"Civilized people don't buy gold," Berkshire Hathaway's
Charles Munger told CNBC
the other day. Echoing his partner,
Warren Buffett, Munger said civilized people instead "invest in
productive businesses," adding, "Gold is a great thing
to sew into your garments if you're a Jewish family in Vienna in 1939."
As indignant as such a comment may make certain gold investors, most are probably accustomed to such disparagement by the financial
establishment, and greater indignation should be directed
toward the mainstream financial news media for not seeking
out any rebuttal, even if the rebuttal is obvious enough.
Perhaps first is
that gold as money is the
primary mechanism of enforcing limited government, and limited government is the first characteristic of civilized government. The distance between
gold as money and unlimited fiat money is the distance between limited government and unlimited government, between democracy and totalitarianism.
The trend toward unlimited government lately has become overwhelming, from the stupid imperial wars being waged by the United
States every few years to
the comprehensive surveillance undertaken
under the "Patriot Act" to the "financial
repression" that even a recent member of the Federal Reserve's Board of Governors complained about a
few months ago (http://www.gata.org/node/10839).
This prompts our friend
Bill A. to chide Munger that the United States in 2012 is in danger of becoming like Vienna in 1939, insofar as anyone now is subject
to the abuse heaped on Jews
by the Nazis.
not quite that bad yet, but then the capacity for such abuse is the sort of thing gold as money aims to prevent. And of course gold was
the first thing the Nazi occupation seized from both
conquered governments and
individuals, as gold was,
as it remains, a protector of individual liberty
as well as a power that competes with government's power.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA here:
Las Vegas Money Show
Caesar's Palace, Las Vegas
Monday-Thursday, May 14-17, 2012
Committee for Monetary Research and Education
Spring Dinner Meeting
"Money and the Corporate State"
Union League Club, New York, N.Y.
Thursday, May 17, 2012
Resource Investment Conference
Sunday-Monday, June 3-4,
Vancouver Convention Centre East
Vancouver, British Columbia, Canada
Standard Chartered's Earth Resources Conference
J.W. Marriott, Hong Kong
Hong Kong Gold Investment Forum
Renaissance Harbour View Hotel,
Toronto Resource Investment Conference
Thursday-Friday, September 27-28, 2012
Toronto Sheraton Centre Hotel
Toronto, Ontario, Canada
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
* * *
Support GATA by purchasing
DVDs of our London conference in August 2011 or our
Dawson City conference in August 2006:
Or by purchasing
a colorful GATA T-shirt:
Or a colorful poster of GATA's
full-page ad in The Wall Street Journal on January
GATA is a
civil rights and educational
organization based in the
United States and tax-exempt under
the U.S. Internal Revenue Code. Its
e-mail dispatches are free, and you
can subscribe at:
To contribute to GATA, please visit: