The One Pleasure I Take in Reading the News These Days
Claire Berlinski, Ed. ·
Aug 4, 2011 at 11:15pm
It's a small, mean pleasure, and I'm not proud of it, but these days we take our pleasures in the little things. It's the pleasure of saying "I told you so."
Gold was rising Thursday morning, benefiting from its safe-haven status as mounting economic worries sent investors fleeing from a broad range of stocks and commodities.
Then, without warning, bullion started behaving like just another risky asset.
I would now like to stop being right about so many things. I'm not seeing happy times ahead for the world. I want to be wrong about that a lot more than I want the pleasure of saying "I told you so."
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Jan '11
Re: The One Pleasure I Take in Reading the News These Days
Sometimes you just have to take your pleasure where and when you find it.
Edited on Aug 4, 2011 at 11:39pmAug '11
Re: The One Pleasure I Take in Reading the News These Days
As the Spanish say, "Mal de muchos, consuelo de tontos." roughly meaning, "cold comfort" - or that if you're suffering, and you look for solace in the fact that other people are going through what you're going through, it's stupid to let it bring you any comfort.
Yet, misery loves company, none the less.
Aug '11
Re: The One Pleasure I Take in Reading the News These Days
I promise I only clicked on "Post Comment" once. How do you delete your own comments on this site, anyways?
Edited on Aug 5, 2011 at 12:21amAug '11
Re: The One Pleasure I Take in Reading the News These Days
Aug '11
Re: The One Pleasure I Take in Reading the News These Days
Aug '11
Re: The One Pleasure I Take in Reading the News These Days
Aug '11
Re: The One Pleasure I Take in Reading the News These Days
Mar '11
Re: The One Pleasure I Take in Reading the News These Days
And it's going to get worse before it gets better.
Way too many people still have their heads in the sand--or in the clouds.
Dec '10
Re: The One Pleasure I Take in Reading the News These Days
midnightgolfer: I promise I only clicked on "Post Comment" once. How do you delete your own comments on this site, anyways? · Aug 5 at 12:12am
Edited on Aug 05 at 12:21 am
That'll happen.
Claire: while I am not afforded as many opportunities to say "I told you so" as you are, I do feel like there is not much pleasure in being a conservative or being right these days.
There is a lot of truth in the saying "ignorance is bliss." Especially when the truth is ugly.
I think the primary challenge to any conservative running for the presidency is to be an optimistic realist. To have a strong grasp of the economic fundamentals, and the ability to convey those truths to the average person. I only hope that it is not too hard to sell the idea that Liberty=Prosperity to a public that is desperately crying out for safety from uncertainty.
Re: The One Pleasure I Take in Reading the News These Days
midnightgolfer, I'm not sure why that showed up so many times. Let me ask our Busy Systems Administrator. Apologies for the nuisance.
Re: The One Pleasure I Take in Reading the News These Days
The thing that worries me most is that many people do grasp how much trouble we're in economically. But I don't think they grasp how much trouble we're in with our foreign policy.
Mar '11
Re: The One Pleasure I Take in Reading the News These Days
Oh, yes, we do - here on Ricochet, anyway :-)
It's too bad Gordon Brown took your advice about 10 years too early and sold off most of the UK's gold reserve at bargain basement prices...
It's obviously too late to buy gold, now, but I think I'd rather have gold than my stock portfolio at the moment :-(
Edited on Aug 5, 2011 at 2:43amMay '10
Re: The One Pleasure I Take in Reading the News These Days
Yes, as a history teacher, I feel like it's 1938.
Re: The One Pleasure I Take in Reading the News These Days
Keith Preston
Yes, as a history teacher, I feel like it's 1938. · Aug 5 at 3:34am
That's one of the many reasons that E.M Forster essay is so moving.
Nov '10
Re: The One Pleasure I Take in Reading the News These Days
Oh, the heady joys of Schadenfreude
To witness avid goldbugs get annoyed, eh?
What catastrophic errors they were making!
(Had they never heard of profit-taking?)
But should you be so quick to them deride?
To wag your knowing finger side to side?
A one-day dip doth not a lesson make:
The climate, not the weather, is at stake!
The wary grasp the fundamental trend
Provoked by governments inclined to spend.
Expecting an inflationary twist
Does not make one a survivalist!
So chide us not for being so overbold
To purchase but an ounce or two of gold!
Sep '10
Re: The One Pleasure I Take in Reading the News These Days
I hate to burst the Schadenfreude bubble, but, given the fact that gold is held by less than 1% of investors, it is not likely to be in a bubble. The price of scarce products and commodities in terms of gold remains remarkably stable over time, especially when compared to prices in fiat currencies. As such, gold serves not as an investment; it is a store of value. A very small portion of that value was redeemed yesterday to cover margins required by losses in other paper claims against real wealth, i.e. equities, which are also subject to inflation - i.e. unlimited creation of paper claims against limited amounts of real wealth. Gold cannot be printed by financial alchemists. If, indeed it has no inherent value, why does the state confiscate it when "official" currency loses its value? Gold has value because it has been, is, and will continue to be sound money. Unsound money is government's way of "paying" its debts - i.e. stealing value from everyone with every exchange - especially savers. There is no perfect defense against economic and social collapse. Better off, I say, with gold than without it.
Re: The One Pleasure I Take in Reading the News These Days
I'll say. Yes, I suppose better off with it than without it, I'll go with that. But I'd rather not seriously be contemplating the prospect of economic and social collapse.
Sep '10
Re: The One Pleasure I Take in Reading the News These Days
Claire Berlinski, Ed.
I'll say. Yes, I suppose better off with it than without it, I'll go with that. But I'd rather not seriously be contemplating the prospect of economic and social collapse. · Aug 5 at 6:28am
First it might be good to consider that gold closed at around 1630 on Aug 1 and more than $20 higher yesterday. I think the rate of increase in the price of gold is a concern and that probably we will see a significant correction at some point. Not having a crystal ball, as you apparently do, I have no way of knowing if yesterday was the beginning of one or not. Unlike you I guess I'll have to wait six weeks or so to find out. Not to seriuosly contemplate a realistic possibility seems short sighted at best. Ben Bernanke and a host of others do not share your view.
Feb '11
Re: The One Pleasure I Take in Reading the News These Days
"The thing that worries me most is that many people do grasp how much trouble we're in economically"....I think most people do grasp that the situation is serious; surveys show that a high % expect a long-term-lower standard of living for themselves, and for their children as well. The understanding of *why* this is happening, though, is mostly not so solid.
Jun '11
Re: The One Pleasure I Take in Reading the News These Days
There is an awful lot of pessimism floating around these days about the culture and the market. From a practical standpoint, you should probably get ready to get long the S&P.
Bull markets climb walls of worry.