Under Obama We Will All Be Millionaires

In previous articles I suggested to my readers, for insurance, to put a small portion of their assets into physical precious metals such as silver and gold but not to invest in gold stocks or gold mines.

Some readers may wonder why I write for insurance. Insurance against what? My answer: insurance against socialism and economic mismanagement. I have had experience with worthless money - in my article Government Run Food Care I reported that in 1968 Poland my brother and I were able to sell American dollars for 20 times the official exchange rate - that's how worthless Polish citizens viewed their own currency.

That same year we could have traded play money for another country's legal tender. Let me explain: We were in Czechoslovakia that same summer when the Soviets invaded. [I have some nice 35 mm slides of Russian tanks crossing the bridges into Prague] We came to Cesky Tesin, a small town near the Polish-Czech border, on a road rarely used by tourists to go into Poland.

When it came time to pay for the meal at a local restaurant we only had American Express Traveler's Checks®. We showed a $20 Travel note to the hostess who had never seen one before. We convinced her that it was just like American money. She took it and gave us change in Czech money.

Later, I thought about the matter, and concluded that had I shown her Monopoly® money with $20 printed on it, she would have accepted it also, not having a clue as to what is legitimate money in America. She placed so little value on Czech money, so worthless to her, that even if she got fake American paper in exchange, she would have been ahead of the deal.