If you'll permit me to add an asterisk to the gold commentary.....

Gold is up year to date, year over year, over the past five years, and over the past ten years, over the past twenty years, over the past fifty years, and over the past one hundred years.

Before the creation of the Fed? Well, that's a different story.

But gold is not really an investment in the traditional sense. It's a traditional asset.

Until the world's debt crisis is resolved, gold will appear to rise, because gold extinguishes debt and has no counter-party risk. I'm talking about decades of price discovery as debt continues to self-destruct.

Depending on who's crunching the numbers, the world's debt is near or above one quadrillion USD against a global net worth of between sixty-five and two hundred trillion USD. How many bitcoins is that?

Understand exponential growth and you understand the problem facing the debt-based monetary system.

From the broadest possible macro perspective, the world's primary economic concern is reconciling actual economic output (taking into account resource depletion, resource distribution, demographics, etc) with a hopelessly unpayable global debt.


There's no reason gold and bitcoins need to be mutually exclusive. They can function together quite well, I think.