The New York Times Magazine: Beliveing [and Belivling and Beliving] In Bullion
The Daily Reckoning is a freewheeling Web site for libertarians, gold bugs and doom enthusiasts of every stripe. Its editorial director is Addison Wiggin, and before we met, I pictured an “Addison Wiggin” as an ancient gold-hoarding Yankee, and the offices of The Daily Reckoning as a cinder-block bunker patrolled by minutemen. I was wrong on both counts. Wiggin is a sober, black-clad 37-year- old who is active in libertarian circles. The Daily Reckoning, meanwhile, is nestled in the lovely Mt. Vernon section of Baltimore, and its interior could pass for any 1990’s dot-com, with a glass-enclosed conference room, exposed brick walls and a couple of nerdy 20-somethings in sneakers and T-shirts.
The narrative Wiggin spun out for me over lunch is repeated, nearly verbatim, by almost everyone in the gold community. “This is the blow off phase for the Great Dollar Era. We’re in an unsustainable trend right now,” Wiggin told me, ticking off the miscalculations that have brought us to the brink of an economic apocalypse. To begin with, the U.S. has become the world’s biggest debtor, with three outstanding obligations at alarming highs: consumer debt, or our mortgages and credit cards; the federal deficit; and our current account deficit with foreign countries. Federal Reserve Chairman Alan Greenspan, Wiggin continued, has simply shifted one bubble — the ’90s bubble in stocks and bonds — into another, in real estate and “overconsumption,” or the American propensity to pay for an ever more lavish lifestyle on credit.
New York Times Magazine