Asteroid Worth So Much Money… that it will sink the economy?
By Joe Jarvis - December 06, 2017

Don’t you hate when so much extra wealth is added to society, that the economy tanks?

Wait, what?

Yes, that is what The Daily Star says would happen if an asteroid made up of nickel and iron was harvested and brought back to Earth. They claim the asteroid’s materials are worth $10,000 quadrillion.

This would be enough to cause the world’s economy – worth $73.7 trillion – to collapse altogether.

They don’t bother to explain why these extra resources would sink the economy.

But let me try to interpret their economic illiteracy.

They could be under the impression that money and resources are the same thing. If that amount of fiat dollars were added to the economy, it would certainly cause the economy to crumble. Hyperinflation would be so severe that money would be worthless. Metrics of wealth would be wiped out. The economy would have to start fresh, depending on actual resources, as opposed to financial accounting tricks.

Previous work you did, represented by saved dollars, would be eliminated. It would be like current Venezuela, except much worse. To account for the influx of purchasing power, without any corresponding increase in the supply of goods to be purchased, prices would have to rise dramatically. But before prices had a chance to settle, the global supply of goods would be wiped clean, purchased by rapidly inflating dollars. Either that or people would realize that having the material resource is more valuable than having the worthless money. Either way, you wouldn’t be able to buy necessities.

But people don’t use iron, or really even nickel as currencies. They use them as materials in manufacturing.

If the asteroid were made up of gold, The Daily Star’s prediction of economic turmoil might be slightly more accurate. That is because gold is historically accepted as a currency and a store of value. Flooding the gold market would have a similar effect as flooding the market with cash. Gold stores would become worthless, and the value stored in gold would be lost.

But even then, gold has a material value, even if most of that value is based on scarcity. If the asteroid were made up of gold, it would upset the economy by removing the scarcity value from gold. But whatever the actual value of gold as a material for creating goods would be added to the economy.

It would just be very bad for anyone who currently stores value (such as the reward for previous labor, services, or goods) in gold, because the value of their savings would be extremely diluted. That is because the current value of gold is based more on scarcity than the actual usefulness of the metal.

But people don’t tend to store their value in iron and nickel. Surely iron and nickel mines and suppliers would be cast into turmoil. But that would hardly have the devastating effect on the economy that The Daily Star predicts.

There would actually be more useful materials for manufacturing. The cost of products that use nickel or iron would be drastically reduced. You would basically be paying only for the labor of processing the materials into a usable form–the materials themselves would be so abundant that their cost would be negligible.

But how exactly would this sink the world economy? By making useful products cheaper? By decreasing the cost of raw manufacturing materials?

Any decrease in jobs in the iron and nickel supply sector would likely be made by an increase of jobs in the nickel and iron manufacturing industry. Cheaper iron and nickel products would increase demand for those products, and new applications for the cheap metals would abound.

Adding material resource wealth to the economy is not a bad thing. Often, the main cost of goods comes from the manufacturing process anyway, not the raw materials. People would still be employed processing the materials into usable products.

I know The Daily Star is really just tabloid trash. But still, people see something on a media outlet and believe it.

The media is just helping to dumb down the masses. No one is supposed to do any critical thinking for themselves. You are just supposed to repeat what you hear on the news.

“No, man, I heard that adding all those resources to our planet would totally, like, sink our economy. We gotta keep the resource scarcity going, for the sake of humanity, bruh.”

Of course, this is all probably a joke by the elites. The asteroid is named Psyche. It’s all in our minds.

They are just trying to psych us out. Nice try media.

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  • ArmyAviator

    There is no way that we have the technological ability, to “park” this big asteroid of nickel and iron, so that we can mine it at will. The notion is silly. But…it sure would be nice to have such resources handy and available. But, not in our lifetimes.

    • MrMAGAGoo

      Doesn’t keep the “beyond the sky is the limit” scientist from receiving grant money to get China to build space mining equipment I bet.

