Diamonds are Forever 007

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…