Financial Times Attacks Gold – Bottom Must Be In

It appears there is now a new psychological disorder developing in which paranoid and extreme individuals develop a worship of gold. Call it Gold Worship Disorder.

A recent piece in Financial Times by Izabella Kaminska lambasts gold and “goldbugs,” thus showing the mainstream press in Britain’s fear in the face of rising precious metals and commodity prices amid aggressive fiat devaluation by keystone western nations. In short, what the piece tries to get across is that the peasants musn’t seek alternatives to the intravenous drip of fiat. The piece begins:

Goldbugs don’t just believe in the fundamentals of gold. They worship at the altar of gold.

The goldbug view represents a market philosophy, a doctrine and a belief-system.

Whilst the first sentence serves as a low-blow to goldbugs with very little substance, the second line is true. The market philosophy and belief system of those who look to gold to preserve wealth is one that is against the command-and-control economics of fiat currency.

The disinformation and smear campaign by FT continues:

For ‘non-believers’ this can be frustrating. It’s impossible to have a rational discussion on the subject because goldbugs inevitably intervene with ‘ absolute’ views, none of which are open to adjustment. They stick to those absolutes, even if the facts don’t fit support the narrative.

“at all times,” according to the uninspired piece of fiat worship, these “10 Commandments” are followed by the goldbug:

1) Thou shalt not have any other money than gold.

2) Thou shalt not make paper idol money.

3) Thou shalt not call bullion a relic ever.

4) Remember the day Nixon broke the gold standard.

5) Honour thy gold reserves.

6) Thou shalt not suppress the gold price.

7) Thou shalt not borrow gold from another man.

 Thou shalt not steal another man’s gold.

9) Thou shalt not bear false witness against gold or talk down gold.

10) Thou shalt not covet another man’s gold.

While FT Alphaville is sympathetic with some of the points raised by goldbugs, we feel what gets in the way of constructive debate is the goldbug’s utter and complete hatred of the so-called paper money system.

Yeah – why hate a paper money system that has allowed the ballooning of a non-productive paper market to the tune of ten times the size of the GDP of the planet? It’s just sinful, in the face of such corruption and wealth confiscation, to “worship at the altar of gold.”

In short, Gold Bugs Alert! It is now time to mobilize against the Paperbug hack pundits parading the paper tiger of fiat totalitarianism and turn the world gold! Heil Gold!