Over the past several months I have noticed on a number of blogs promote a Quixotic theory — an underlying desire for some kind of economic Armageddon in which:
1) US financial system collapses
2) ???
3) Gold owners become the new kings*
While I am certainly not a fan of the status quo, I just do not see much direct evidence to support the thesis that Apocalypse Now is just around the corner, if ever.
Other theories circulated by self-proclaimed financial contrarians are along the lines of:
1) Conspiring central bankers induce a global hyperinflationary storm
2) ???
3) No more politicians or central planners — everyone uses gold and silver*
Again, not that I am for the status quo — I certainly would love freer markets, freer trade, no war, etc. — but simply wishing for it to happen and nirvana happening does not follow. It is a non sequitur. Furthermore, wishful thinking is also fallacy.
Or in other words, if simply wishing for something X to happen made something X to actually occur, then every ideological goal would be achieved, including the ones that contradict one another! Perhaps this desired apocalypse will take place sooner if it is blogged about more often!
Yet, in the event of another financial purge similar to 2008-2009, it is not like the central bankers and treasury policy makers in 200-some-odd countries are going to wake up the next day and resolve immediately to be “Austrian” or libertarian. In fact, since 2008 central banks and treasuries have arguably become more emboldened and lionized.
Thus, there is academically crafting an ideal market process and then there is reality by which government intervention is the rule not the exception. Those living within a reality distortion field are no better off financially than Y2K preppers, Millerites or doomsayers of yore (for more on apocaholic’s see also this excellent piece from Wired).
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