Quote For The Day - 7/18/2020

"Conclusion: the pound is unlikely to survive a dollar collapse, which for any serious student of money, is becoming a certainty."

Alasdair Macleod

Source - https://www.goldmoney.com/research/goldmoney-insights/the-pound-s-future-in-a-dollar-collapse

Granted, people have been predicting the US dollar's demise for quite some time. But considering today's big picture, that possibility seems stronger than ever:

The COVID-19 virus itself didn’t run the United States into a ditch but it exposed the weakness and rot in the nation’s drive-train, and now all of us passengers on that disabled bus must decide whether to stay helplessly inside the smoldering wreckage arguing over who’s to blame, or begin a long, uncertain march down the road on our own two feet to a place of new arrangements.

In 1918, the country was lashed by a far deadlier pandemic disease at the same time it was fighting a world war, and daily life barely missed a step. The economy then was emphatically one of production, not the mere consumption of things made elsewhere in the world (exchanged for US IOUs), nor of tanning parlors, nail salons, streaming services, and Pilates studios. The economy was a mix of large, medium, and small enterprises, not just floundering giants, especially in the retail commerce of goods. We lived distributed in towns, cities not-yet-overgrown, and a distinctly rural landscape devoted to rural activities — not the vast demolition derby of entropic suburbia that has no future as a human habitat. Banking was only five percent of the economy, not the bloated matrix of rackets now swollen to more than forty percent of so-called GDP. Government at the federal and state levels was miniscule compared to the suffocating, parasitic leviathan it is now.

You can read the rest @
https://kunstler.com/clusterfuck-nation/a-bigger-picture/