Continued Economic Woes

22 Nov, 2008
 None    Philosophy

Is gold the safe investment?

InvestmentIs Gold the Safe Investment?

One can hardly turn on the news, see a home web page or a news stand without seeing more theories on what’s happening with the world economy. As usual, the “economic experts” have been wrong and now everyone is trying to predict the outcome while almost everyone is too scared to try to affect it.

Many experts recommend protecting one self form economic catastrophe by investing in gold. Gold has been a pretty good hedge for centuries but even the “experts” are never certain how even gold will perform. One such comprehensive article is here:

Rael commented on this extensive article by saying “So, according to this economist, only extra-terrestrials can save the monetary system. He is not so far from the truth - except for the important fact that they will actually help to totally destroy the concept of money. And yes, for a little while, gold may be a safe haven for people having some savings and to help them become less affected by the cataclysmic crumbling of the world financial institutions - which is only beginning, because you cannot print gold overnight.

But in the end, the very concept of "money" made of paper, or gold, or whatever else, will simply disappear because when robots, computers and nanobots produce what we need, there is no more reason to pay for it and make those who own the robots richer. And because if no employees or workers are required to produce things, then nobody gets paid, so nobody has the money to buy it.

Then the only valuable thing will be love and a huge reeducation of humanity will take place in a society providing everything we need for free to all human beings.

Until then, replacing your paper money with gold is a good idea. And when gold will also lose its value, you can still melt it down to create beautiful artworks that you will be able to offer as gifts to people you love.”

Now that’s a take you won’t hear from any terrestrial “experts”. ;-)