This morning on CNBC famous gold basher, Warren Buffett, said that any recovery will come with inflation. That is the point of the governement and Fed intervention, to get out of deflation with inflation. Helicopter Ben says the lesson learned from depression is how easy it is to defeat deflation, you just have to keep throwing money at it. But Mr. Buffett's father had a different perspective from his son. He thought that a stable supply of money would work and in fact was parallel with sustainable freedom.
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."
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