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Message:: [QUOTE="V. Kurt Bellman, post: 2292181, member: 71723"]This is going to shock people, but I agree with about 90% of the Stockman piece. Two main quarrels. 1) He underestimates the world's appetite for more QE. I see far more tolerance, especially since the world clearly sees the alternative - massive increases in taxes for those who profit from a market collapse. I also see why for Stockman, he can't see that. He sees low marginal tax rates as a divine right of the well off. See the federal tax code during the Eisenhower administration. Top marginal tax rate? 90%, folks. 28-33-38-28 (status quo) is not etched in stone. Taxes can and WILL go up. 2) This one is the metals hawks' problem, and not Stockman's. What Stockman is describing is a deflationary out of control spiral. That will take silver AND gold down, waaaay down. How low COULD it go? Face value for each. A $20 St. Gardens CAN go to $20. Will it? Probably not. But that's the floor. Deflation makes money worth MORE - dollars. This is not the 1930's. Gold and silver are mere commodities, not money any more. Money is what the guys with the biggest guns and badges say it is, and nothing else is or ever will be again. Wampum anyone?[/QUOTE]