Buffetts Father "human freedom rests upon Gold"

[Large Sarge]

Howard Buffett Said "Human Freedom Rests On Gold Redeemable Money", Called For Return To Gold Standard
Submitted by Tyler Durden on 05/26/2010 13:15 -0500

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Sometimes the apple does fall very, very far from the tree. A must read essay by Howard Buffett, father of the "legendary" investor who initially was so very much against derivatives then promptly changed his tune, discusses fiat money and gold, and concludes that "human freedom rests on gold redeemable money." In this stunningly simple, straightforward, and flawless analysis, Buffett's father stresses the relation between money and freedom and contends that without a redeemable currency, an individual's freedom and one's access to property is dependent on goodwill of politicians. Buffett also says that paper money systems generally collapse and result in economic chaos. He goes on to observe that a gold standard would restrict government spending and give people greater power over the public purse. Lastly, back in 1948, Howard Buffett, said this the "present" is the right time to restore the gold standard. Alas, 60 years later, his advice has still been largely ignored, and as a result we have a global economy that stands on the precipice of global default with runaway budget deficits across the entire developed world. Key quotes: "Is there a connection between Human Freedom and A Gold Redeemable Money? At first glance it would seem that money belongs to the world of economics and human freedom to the political sphere. But when you recall that one of the first moves by Lenin, Mussolini and Hitler was to outlaw individual ownership of gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty. Also, when you find that Lenin declared and demonstrated that a sure way to overturn the existing social order and bring about communism was by printing press paper money, then again you are impressed with the possibility of a relationship between a gold-backed money and human freedom. His conclusion is eerily prophetic with what is happening with US society currently: "I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money.""

[Hypertiger]

The City of London/Rothchild Gold standard that they backed the Gold republicans to pass in 1900?

A Gold standard could only work as long as the mines produce enough Gold to supply the demand for money.

A gold standard would not restrict Government spending at all.

The US Government issues bonds and BORROWS a portion of the money supply of the USA.

By 1945 the US Government had "borrowed" over 70% of the money supply of the USA by issuing bonds...since the US Government can just issue more new bonds to cover the old bonds...The US Government can issue easily over twice as much bonds than money in the economy.

From 1945 to now the amount of of the money supply the US Government has borrowed is only 25%

To get back to those levels the US Government could issue another 23 Trillion Dollars of Treasuries and borrow 23 Trillion Dollars more of the money supply and the money supply does not have to expand at all.

GOLD is not some kind of check on Government spending

[steyr_m]

The City of London/Rothchild Gold standard that they backed the Gold republicans to pass in 1900?

A Gold standard could only work as long as the mines produce enough Gold to supply the demand for money.

A gold standard would not restrict Government spending at all.

The US Government issues bonds and BORROWS a portion of the money supply of the USA.

By 1945 the US Government had "borrowed" over 70% of the money supply of the USA by issuing bonds...since the US Government can just issue more new bonds to cover the old bonds...The US Government can issue easily over twice as much bonds than money in the economy.

From 1945 to now the amount of of the money supply the US Government has borrowed is only 25%

To get back to those levels the US Government could issue another 23 Trillion Dollars of Treasuries and borrow 23 Trillion Dollars more of the money supply and the money supply does not have to expand at all.

GOLD is not some kind of check on Government spending


I think you need to go out and read The Creature from Jykell Island or The Secrets of the Federal Reserve. When you're done, let us know if your opinion on this changes.

[EE_]

We don't need to restore honest money with gold...gold already is honest money! We need it to be a store of value, nothing more.
Currency doesn't need to be backed by gold. It could be backed by any number of commodities that are in abundence, even water or electricity.
I'm happy having gold as a place to store wealth.
I have no problem exchanging it for currency as needed, like you would with stocks, bonds etc.
If they ever do tie it to the dollar, that is the day I will be out.
They will take control of all gold at that time.
jmho

[EE_]

Oh and buck the fuffett's!

[jetgraphics]

[Burning Heretic Flag on]
Gold or any other precious and scarce metal is a lousy medium of exchange. But it is better than debt-credit, borrowed at usury from banksters.

[Horn]

GOLD is not some kind of check on Government spending


Correct again, Gold is no more a balance to human freedom than Silver is. :)

If there was a free market left we might have the slimmest chance at least of getting it all stolen from us by some Chinese Red army.

