“Simple, compelling language describing cause and effect is both comforting and reassuring. The alternative to this soothing narrative is an unimaginable world of random disconcerting events. This stands in stark contrast to how we prefer to see the world around us: orderly, predictable, subject to expert management and prediction. Sorry, to say, but that isn’t how it works.” – Barry Ritholtz, Bloomberg, 10-11-2018
Dr. Moneywise says: It is precisely because of the ‘random disconcerting events’ of life, economy and markets that shrewd investors are always on the lookout and why they include gold and silver in their portfolio plan. Barry Ritholtz, I might add, is the author of the book, Bailout Nation. We recommend a visit to the article linked for more of Mr. Ritholtz’ deep-thinking.
“Oresme wrote that it is ‘disgraceful and everywhere foreign to the nobility of a prince to prohibit the circulation of good money in his country, and, for the sake of gain, to order and even compel his subjects to use his own which is poorer, as if to say that good is bad and his bad is good.’ He was flexible in case of emergencies, such as during periods of war, or to pay ransoms with ‘bad’ or debased money, or to help liberate a kidnapped king. But the bishop added, ‘If the community should in any way make such an alteration, the money ought to be restored to its proper basis as soon as possible, and the making of gain in that way should cease.’”
Dr. MoneyWise note: This essay cites notables on the subject of money – Aristotle, Thomas Aquinas and Copernicus – to name a few. All had similar views. It talks about what money ought to be – the right and wrong of it – and ends up with a couple words on Bitcoin…caveat emptor. We academics do love our Latin.