      I’ve always question the claims of the guy who has the only telescope.

      • G Nottage

        We’ve already had lots of dollar asteroids since 1913, but I imagine there are plenty more where they came from, so we won’t have to wait long for the next one.

  • I describe the US asteroid hoax at . How anyone can believe what plenty Americans suggest is beyond me.

  • Leopardpm

    and for the same reasons that such a big influx of resources would benefit our economy, the same is true for immigration, off-shoring, and automation effecting things… these are beneficial, not detrimental…

    • Alan777

      Not for immigrants who destroy the cultures they are imported into.

      • Col. Edward H. R. Green

        Your concern about immigrants “destroying” the cultures, including your own, is grossly overblown and irrational.

        Have immigrants barged into your home and physically forced you and your family to refrain from practicing your own cultural traditions, language, religious beliefs, etc. and forced you to adopt and practice theirs instead ?

        No, I didn’t think so.

        You have the right to be free to practice and preserve your culture in your own life, and on your own private property, as do those others who share your culture.

        No one can take your culture away from you except you by your choice to renounce it. You also have the right to be free to adopt some or all aspects of a different culture, or no culture at all. Immigrants, being human beings who possess the same legitimate individual rights as you and all other human beings possess, are free to do likewise.

        If laws are enacted in the US to force people to adopt the culture of others, which laws would be a gross violation of people’s legitimate individual rights to their self-ownership, self-governance, personal liberty, peacefully acquired private property, and freedom of thought, speech, religion, and conscience, people who take their legitimate rights seriously (like you, I presume) would rightly defy these laws and resist any attempts by government’s armed employees to enforce them, including the rightful use of deadly self-defensive force against those enforcers.

        • Alan777

          I guess you don’t get out much or follow the news in Europe or the USA. Maybe you only get the main stream media fake news. Look at what’s happening in the England, Sweden, and Germany in the muslim “no go” zones as the establishments cover up and condone muslim crimes while criminalizing dissent from the victims.

          • Don Duncan

            What’s the bigger problem, “establishments” (states) that “cover up and condone crimes” or the criminals? Without protection by the state, are we doomed? Statists claim so. I say the opposite it true. The state is a decease pretending to be the cure for everything. If I’m correct, the two types of criminals, sanctioned and unsanctioned, will both be rejected by the majority, as the chaos they create grows. That is a good thing.

          • Alan777

            In my view it’s the cover up to promote a political agenda whether knowingly or gullibly. The “globalist” one world government agenda appears to be to cause havoc in nations and thus create a need for a powerful overreaching world government. Soros recently donated $18 billion for leftist organizations promoting violence and the overthrow of cultural institutions.

            Immigrants are mostly just people wanting a better life. Of course, for the religion of peace many of those young immigrants are told by their clerics to emigrate so they can rape, pillage, and eventually outnumber and conquer the infidels.

        • Professor Plum

          Good satire

        • Number 6

          What if a group of people hated you and your family and friends and fellow countrymen for no good reason, lets suppose they also hated another group of people who just so happened to be sitting on a pile of natural resources, Lets then suppose they infiltrated your banking system your media and your government, and slowly put up taxes to bribe this other group of people to come to your country and slowly built up numbers over time to the point where they might even outnumber you. And they used the left wing media they owned to promote this mass immigration and stigmatise anyone who opposed it using trigger words like Racist and Nationalist.

          And lets suppose they slowly put up taxes to pay for this mass immigration, free housing healthcare benefits ect ect for these poor immigrants. Whilst simultaneously vilifying you your family friends and countrymen, so these immigrants resented you and blamed you for everything and demanded you pay them even more money to make amens for your racism and “White privilege”. Whilst simultaneously using their right wing media to vilify the immigrants and divert all attention away from the real culprits who were behind it all in the first place.
          Causing a massive amount of tension between the two groups in your country and leaving everyone much poorer.

