The G20 and Gold... and how it could really unravel

[vinoveri]

Re: The G20 and Gold... and how it could really unravel

As for lying - again I do not agree that it is universally bad.

Is it better to be truthful and hurtful? Or a liar and considerate?

There is no single simple answer. That's why for me it is vital to understand what my true motivation is - is it because I want something for myself, or because I want to deny something which benefits someone else more?

As for lying being against the interest of everyone - I don't agree.

In reality, lying is only bad if too many people do it.

Human society requires some level of trust to function, but below the level of lying at which said trust is lost - lying is of great benefit for those who do it.

I personally don't like to lie, but simultaneously I see lies all around me: lies of omission, lies of distraction, lies of self-promotion, etc etc.

Being totally honest just makes everyone think you're an a**hole.

On the last point, couldn't agree more.

Perhaps a distinction between withholding the truth from someone who has a right to it (what I mean by lying), and withholding one's opinion or knowlege of facts or even spinning facts to an end when they serve the interests of the others and therefore self (I do not consider this lying), granted this may be subjective, and up to the individual's conscience to judge. A paradox that objective truth/good is realized only in the subject.

Half truths, dissembling, and white lies as distinct from perjury (lying under oath) or fraud (deliberate fooling an other for ones personal gain) - the problem is our self-interest can cause us to rationalize and miscategorize our intended actions to fit into the "harmless white lie" category". This is why objectives rules, e.g., fraud were developed IMO, and these coupled with and intent to "do right" and good will is what contributes to a healthy culture.

[c1ue]

Re: The G20 and Gold... and how it could really unravel

This is why objectives rules, e.g., fraud were developed IMO, and these coupled with and intent to "do right" and good will is what contributes to a healthy culture.

I agree, but merely note that good intent and regulations against crime are not enough.

Ultimately incentives and risk/reward matter just as much.

The reality is that the ridiculous pay packages for executives reward 'bad' behavior just as much as they supposedly compensate 'great' executives.

Similarly banksters do what they do because the punishment - if any - is simply irrelevant compared to the rewards.

In another thread I use the Milken example: go to jail, get fined $200 million, and wind up with $2B and with several more decades of reputation enhancement to go.

In the old days, there was at least fear of Hell - Andrew Carnegie was the biggest SOB you can imagine, but got the fear of God and created endowments which did benefit society.

These days, the same endowments are more tax vehicles - wealth preservation and backstop employment for the kids and grandkids.

[jmaxey]

Re: The G20 and Gold... and how it could really unravel

Dennis Gartman was just on Fast Money just now saying how he didn't want to sound like a gold bug, that he hated gold, but under the circumstances he had no alternative but to buy it...GLD that is! What a putz.