Salt, Cotton, and the Maria Theresa Thaler

“Looking at them in the distance, one would take them for a war-party of Comanches on a trail to steal cattle from the settlements. The chief seemed pleased with my acquaintance, for he gave me a handsomely caparisoned mule, expecting no doubt a much larger present in return, as is their custom. I was puzzled to make a suitable return, as they do not value money, salt being their medium of exchange, and now and then the Maria Theresa silver dollar. Doing the best I could to make him a return, I made the mule and its trappings a present to my friend Abbé Duflot.”

-William Loring, A Confederate Soldier in Egypt

Discontinued

The M1 and M2 money supply charts will no longer be updated and “the Fed’s payment system that allows banks to send money back and forth went down for several hours,” on Wednesday

Tulipmania

During Tulipmania, people were imagining all the gold that their tulip receipts were worth. Bitcoin is a receipt for imaginary gold. History repeats.

Roman Citizenship

Acts 25:9-12 “But Festus had a mind to ingratiate himself with the Jews, so he answered Paul thus, Art thou ready to go up to Jerusalem, and meet these charges before me there? Upon which Paul said, I am standing at Caesar’s judgement-seat, where I have a right to be tried. As for the Jews, I have done them no wrong, as thou knowest well enough. If I am guilty, if I have done something which deserves death, I do not ask for reprieve; if their charges are without substance, no one has a right to make them a present of my life. I appeal to Caesar. Then Festus conferred with his council, and answered, Hast thou appealed to Caesar? To Caesar thou shalt go.”

Mint the Coin

“We might as well put the Treasury and the Fed in the same building. It’s a consolidated statement now and they’re working very hard to basically give us what Silicon [Valley] calls modern monetary theory. I call it monetary theory on steroids and speed.” -Ed Yardeni speaking about Janet Yellen’s confirmation hearing to be Treasury Secretary, on CNBC, Jan 19, 2021. Credited with coining the term, “Bond vigilante.”

1775 vs 1791

The Democrats are claiming that Trump supporters tried to overthrow the government on Jan 6th. BLM and Antifa have been rioting for over a year. The British colonies that later comprised the USA had similar insurrections in 1775 and 1791. The response of King George vs the response of President George Washington should be considered.



The Reichstag Is Burning

The riot in the Capitol of the USA on January 6, 2021 has led to Democrats calling for Republicans to be removed from office on the pretext that they were responsible for the attack.

The burning of the German Reichstag building on February 27, 1933 led the the NAZI party to remove Communists from office on the pretext that they were responsible for the attack.

Husbandry

For most societies in history, the natural human hierarchy has been the family with the mother and father over the children, with the father as the leading authority figure (husband). His word (dictate) is law (dictatorship). So it should come as no surprise that most forms of government seek to replace the family with the government by treating adults like children.

Uzbekistani Gold

Uzbekistan seems to realize that “normal” is in the history books, and has begun issuing gold to be used as money in 5, 10, 20, and 50 gram bars.

1000 Tyrants 1 Mile Away

“The dictatorial attitude toward California residents while dining in luxury, traveling, keeping his business open and sending his kids to in-person private schools is very telling about his attitude toward California residents, his feelings about the virus, and it is extremely hypocritical.“

-Riverside County, California Sheriff Chad Bianco, Dec 4, 2020.

Nothing Burger

It is plausible that the Democratic Party committed voter fraud considering that the Democrats accused president Trump of stealing the 2016 election with the aid of Russia and impeached him over it, even though it turned out to be a nothing burger.

King Dollar

The Dollar economy will survive so long as the Dollar is King. If the Dollar goes the way of the Bolivar, then only those with gold and silver will have money just like only those with Dollars have money in Venezuela.

Vote

I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy.-Jerome Powell, Chairman of the Federal Reserve, then member of the Board of Governors, Oct 2012 Federal Open Market Committee Meeting.

Woke

“But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly.” -Ludwig von Mises, Human Action (1949), page 428.