The man who taught Warren Buffet - 7 May 2006
"...There is only one way these spending pressures can be halted, and that is to restore the final decision on public spending to the producers of wealth. Taxpayers must regain their right to obtain gold in exchange for the fruits of their labour. This restoration would give the people the final say-so on governmental spending, and would enable wealth producers to control the issuance of paper money and bonds.
I do not ask you to accept this contention outright. But if you look at the political facts of life I think you will agree that this is the only genuine cure..."
"...Before 1933 the people themselves had an effective way to demand economy. Before 1933 whenever the people became disturbed over Federal spending they could go to the banks, redeem their paper currency in gold, and wait for common sense to return to Washington." ..."
"...For those 60 years the US has been able to put strong dollars into circulation and buy the world's goods at low prices. The result is a world awash with dollars, waiting to be released when, for whatever reason, a different reserve begins to look more attractive. ..."
[Mrt: The feedback loop has been deliberately broken.]