When Confidence Wanes …

As we have mentioned in a previous missive, a friend of ours from Hong Kong has coined the saying about the 'last parachute' when asked what the price of gold should be. There could one day be a situation when the question how much gold should be worth will be akin to asking what price the last parachute on a plane that is going down in flames should command.

 

 

Same friend has sent us two pictures from China, one that was taken on June 11 in front of a gold store in Jinan City, and one that was taken by Henri Cartier-Bresson in Shanghai in 1948, shortly before the arrival of Mao's troops. Cartier-Bresson's picture shows a run on a bank, where people desperately tried to convert Chiang Kai-Shek's nationalist currency into gold. The currency was convertible, but everybody knew it would not remain so if Mao took over. He surely would not release any gold he had gained by conquest. As it turned out, people were quite right about that.

 

 

 

 


 

gold store




Jinan City, June 11. Early parachute buyers – as can be seen, civilized behavior is still the order of the day. A very large, but at this stage still very polite queue.

 


 

last parachute-2


Shanghai 1948 – a far more undignified scramble for the last parachutes. This is no longer a polite queue.

(Photo: Wikimedia Commons)

 


 

 

 

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Dear Readers!

You may have noticed that our so-called “semiannual” funding drive, which started sometime in the summer if memory serves, has seamlessly segued into the winter. In fact, the year is almost over! We assure you this is not merely evidence of our chutzpa; rather, it is indicative of the fact that ad income still needs to be supplemented in order to support upkeep of the site. Naturally, the traditional benefits that can be spontaneously triggered by donations to this site remain operative regardless of the season - ranging from a boost to general well-being/happiness (inter alia featuring improved sleep & appetite), children including you in their songs, up to the likely allotment of privileges in the afterlife, etc., etc., but the Christmas season is probably an especially propitious time to cross our palms with silver. A special thank you to all readers who have already chipped in, your generosity is greatly appreciated. Regardless of that, we are honored by everybody's readership and hope we have managed to add a little value to your life.

   

Bitcoin address: 12vB2LeWQNjWh59tyfWw23ySqJ9kTfJifA

   
 

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