          And now with all the young gone from the immigrants original country, the door would be wide open for the group who hated you both to go in a steal the lot. I don’t think the outcome would be what you call Liberal would it for either party. No it would be a f***ing disaster. for everyone but the people who engineered it all, they would be laughing at the destruction of the two cultures they despised all the way to the Bank !

        • Sun Wu Kong

          Culture drives everything. There has only been one culture we know of that has been able to harness enough civic stability to support widespread ease on the scale we are seeing in the western world.

          Do you know the probability of a fat person losing weight and maintaining that weight loss? It’s about 2%, no matter what the method of intervention. That’s not to say that an individual cannot succeed at weight loss, but as a population–and from an administrative standpoint–the effort is a waste of resources. This is because individuals are mostly cultural constructs. Same goes for intelligence. It’s a social construct. Researchers still refuse to admit that anything can affect fluid intelligence. Not because an individual cannot change their fluid intelligence, but because population wide, it is a statistical impossibility. Again culture.

          If I were an administrator, I’d be very, very careful how I meddled the culture of the society that guarantees my ease.

          The underdeveloped status of third world countries has nothing to do with genetics or potential, or even structural violence.

          It has everything to do with culture.

      • john cummins

        Garbage, immigrants are pure gain, people are an asset.

        • Number 6

          If mass immigration is such a gain, then why don’t you practice what you preach and try a scaled down version and invite some to come and live in your house ? Im sure your family will respect and adjust to their customs, some of your family customs may offend so you’ll have to sacrifice some of them, also you may not have the room so sharing rooms or sacrificing your garden to build an extension to accommodate these assets of yours will eventually be necessary, but cramming everyone into a small space is always good, and never causes tension does it ?

          You’ll also have to take a pay cut because demand for workers will be reduced, so competition for jobs will increase. As opposed to competition for workers which conversely pushes up wages, but declining quality of life is a good thing right ? Also Taxes will have to go up as we need to encourage these immigrants to come here, they will need free housing and heath care and financial benefits if they cant find a job, or even if they do find a job to supplement their low wages, or just to be bribed to vote a certain way.

          Oh yes Mass Immigration is Always a good thing, just take a look at Ireland and the Catholics and the Protestants or the Tibetans and the Chinese or the native Americans and the African slaves, they all continue to benefit even to this very day ! No misery tension or poverty at all. Imposing mass immigration on a local population is Illiberal and Immoral, and history shows us time and time again it amounts to little more than genocide.

          • aj54

            John Adams said the only immigrants we should take should those who would be a benefit to society, and grunt labor is not value adding.

          • Number 6

            Like you Im not against immigration, but the low skilled workers, are clearly paid to be here with our money ie free benefits and housing. and they only benefit the big corporations who want cheap labour, and the banking elite who hate White people they hate Back people and they hate middle eastern people and are trowing us together to destroy our respective societies and cultures so they can rule over whats left. It needs to be stopped and the only way of doing that is getting rid of the banks and government. There would be no mass immigration, if government wasn’t stealing our money to pay for it, and it doesn’t matter who you vote for the banks will co-opt them and do exactly the same thing regardless of what they say to our faces

  • johnmack

    Even if we snagged a 70 trillion dollar asteroid it wouldnt crash the value of minerals on earth. Because it costs time and money to mine and recover portions of the asteroid. Gold and platinum are only valued based on what is delivered for processing, with the other trillions of these minerals in the ground.
    Also to, alot of these minerals will never see earths surface and will be mined and used only in space for building spaceships/modules etc.

  • NobodysaysBOO

    Who exactly would want people to believe this BS?
    WHO EXACTLY would PAY somebody to WRITE the garbage propaganda for them?
    the exact same people who KILLED our US space programs 30 YEARS AGO?
    OF COURSE the .01% want YOU POOR and subservient thats the GAME wise up!

  • max naegele

    like john j rambo says its all in the mind its the best weapon we have