Thanks OC for your posts on other thread re Jimmy Carter act, and the govt paying bonds instead of currency for deposits. Worse for who? I don't think it will be worse for the poorest, most severely affected. The catch a rabbit or go very very hungry group. If (govt) money is spent on food, not escapism, the poorest will adapt. Australians should have an abundance of food, shoes and clothing comparatively. Even if hyperinflation reduced the majority to govt dependency. The 1930's was about hunger (and other permanent scars of poverty such as shoes that were too tight yet had to be worn to school deforming children's growing feet to permanently crampt claw toes). This time it will be about loss of lifestyle, privilege, and status. The hardest hit will be those living a purchased fantasy. The spoiled child-adult grownup will discover that lifestyle is not a surrogate family. When money is gone, so will be their social structure 'family' group of cafes/restaurants/etc and servants (waiters). Social butterflies can't cope without wings. The clothing of the 1930's 'social fabric' has largely been removed. For most, the modern version of 'community' is tungsten in comparison. The dross under the heat of the refiner's flame, will still be dross. Reality will be 'discovered' in adversity. The reality of slag from vanity, or the reality of harvesting that which was sown right. A handful of sovereigns may purchase dignity (outward clothing), but not inside character (gold). There is no poverty, like poverty of spirit/character. Remember Job. But he knoweth the way that I take: when he hath tried me, I shall come forth as gold. Job 23:10
Luxury! We used to get up in the morning at ten o'clock at night half an hour before we went to bed, drink a cup of sulphuric acid, work twenty-nine hours a day down mill, and pay mill owner for permission to come to work, and when we got home, our Dad and our mother would kill us and dance about on our graves singing Hallelujah.
fiatphoney. "Worse for who? " Good question. If you can read 'Weevils in the Flour', which is about 400 or so small reminiscences (about a page each) of people remembering the GD, you get the impression that it was the less skilled workers, the less experienced, and the 'last on first off' group. Awards and conditions went out the window, and the boss paid what he could and sacked the bludgers or liars about previous experience. They did it hard and many or most never recovered. School attendance was cut short, and that handicapped the person forever, families broke up and husbands and fathers deserted their families. The swagman worked on a farm for a day or a week just for food and a pile of hay to sleep on. Doctors treated patients and charged no fee, but found a chicken or some eggs on the front porch a few days later. Unions became more militant but had no money coming in. Groups gathered at a house eviction and returned the furniture to the house as soon as the police left. It is claimed that NOBODY actually starved to death, but there is a claim that a dead man was found under a bridge that was just skin and bone. Churches and charities did what they could, which was never enough. One man was asked what was the most stark memory he had of the GD and his reply was of a man walking down the street in a pair of pants made out of a hessian bag. Nevertheless, I STILL feel it will be worse.
I never knew that....Jack Lang never mentioned that in his memoir's IMHO Jack Lang was a nasty, corrupt, egotystical, sociopathic, SOB... another whorthwhile 'dismissal' by the Westminster system.
That's pretty funny Shiney but you're being a bit harsh to old Peter. That said, if Peter is your Dad I now completely understand.
^^^ No not having a go at Peter per se, just that there are two threads within a thread here and the second one, albeit it entertaining and enlightening reminds me a bit of the Monty Python sketch.
Damn! And here i was thinking I'd had an original thought at last. Oh well, I'll just have to stick with posting links to other people's ideas ad nauseum eg Da i lyRe c kon i ng
Ah, GD stories. Our family has a great one. During the GD, Grandpa had to leave his wife and 5 kids to go look for work for months on end. He would send her money in the post whenever he got some, but they still went hungry often. One time, he sent a 5 pound note, and when the family stopped at the beach on the way to the shops, they lost it. Probably one of the babies playing with Mum's purse. Anyway, Grandma was crying back at home, because that was all the money they had for food. Too ashamed to go herself, she asked one of the kids to go to the upper-class couple next door and ask them if they could spare something for dinner. Little Billy proudly returned with a jumbo catering sized can of asparagus, as that was the biggest food item he could see in their pantry. Grandma got upset again, as she didn't know anything about asparagus and didn't know if the kids would eat it. Little Billy to the rescue again. There was a knock at the back door of the restaurant down the road, and when they opened it, Billy offered them the asparagus. They were reportedly thrilled, as they had trouble getting it these days. They gave Billy some money for it, and the family was able to buy food. I know this sounds like a whimsical tale, but if you'd ever met my old Uncle Billy, you'd get it.
DR is just a pathway drug.... they get you 'in' with well written articles...but after the same lightweight stuff for a while you need something with more substance. Not knocking them (much)... but they really aren't meat and potatoes.... more of a quick chinese take-away in a countrytown that leaves you hungry again an hour later.
^ right on Clawhammer. It's where I started I don't read them anymore though, but they were definitely a good start.
I still have the DR and Money Morning subscriptions. It's obvious from early on they are Austrians all the way which I guess is what got me reading them in the first place. The reason I still read, although not as constantly as years gone by, Is because they intelligently relate the Austrian train of thought to current events and investment thinking with things that change on a daily basis. When funds allow I will also reregister to some of their paid subscriptions again too. Well worth it.
