The Phaserl


What a Default Would Do to Fiat Currency

The Death of the Dollar

by Joseph Carducci, Outsider Club:

The other day, I had the chance to spend some time with one of my favorite people in the whole world: my youngest nephew. Now, you should you that I am the oldest child of 8, and there is a 20 year age difference between myself and my youngest sibling. Anyway, Vincent is about 10 years old now and sharp as a whip. He has been studying a little bit about money in school and is very interested in the possible government default.

What I found interesting about our conversation was the fact that even a 10-year-old can understand the basics of economics that sometimes even the wisest of us seem to forget. For example, Vincent knows that if you spend more money than you bring in, there is usually a problem.

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3 comments to What a Default Would Do to Fiat Currency

  • Frank Zak

    Did you know if they stopped mining platinum today,
    that in 1000 days, all the above ground platinum
    would be totally used up by industry ?

    For palladium, the number is 1100 days.

    Not even any coins and jewelry would be left.

    It would be ALL gone. Everything.

    Look at the buy sell spread at CNI Los Angeles for
    Canadian platinum maple leafs.

    Platinum will run 500,000 oz negative supply this year
    and palladium 1,000,000 oz negative supply this year.
    These will run negative for at least the next 10 years.

  • Frank Zak

    In reality, only 345 days of platinum and palladium
    are available. The rest is in the hands of people whom will
    never sell it and firm ETF’s.

    Do you know all platinum and palladium mines now do
    not make their costs of production back ?

    In real accounting terms, they are all loosing money and
    mining costs are going up 10% a year.

  • Hoser

    Who here likes FIAT Currency? (crickets, crickets)

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