Gold News Hubb
Advertisement Banner
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Charles Mackay: What the poet, playboy and prophet of bubbles can still teach us

admin by admin
January 27, 2023
in News


Financial Times/Tim Hartford/1-26-2023

graphic image of a book and reading glasses A Good Weekend Read“Is gold a frivolous investment or a necessity of the age? Gold produces no stream of income. It has some industrial and ornamental uses, but it is chiefly valued because people expect that they will be able to find someone to take it off their hands, quite likely at a profit. That is almost a textbook definition of a bubble, but if gold is in a bubble it has been in a bubble for several thousand years.”

USAGOLD note 1: Human frailty and financial bubbles go hand in hand. Even Charles Mackay, who wrote the still widely read Extraordinary Popular Delusions and the Madness of Crowds, was drawn into the British railway stocks mania of the 1830s and 1840s, saying that the bubbles’ critics had “somewhat exaggerated the danger.” Shortly thereafter, railroad shares plummeted from their peak by two-thirds.

USAGOLD note 2: Hartford offers a fascinating look at bubbles past and present and has a somewhat forgiving attitude about the people who get caught up in them. He says Mackay was wrong when he said that you don’t need hindsight to see a bubble, that they are obvious if you keep your head about you. We come down on Mackay’s side.

USAGOLD note 3: As for gold being in a several thousand-year bubble, looking around at what cheap money has wrought, we think it still has a ways to go.

 

Share

This entry was posted in Today’s top gold news and opinion. Bookmark the permalink.



Source link

Previous Post

Power Minerals PNN ASX – Salta Lithium Brine Project

Next Post

A Teaching Opportunity: SchiffGold Friday Gold Wrap Jan. 27, 2023

Next Post

A Teaching Opportunity: SchiffGold Friday Gold Wrap Jan. 27, 2023

Recommended

Peter Schiff: The Fed Won’t Bend This Inflation Curve

6 months ago

Total Household Debt Charts Biggest Rise in 20 Years

4 weeks ago

© 2022 Gold News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Gold Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact

© 2022 Gold News Hubb All rights reserved.