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Karl Denninger Angered, Bans Everyone
Hothead blogger Karl Denninger of Niceville, Florida, also known as Genesis, went on an angry, profanity laced tirade today, banning every member of his popular The Market Ticker website, and even someone who does not belong to the site.
The outburst was prompted by a contributor to the site who challenged Denninger’s thesis that gold is not an appropriate investment in the current economic environment.
“Yeah, I mean, all I said was that I thought he was wrong about gold, that ya know, it might be good to have some,” said the poster, known as “JSBug”.
“And he went totally off, and banned me from the site, like, forever. It’s not cool.”
But apparently that wasn’t enough to quell the wrath of Mr. Denninger, who then went on to ban every single poster to the forum, before posting a cryptic message on his website.
The message, which has since been removed, read:
“Jesus, when does the idiocy stop? I am sick and tired of people asking the same dumb questions and bringing up the same moronic points. I do not like gold, ok? Got it? Good. It’s a useless hunk of metal and owning it is how you destroy your personal wealth. If you want to talk about useless hunks of metal, go over to the tinfoil hat brigade websites, where they are stockpiling their bunkers for the end of the world. That’s all I have to say on this topic, forever. And to my critics and detractors, **** you, my answer to you is and must be best and most-simply expressed in the following image:
Later, Denninger was spotted at a local supermarket, where he was overheard “banning” a checkout clerk.
The clerk, Sven Lundegaard, 36, claims he has never heard of The Market Ticker and doesn’t know Denninger.
“I was scanning his items, and I asked him if he had a club card, and he freaked out and said I was banned. And I’m like, banned? Banned from what? The supermarket? But he didn’t answer and left the store quickly.”
No word yet on whether Denninger has banned any other non-members of his website. Calls and emails to his office have so far been unanswered.
Comments
"Don't count on metals. I know, I know, we're going to hyperinflate and gold is going to the moon. I have one question: Can you eat it, drink it, run your car on it, sleep under it, or screw it? No? That's a problem. A "sudden stop" is not a hyperinflationary event - it has good odds of being quite the opposite. God help you if you put your eggs in that basket and are wrong."
Someone brought this up on another blog and this is what I said in response:
"Denninger is a known Gold hater and fiat money fractional reserve banking lover. Not sure why though - I guess probably the result of not knowing human history - AT ALL. I like his commentary but his biggest weakness is that he usually ends up mistaking the effects for the causes of the present crisis. I would like to ask Mr. Denninger whether he can do these things ("eat it, drink it, run your car on it, sleep under it, or screw it") with FRN's? No? Why the f**k then does he hoard them? I 'll tell you why - because they are MONEY. People like him don't realize that Gold is money too - the best form of it - as decided over thousands of years of human evolution. As long as there is division of labor in society, we'll need money, and as long as we'll need money, we'll need Gold. Simple as that. Of course if you think that there won't be division of labor in society and we won't be needing money in the future, you might as well burn your FRN's.
And Mr. Denninger also forgets what would happen during that "sudden stop" (not that I think it is going to, but is an even better scenario in which to hold Gold) if the entity issuing what you think is money but are really worthless paper tickets - the Fed - goes kaput? Your stash of FRN's then is worth a big fat ZERO - OK maybe not zero - Mr. Denninger can still wipe his ass with it. Money is, was and always will be A COMMODITY. Just because a corrupt government decrees otherwise doesn't make it so. What happens when the entity - the government - enforcing legal tender laws goes kaput? The fiat illusion EVAPORATES.
No fiat currency regime has survived throughout history and this one won't either. Gold bugs have thousands of years of history supporting their argument. What do you have Mr. Denninger?"
Short of a complete and total collapse, the USGov will continue to mandate that FRNs be the only legal tender in the USA.