A timely wish: Gold bless us, every one

As probably everyone who follows this column realizes, I spend most of my life looking at the world through the wrong end of the telescope. On the other hand, with apologies to Dr. Seuss: "Oh, the things you will see." During the recent noise masquerading as the selection process for the presidential candidate of the Republican Party, I have listened carefully, in vain, for something that seems simple and self-evident to me.

First, and as a premise, I assume that no "money" has disappeared in the past half dozen years.

It's all out there somewhere, and in most cases, I am guessing that it is hiding safely under the mattress.

Mind you, there was also a great deal of "fake money," a/k/a debt, lying around for a while and that make-believe money actually did disappear.

(Skilled magicians, known as "bankers" are quite capable of making money seem to appear and disappear at will, simply by lending money they don't have to people.

After all, if I lend you $5, and I don't have five cents, then I haven't lent you anything.

If you exchange that loan for something tangible, then you are ahead.

If your seller then demands that I pay and I say "sorry, I have no money," he is out of a product, and you have bought something for nothing.

Properly regulated bankers don't get to do that sort of thing, of course; but when directed to do so by the government, then "Voilà! Free Money." I believe that is a fair analysis of the recent national monetary experience - here and in Greece.

Second, in recent conversations and presentations, it has come clear that the primary problem encountered by First World industries in general and the domestic mining industry, in particular, is regulatory delays. In the US today, individual permits are taking something on the order of two years for approval, far longer than anywhere else in the world; and, according to what I have learned, such delays are the primary factor in deterring new investment in exploration and mine development.

Finally, it seems clear that investment is risk adverse - or stating it otherwise, the cost of capital is equal to the capital lent divided by the perceived risk. Accordingly, money under the mattress is more likely to emerge when risk is low than when it is high.

The simple point that follows, is if someone wants to be elected president of the United States, he or she should make a simple commitment to reduce the uncertainty associated with government oversight of the regulatory process, if only temporarily, in order to stabilize the risk for "real money" to venture into the capital marketplace again.

Notice that I am not calling for any regulations to be repealed, nor am I suggesting that any regulators do less that their appointed duty. I simply say this: He or she who wishes to be elected president in 2012 should pledge now that there will be a moratorium on new regulations for two years, including regulations still in the pipeline. This could be accomplished by executive order, and could be retrospective for 12 months, to preclude any midnight finagling.

According to a recent article in the Wall Street Journal, "[t]he evidence is overwhelming that the Obama regulatory surge is one reason the current economic recovery has been so lackluster by historical standards. Rather than nurture an economy trying to rebuild confidence after a financial heart attack, the administration pushed through its now-famous blitz of liberal policies on health care, financial services, energy, housing, education and student loans, telecom, labor relations, transportation and probably some other industries