Joel Bowman
From Buenos Aires, Argentina...
Cricket in the park...beers in the sun...outdoor cafes and pretty girls in summer dresses. We're getting an early jump on the holiday season here at The Daily Reckoning...at least so far as it's conducted south of the equator.
Last year your editor celebrated the occasion with Buddhist friends in the Far East. The year before, with Hindus in Mumbai. And before that, with Muslims in the Middle East. This weekend, we'll have Catholic buddies around for an Argentine asado. We'll drink Malbec and yerba maté and listen to Carlos Gardel belt out some old classics from the rooftop terrace.
That's the wonderful thing about the holiday season. It's a time of year when people of all faiths set aside their differences to worship a common higher purpose: the religion of consumerism. Flocks of all colors and creeds make their annual pilgrimages to consumerism's many temples - sometimes known as "malls" - to prostrate themselves at the discount aisle and to sacrifice the balance of their credit cards. Indeed, people who don't even believe in Jesus Christ or the virgin birth can still be found queuing up for two-for-one tie sales and half- off kitchen appliance clearances. We remember reading somewhere, a highly regarded scientific journal perhaps, that the sound of the collective global credit card swipe around this time of year is audible even in the outer reaches of space.
"But wait a minute," we hear some Fellow Reckoners complain. "Isn't this precisely how we arrived in this mess in the first place? By overspending on junk we didn't need and couldn't afford? Shouldn't we be paying down our debts and practicing some fiscal responsibility?"
Oh bah humbug! Don't be such a Grinch! Nobody likes a stickler for inconvenient facts while the eggnog is still flowing.
Besides, Christmas isn't about spending money we don't have on things we don't need...it's about spending money we don't have on things other people don't need. The net effect might be the same, but at least the soundtrack to financial ruin is a feel-good one.
Christmas is also a time to gather with friends and family and to reflect on the year gone by. Who got married? Who graduated? Which currency narrowly escaped collapse? That sort of thing.
With that in mind, we present the first installment of our 2010 Daily Reckoning "Best Of" Series. Your editors sifted through both the column archives and the reader mail to come up with a selection of essays that, we hope, provide you with some interesting discussion topics for your holiday season family gatherings.
First, let's go back to the beginning...
Way back in January, Bill Bonner penned the following essay, a kind of "ghost of currencies past," if you will. Please enjoy and send your comments to the address below...
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