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Buying Gold Coins Won’t Turn The Mule

Buying gold coins will help ease the pain as we trod single file behind our leaders, shouldering an ever growing load as we go.

“Doc,” says the central banker, “it hurts when I print money.”

“Then print more money,” says the doctor.

The doctor just can’t get his lines straight. The script says, “Then don’t print money – strike gold coins.” If all the world is a stage, it’s time to get new actors. But that’s one tough union to break, and it doesn’t issue cards to just anybody. You have to have studied in the right school.

That school fails to teach the most fundamental lesson of economics. “Do not the idler and spendthrift know, even in the midst of their glorious fling,” queried Henry Hazlitt, “that they are heading for a future of debt and poverty?”

“There are men regarded today as brilliant economists,” Hazlitt said, “who deprecate saving and recommend squandering on a national scale as the way of economic salvation … Today is already the tomorrow which the bad economist yesterday urged us to ignore.”

Hazlitt penned “Economics In One Lesson” in 1946. For 32 years the book went unrevised because it “was written to emphasize general principals, and the penalties for ignoring them.” By 1978, however, “the kind of government interventions [Hazlitt] deplored had become so internationalized” that he found it necessary to bring the work up to date.

Reading either the original or revised edition today one comes to the inescapable conclusion that Hazlitt’s one lesson is indeed timeless. Only the illustrations have changed. Hazlitt didn’t intend to disparage “any specific piece of legislation” with his examples, but rather to use them to drive the lesson home.

“Perhaps the shortest and surest way to an understanding of economics,” Hazlitt wrote, “is through a dissection of such errors, and particularly of the central error from which they stem.”

Those who drive the global economy never got the lesson so they continue plodding onward, their blinders preventing them from seeing anything but the well trodden path ahead; a path that leads only to “debt and poverty.”

Buying gold coins won’t turn the mule, but it lessens the burden we are left to carry.

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