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The Trouble with Warren Buffett - Doug French - Mises Institute: "a viewer asked Buffett if he believed what his father Congressman Howard Buffett believed, which was this: 'So far as I can discover, paper money systems [like John Law's] have always wound up with collapse and economic chaos.'
'Sounds like my dad, yeah,' Buffett replied, 'I heard that every night at the dinner table for a long time.' The Oracle admits that the printing of paper money is inflationary, but being a consistent proponent of expanding government, he constantly dismisses gold and proposals to return America to a gold standard.
His father Howard understood the evils of unchecked government money printing.
"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," Congressman Buffett wrote. "But in each case the end of the road is not a desirable prospect."
Monday, April 06, 2009
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