Gold, Spam & Professor Roubini

The great Professor Roubini has recently declared on television that "gold has no intrinsic value" and that "if anyone is concerned about inflation they would be better off buying spam."

I rest my case. When a university professor can make such pronouncements and be given air time to make them, then, we are truly scraping the bottom of the intellectual barrel. Finally Jon Nadler from Kitco has a real professor to add to his coterie of gold bashers.

These men are not "intrinsically" stupid so they either do not understand the nature of money or they are totally oblivious to the carnage that history has inflicted on fiat currencies. Either that or they have become the mercenaries of the "fiatocracy" that endeavours to suck the remaining value out of the world's economic system whilst convincing us plebeians to hand it over in return for debt based paper and the privilege of becoming economic serfs.

NEVERTHELESS WHEN SUCH PRONOUNCEMENTS ARE MADE IT IS TIME TO BUY GOLD.

Professor Roubini may not realise it but spam is synonymous with 'fiat', because spam is nothing more than adulterated ham which contains salt, water, modified potato starch as a binder, and sodium nitrite to help keep its color. Fiat is adulterated money as well because it calls itself money but is not backed by anything more than confidence and promises that historically have always eventually been betrayed and broken. (Read this again)

We are all searching for knowledge and understanding but clearly the good professor has found the Holy Grail and it is a spam sandwich.

Think again Professor Roubini, are you an economist who understands history and the current madness we are traversing or are you allowing the "system" to turn you into a TV star who seeks to entertain with such outlandish statements? Your statement putting spam ahead of gold is at odds with your remaining contribution to understanding the global financial crisis.

So everyone, would you buy spam from 51 year old Professor Roubini or gold from 5000 year old history?

Finally, anyone who bought $1000 worth of spam 10 years ago still has $1000 worth of spam, whereas anyone who bought $1000 dollars of gold can now buy around $4000 of spam.

If spam is your weakness Dr Roubini you better buy some gold very soon.

Sydney Australia