Elwood P. Dowd
Wednesday October 9th, 2013


harvey&friendOnce upon a time…

When money was still worth something.

The times when money was covered by gold. If you had money, you could change it into gold at the bank. The total value of all money in a nation equalled the value of all the gold in said nation. At least, that was the idea.

The total amount of money was limited. Money was rare.

In modern times, we have money glut. Gold fever for governments, gamblers, finance sharks and soldiers of fortune with silvery-grey ties.

Money is not created by producing new things of value, but by opening a credit line. You can pay back later, by taking up new loans.

Debts will create money!?!

We are up to our ears in money. The backing, the thing that guarantees its value, is our trust.

Everybody needs money, but who needs trust? Madoff, Lehmann Brothers and the likes, frauds.

Beware of trust preachers, they only preach for their own advantage.

My friend Harvey says:

My dear Dowd,

In former times, the Deutsche Bank slogan was:

Trust is the beginning of everything.

In particular, trust is the first step of any brainwashing.

As in the people’s wisdom: trust is blind.

If you put blind trust in someone,

You should be more than a little certain.

Or else not trust.

We should be strict about replacing trust by confidence.

What confidence do I have in someone?

What confidence do the Greeks have in their prime minister?

What confidence do the Germans have in their Federal Chancellor?


Dowd, remove trust from your vocabulary,

Replace it by confidence.

Then you will never again fall for Madoff and his type.

Besides, in those golden times,

Which you probably glorify so much because you are so old,

The currencies were always only covered by gold to a small percentage.

The brainwash term camouflaging it was: gold coverage.

It sounded like there was a nugget with the exact value of one hundred cents attached to each dollar bill.

I thank you, Harvey, because you lead us onto the right path.

Trust is the consequence of brainwashing. Confidence is problematic. It is based on information, but we have to trust the information. Otherwise confidence would be impossible. Which gets us right back to brainwashing.

Now all that remains is distrust.

I wonder why I have so many friends???

(Elwood P. Dowd).
(Translated by EG)

1 Kommentar zu “Trust”

  1. Chris Wood (Friday October 11th, 2013)

    Perhaps somebody can help me understand what is happening in the finance world. There is a finance crisis that started with low interest rates that encouraged people to borrow too much, (particularly house mortgages in USA). House, land and share prices increased, making people feel better off.
    It is remarkable how inflation in share prices is universally greeted (e.g. in the media) with joy, although inflation in other prices is seen as very worrying.
    This crisis is being fairly successfully combated, by reducing interest rates still further. I see some reason for this. Instability is the worst danger for the world economy. So even if interest rates are too low, it is a bad mistake to raise them abruptly.
    But how can the world get out of this mess? Perhaps the Republicans, despite various silly ideas, are right to try to stop Obama! His attempts to reduce unemployment and maintain living standards may lead to a terrible crash.
    Of course Obama had to do this to get re-elected, and now he must carry on, so that the Democrats do OK in future elections.

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