Just read about the diamond marketing campaign by De Beers
in the 1880-1940 and now. Cool, right. I begin to see a bigger picture come
into view. Well it made me think about AU in regards to national mining
priorities. I have been following an Economist story that chronologs the
political discourse all the way up to the prime minster seat about mining
regulations. Austrailia is flooding the market with diamonds to
normalize the price of the stone where previously the De Beers cartel inflated
the value of a semi-precious stone and controlled the supply as well as demand
for the commodity. A calculated move by Austrailia to end the diamond cartel
and ask people to put that money to different uses. Diamonds are a perfect
example of Veblen’s conspicous consumption argument. Example: De Beers used
$400,000 for television advertisements during the British royal wedding in
July. (Source (http://efficientminds.wordpress.com/2014/10/21/have-you-ever-tried-to-sell-a-diamond-edward-jay-epstein-the-atlantic/) Australia wants to fight this
oppulance and the invideious comparison it facilitates after the leaders of nearly
every country voted unanimously for austarity in the wake of the American
financial crisis of 2008, yet will do largely nothing to protect the people
from this sophisticated snake oil demonstration.
Bob Dylan said it best in “Rolling Stone” when he said that “you
better take that diamond ring, you better pawn it, Babe.” If you are strapped
for cash in this economy, like so many can be at a moment’s notice, sell high
on diamonds. America, in all her majesty, is sitting on reserves people don’t
even think about because we are caught up in the short-term planning horizon
and experience asymetrical information sharing with the government leaders of
the world.
Also, Colorado is high on tax revenue this year…
Also, Colorado is high on tax revenue this year…
