before seen in modern times. We’ve seen pass by in recent years the Hypocrites (Blair, Bush… every politician in the Western world), the False Prophets (Greenspan? Bernanke?), the Pimps and Seducers (ask Tiger Woods) and the thieves (too many to name, take your pick). | |||
According to Dante’s roadmap to Hell, we’re just about near the Ninth Circle – Betrayal. The Ninth Circle is ringed by massive overbearing giants - which I interpret to mean the blood-sucking, parasitic “Too Big To Fail” behemoth banks. These ugly giants apparently symbolise pride and the other spiritual flaws that lie behind acts of treachery. Dante got that one spot on, I say. | According to Dante’s roadmap to Hell, we’re just about near the Ninth Circle – Betrayal. The Ninth Circle is ringed by massive overbearing giants - which I interpret to mean the blood-sucking, parasitic “Too Big To Fail” behemoth banks. These ugly giants apparently symbolise pride and the other spiritual flaws that lie behind acts of treachery. Dante got that one spot on, I say. | ||
The giants stand on a ledge above the Ninth Circle of Hell and on this ledge the lying traitors are distinguished from the "merely" fraudulent in that their acts involve betraying a special relationship of some kind. There are four layers of traitors, each layer more treacherous than the last. First, there are the mortgage originators. Then there are the investment banks. Then there are the ratings agencies. And finally there is the corrupt government, sycophantically buying up every piece of rotting paper the TBTF banks want to unload onto the sucker taxpayer. | The giants stand on a ledge above the Ninth Circle of Hell and on this ledge the lying traitors are distinguished from the "merely" fraudulent in that their acts involve betraying a special relationship of some kind. There are four layers of traitors, each layer more treacherous than the last. First, there are the mortgage originators. Then there are the investment banks. Then there are the ratings agencies. And finally there is the corrupt government, sycophantically buying up every piece of rotting paper the TBTF banks want to unload onto the sucker taxpayer. | ||
How is this nightmare going to end? [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2787962/IMF-warns-of-fire-and-ice-threat-to-the-world.html Fire or Ice?] | How is this nightmare going to end? [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2787962/IMF-warns-of-fire-and-ice-threat-to-the-world.html Fire or Ice?] | ||
Well, Dante apparently opts for a deflationary depression (Ice) and I think his choice was inspired. I too tend to think we’re more likely to face the chilly winds of a deflationary depression than the roasting Hell of a Weimar inflationary inferno. Antal E. Fekete, another apocalyptic Austrian, similarly [http://www.professorfekete.com/articles/AEFPositionPaper1.pdf opts for Ice], not Fire. | Well, Dante apparently opts for a deflationary depression (Ice) and I think his choice was inspired. I too tend to think we’re more likely to face the chilly winds of a deflationary depression than the roasting Hell of a Weimar inflationary inferno. Antal E. Fekete, another apocalyptic Austrian, similarly [http://www.professorfekete.com/articles/AEFPositionPaper1.pdf opts for Ice], not Fire. | ||
The key point to note is that after the biggest build up of private and public debt in human civilization, the least likely outcome is a return to stable single digit growth. The “bell curve” that the whole of the mainstream economics profession uses to calibrate risk in financial markets has become a farcical fabrication. | The key point to note is that after the biggest build up of private and public debt in human civilization, the least likely outcome is a return to stable single digit growth. The “bell curve” that the whole of the mainstream economics profession uses to calibrate risk in financial markets has become a farcical fabrication. | ||
The unprecedented simultaneous debt binge has caused the bell curve to bifurcate. We are on the ledge above the Ninth Circle of Hell. It will be Fire or Ice. | The unprecedented simultaneous debt binge has caused the bell curve to bifurcate. We are on the ledge above the Ninth Circle of Hell. It will be Fire or Ice. | ||
For Ice, get out of debt and keep your savings in short term treasuries or safe government debt and have around 10% of your savings in physical gold. | For Ice, get out of debt and keep your savings in short term treasuries or safe government debt and have around 10% of your savings in physical gold. | ||
For Fire, buy soft commodities, farmland, gold and guns. Burn your fiat paper trash for warmth or spend it now on the real goods you’ll need in a Financial Armageddon. | For Fire, buy soft commodities, farmland, gold and guns. Burn your fiat paper trash for warmth or spend it now on the real goods you’ll need in a Financial Armageddon. | ||
Take your pick. | Take your pick. | ||
Revision as of 10:24, 18 November 2010
KarmaIsKing All things are subject to the law of cause and effect. This great principle knows no exception. Carl Menger (1840 – 1921)
KarmaIsKing has the following qualifications B.Com(Hons), LL.B(Hons), MA, LL.M. and is currently in hiding from the banking and government zombies, due to his strong advocacy of the heretical Austrian School of economics. He works as a commercial lawyer by day and writes on the machinations of the global financial system by night.
