The Great Depression Online

Great Depression Online Archive Issue:

The Nobel Peace Prize is a Farce

Great Depression Online
Long Beach, CA
October 13, 2009

Inside This Issue You Will Discover…

*** Looking Back Just One Year Ago
*** Answers from the Stock Market
*** The Nobel Peace Prize is a Farce
*** And More

Looking Back Just One Year Ago

Last week President Obama won the Nobel Peace Prize and gold set a new record high.  We’re not entirely sure what these two seemingly unrelated events have to do with each other, but we have a hunch, that somehow, someway, they’re connected.

More on that in a moment…but first, a look back at where we’ve been…that we may find indication of where we’re going…

Just one year ago the stock market was in full freefall.  Between Labor Day 2008 and March 9, 2009, the DOW dropped 5,000 points.  What’s more, from its peak in October 2007 to the March 9th low, total stock market losses equaled $11.2 trillion.

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Over the last two years, even with $4.6 trillion in total stock market gains since March 9th, total stock market losses equal $6.6 trillion.  That’s equivalent to nearly half of the United States’ total economy. 

We imagine a good part of that was from the retirement accounts of aging baby boomers.  Alas, for many of them, they’ll be working much longer than their broker said they would. 

Answers from the Stock Market

There’s now growing optimism that a recovery is underway.  And over the next several weeks, as corporate earnings for the July to September quarter are reported, we’ll learn just how true that sentiment is.

Yesterday, ahead of many big company announcements, stocks got off to a big start.  But as the day waned stocks did to, ending with a slight increase for the day.  Gold was slightly down at $73 per barrel and gold remained unchanged at $1,056 per ounce.

But later this week, markets could find some direction.  Will it be to the upside, or the downside?

Here’s what we mean…

This week, bellwether companies like General Electric, Intel, JPMorgan Chase, and Southwest Airlines all report quarterly earnings…starting today with Intel.

Will the real economy live up to investor expectations of increased company revenues?  The direction the stock market moves this week will provide the answer.

The Nobel Peace Prize is a Farce

There was once a time when the dollar and gold was one and the same thing.  Not long ago you could take your dollars, walk into a bank, and walk out with gold.  Over the years gold’s underpinning of the dollar was subtly severed until finally, in 1971, dollars were no longer backed by or redeemable for gold as a monetary unit.

Nowadays, gold acts as a barometer of the health of a nation’s currency.  Gold rises, relative to a currency, when faith in a particular government’s faith based currency is weak.  In other words, gold hitting an all time dollar high indicates that faith in the U.S. Government’s currency is at an all time low.

Similarly, there was once a time when the Nobel Prize was reserved for a noble achievement.  Not long ago the prestigious prize was reserved for the likes of Sir Winston Churchill, Albert Einstein, and Linus Pauling.  But that was before it was awarded to Jimmy Carter, Al Gore, and Barack Obama.

We have nothing against President Obama…other than his politics, principles, and philosophy.  And we don’t disparage him for throwing a baseball like a girl.  Still we perceive a vague insincerity, under the magic of his oratory eloquence, which instructs us that the man is a mountebank.

“That’s pretty amazing, winning the Nobel Peace Prize,” said Jay Leno last Friday night.  “Ironically, his biggest accomplishment as president so far…winning the Nobel Peace Prize.”

Of course, it’s not his fault for winning.  After all he didn’t vote for himself.  Nonetheless, by President Obama winning the Nobel Peace Prize, our faith in the once prestigious award, like the once almighty dollar, is at an all time low. 

The very fact that he did win, just nine months into his presidency, with no notable accomplishments, confirms what we’d long suspected: The Nobel Peace Prize is a farce.

Thus we shall mock it for the haughty arrogance it radiates.  For President Obama winning the Nobel Peace Prize has the intolerable effect of a fat woman in a bikini.  It is that of a grinning police officer.  Yet the Vikings in Oslo believe in its importance…like pickled herring, they lap it up with somber dedication.


M.N. Gordon
Great Depression Online

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