I do however remain a positive drone, and believe it possible to design a system of governance with the advent of the computer/internet age that will maintain a steady combine.

[jaybone]

All that really has to be done to restore honest money is to legalize competition, as RP puts it.

That means,
1 - no tax on money, that means G+S, no tax to buy it, no tax to sell it, it should be treated just like converting FRN's to Euro or Yen.
2 - legal option to do business in G+S and option to contractually refuse fiat for payment.

When gov't debases the currency, people will naturally buy gold, and demand it for payment, which will increase the price and automatically devalue fiat based on public opinion.

When gov't acts responsibly, then metals become cumbersome due to weight, storage, and theft issues, so G+S would be sold, price would fall and fiat would strengthen.

And it could be started with the stoke of a pen.

We the People will be charged with regulating the 'value' of a FRN relative to G+S, that means some sort of educational effort. But this too can happen organically; if one is ignorant enough to accept deteriorating fiat, then all the wiser they will be in the future to watch their gov't for signs of over-spending and act accordingly.

[Spectrism]

It is a sad diversion from truth.

Human freedom has nothing to do with material things. We need not have gold to be free. Gold does not bestow freedom upon us. It is God-given. Now we just have to work to protect what has been given us.

A community of people working and sharing the fat of their wealth can happen without gold. When people choose foolishly to give government power over their lives, the presence of gold is immaterial.

[Twisted Titan]

Without a redeemable currency, an individual's freedom and one's access to property is dependent on goodwill of politicians


Thank Goodness we have the most Merciful politicos ;D

[Gknowmx]

It is a sad diversion from truth.

Human freedom has nothing to do with material things. We need not have gold to be free. Gold does not bestow freedom upon us. It is God-given. Now we just have to work to protect what has been given us.

A community of people working and sharing the fat of their wealth can happen without gold. When people choose foolishly to give government power over their lives, the presence of gold is immaterial.


well said.

[jedemdasseine]

The most overlooked aspect of gold's role in a monetary system is gold's superior ability over central bankers to stabilize interest rates.

Think about what a yield curve would look like in Victorian Britain with gold and the par value of British consols. hahahaha. ;)

Also, there's no such thing as a "gold standard," as many different kinds of gold standards have been tried throughout history. To take the most recent versions (all those post-1694), the various gold (and silver) standards that have been tried since the 5 Rothschild brothers solidified modern finance under the older Bank of England model have shown that gold is certainly no cure-all or protector of liberty.

Gold is a mirror that reflects human behavior.

(And why the obsession with The Creature From Jekyll Island? It's as if it's the only history book gold bugs ever read.)

[FreeEnergy]

WHO OWNS GOLD?

Bankers. Rothschilds and such.

So how is this that you fall from one banker's owned asset (Federal Reserve Notes) to another banker's owned asset (gold) and call it a human freedom ? IT IS A LIE.

Bankers have developed a cycle, where they print fiat (or they used to do coins, regardless) as much as they can for the cost of mere nothing until they purchase all gold (or other available assets) in your hands (which is NOW). then they fall back to "gold standard", behave for a few years. then continue practice of printing all over again. This is what you get when you have PRIVATE "central" bankers.

The problem is not the dollar vs. gold. The problem is in money creation being in hands of private BANKSTERS. human freedom rests on taking that creation away from them.

[jetgraphics]

To reduce the confusion, one must realize that we're infected with "money madness". That's the illusion that reality (the marketplace of real goods and services) is separate from the abstraction (money tokens). By law, the paper notes and counterfeit coins are not "money" (ironic, isn't it?). They are "legal tender" thanks to almost universal enrollment into national socialism (FICA). Folks are "mad" about "not-money"... that's a real win for the "other team".

The function of a money token system is to balance accounts, facilitate trade, and act as an abstraction for the reality of the marketplace. Unfortunately, money madness clouds reason so that people chase after "money" and cease to engage in the production and trade of useful surplus goods and services. Just look at the major corporations that would rather "make money" than produce. (Like the "new" GM seeking to restart GMAC)

In the coming years of chaos, we will have to re-align our activities back to the production, trade and transportation of locally produced goods and services. Chasing money tokens or other abstractions is a foolish pastime.