Back in late June, I traveled to Dallas to speak at a wonderful event called the Liberty Mastermind Conference and my 20 minute talk has now been uploaded to youtube.This was my first experience speaking in such a setting and I decided to use the opportunity to discuss my journey from a “‘respectable’ guy in a suit on Wall Street, to a guy with a blog in Colorado.” Many of the stories and experiences I go into here are things I have never written about or discussed before, so I am sure this will be a fun watch for longtime readers and new ones alike. Enjoy!
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Two Forces and Three Bears
The pervasive accounting fraud in the attempt to prop up an unsound banking system is even closer to criticality.
A society that produces tradable goods needs sound money which functions as 1) a medium of exchange, 2) a store of value 3) a unit of account for establishing prices.
The combined accounting frauds in Federal Reserve policy, private banking and securities markets, and government fiscal management is destroying all these functions. The more abstracted finance gets from real productive activity, the more fragile the system becomes. We are doing nothing now except adding more complexity and abstraction to it, causing the system to become more detached from reality.
In effect, we’re opting to forego an economy based on goods in favor of one based on empty promises and paper swindles. The potential and probable consequent destruction of nominal wealth would be an event that advanced technocratic society likely will not recover from — in the sense that today’s standard of living could be preserved for billions of people worldwide. That destruction would herald a new dark age, this time without any prospect of recovery via the exploitation of natural resources, which will have been depleted.
http://kunstler.com/clusterfuck-nation/two-forces-and-three-bears/
great speech Mike!
http://www.theguardian.com/world/interactive/2013/nov/01/snowden-nsa-files-surveillance-revelations-decoded