View Full Version : MONEY by Warren Buffett's father

Cap'n R an R
11-09-2003, 07:10 AM
Congressman Buffet On Paper & Gold

"Human Freedom Rests on Gold Redeemable Money" (The Commercial and Financial Chronicle (May 6, 1948), Nebraska Congressman Howard Buffett stated:

"The paper money disease has been a pleasant habit thus far and will not be dropped voluntarily any more than a dope user will without a struggle give up narcotics. But in each case the end of the road is not a desirable prospect.

I can find no evidence to support a hope that our fiat paper money venture will fare better ultimately than such experiments in other lands. Because of our economic strength the paper money disease here may take many years to run its course.

But we can be approaching the critical stage. When that day arrives, our political rulers will probably find that a foreign war and ruthless regimentation is the cunning alternative to domestic strife. That was the way out for the paper-money economy of Hitler and others.

In these remarks I have only touched the high points of this problem. I hope that I have given you enough information to challenge you to make a serious study of it.

I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money. You must be prepared to meet their opposition intelligently and vigorously. They have had 15 years of unbroken victory.

But 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.

There is no more important challenge facing us than this issue -- the restoration of your freedom to secure gold in exchange for the fruits of your labors".

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11-09-2003, 07:51 AM
I think he shouldn't do anymore of this solo stuff and play with the Coral Reefers. :D

11-09-2003, 03:10 PM
You know there is a heck of a lot of truth on that.

A paper bill is essentially an IOU from the government in the denomination written.

If everyone in the world was to call on their dollar IOU's tomorrow it would be a scary thing.

However, not as bad as some would think as we use the paper as a form of IOU between ourselves as well and not just in dealings with the government.