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The old ways shouldn’t be out of style.

March 25, 2013

My grandparents lived through the Great Depression, and my grandmother’s parents went through the Panic of 1893.  She never had money in any bank.  She invested any cash in property, collected all the rents in cash, and paid for everything with cash.  Her mantra was that banks were the instruments of confiscatory governments,  and she wanted no part of them. She never loaned anyone any money (although if someone really needed something, she was quick to go out and buy it for them), and so far as I know, never borrowed any. If she didn’t have cash on hand to pay for something, she just didn’t get it.  She never bought new, if used would do just as well.  Her deposit insurance was a Colt .45.

This is a different world and a different time, but I wonder how much better off we would be if our government had just one iota of her fiscal good sense.  Nearly every modern recession other than those occasioned by a military conflict, has been the result of some sort of government misstep.  Even the last (current?) recession had its roots in a misguided social policy that encouraged lenders to make risky loans.  

Anyone who doesn’t think the stock market is living in a fool’s world dependent on government monetary policy deserves what is inevitably coming. And we voted for people that see the American taxpayer as their own private bank. I wonder what Gramma would think of that. 

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