Warren Buffett vs. Howard Buffett on Gold - Aussie Stock Forums

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  1. #1

    Default Warren Buffett vs. Howard Buffett on Gold

    From http://www.321gold.com/editorials/ru...ell121708.html

    First the Son:

    The "Oracle of Omaha," Warren Buffett, once said this about gold (thanks to Hubert Moolman for this Buffett quote):-

    "It gets dug out in Africa or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
    Now Father:

    Human Freedom Rests on Gold Redeemable Money

    by Hon. Howard Buffett
    U.S. Congressman from Nebraska

    Reprinted from The Commercial and Financial Chronicle 5/6/48

    "Congressman Buffett stresses relation between money and freedom and contends without a redeemable currency, individual's freedom to sustain himself or move his property is dependent on goodwill of politicians. Says paper money systems generally collapse and result in economic chaos. Points out gold standard would restrict government spending and give people greater power over public purse. Holds present is propitious time to restore gold standard."

    "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. You see, gold is mobility, gold is a passport to move across borders.

    "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.

    "In that case then certainly you and I as Americans should know the connection. We must find it even if money is a difficult and tricky subject. I suppose that if most people were asked for their views on money the almost universal answer would be that they didn't have enough of it.

    "In a free country the monetary unit rests upon a fixed foundation of gold or gold and silver independent of the ruling politicians. Our dollar was that kind of money before 1933. Under that system paper currency is redeemable for a certain weight of gold, at the free option and choice of the holder of paper money."
    Ah how times they change...
    Disclosure: Long cash, gold, stocks.

  2. #2

    Default Re: Warren Buffett vs Howard Buffett on Gold

    Howard Buffett is an idealistic man, strong on principles
    and cause hell for his kids including Warren

    Warren is Business oriented and look at money and business from a completely different angles from his father.

    Time hasn't change , different view point.
    "cash - a call option with no expiration date, an option on every asset class, with no strike price. Warren Buffett

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