Investing on the Ledge Above the Ninth Circle of Hell Dante’s Inferno is a fun and informative read on losing your soul to Satan, but for some strange reason it’s rarely if ever recommended by economists or financial advisors to their clients. I suspect that’s because they are themselves all members of Satan’s Spawn and don’t what to reveal family secrets, but I leave that for you to decide.
As a panicked coward fatalistically convinced we are well on the road to monetary Hell, I find myself coming back to Dante to obtain insights into the future. If this seems strange, you have not kept track of the pathetic advice given by mainstream economists and financial advisors.
Turning to Dante’s Inferno, I find it an uncanny predictor of our financial future. We’ve had the Lust and Greed of the 1990s. We’ve had the Violence of two major (failed?) wars and numerous acts of terrorism and bloodshed. We’ve had the financial Fraud, on a scale never before seen in modern times. We’ve seen pass by in recent years the Hypocrites (Blair, Bush… every politician in the Western world), the False Prophets (Greenspan? Bernanke?), the Pimps and Seducers (ask Tiger Woods) and the thieves (too many to name, take your pick).
According to Dante’s roadmap to Hell, we’re just about near the Ninth Circle – Betrayal. The Ninth Circle is ringed by massive overbearing giants - which I interpret to mean the blood-sucking, parasitic “Too Big To Fail” behemoth banks. These ugly giants apparently symbolise pride and the other spiritual flaws that lie behind acts of treachery. Dante got that one spot on, I say.
The giants stand on a ledge above the Ninth Circle of Hell and on this ledge the lying traitors are distinguished from the "merely" fraudulent in that their acts involve betraying a special relationship of some kind. There are four layers of traitors, each layer more treacherous than the last. First, there are the mortgage originators. Then there are the investment banks. Then there are the ratings agencies. And finally there is the corrupt government, sycophantically buying up every piece of rotting paper the TBTF banks want to unload onto the sucker taxpayer.
How is this nightmare going to end? Fire or Ice?
Well, Dante apparently opts for a deflationary depression (Ice) and I think his choice was inspired. I too tend to think we’re more likely to face the chilly winds of a deflationary depression than the roasting Hell of a Weimar inflationary inferno. Antal E. Fekete, another apocalyptic Austrian, similarly opts for Ice, not Fire.
The key point to note is that after the biggest build up of private and public debt in human civilization, the least likely outcome is a return to stable single digit growth. The “bell curve” that the whole of the mainstream economics profession uses to calibrate risk in financial markets has become a farcical fabrication.
The unprecedented simultaneous debt binge has caused the bell curve to bifurcate. We are on the ledge above the Ninth Circle of Hell. It will be Fire or Ice.
For Ice, get out of debt and keep your savings in short term treasuries or safe government debt and have around 10% of your savings in physical gold.
For Fire, buy soft commodities, farmland, gold and guns. Burn your fiat paper trash for warmth or spend it now on the real goods you’ll need in a Financial Armageddon.
Take your pick.