Bitcoin up sevenfold since Warren Buffett warned digital currency was a ‘mirage’

I am not one of the “Buffett has lost his edge” people. But people can make mistakes and even if Bitcoin crashed tomorrow this was a huge misread from the man in Omaha. Of course Bitcoin also directly challenges the banking system as we know it and banking “as we know it” has served Mr. Buffett very well. It’d be kind of a bummer (for Buffett, not us) if Bitcoin started really eating into Wells Fargo.

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EU Power Grab: “So – cash, bitcoin, precious metals, and prepaid cards over $150 are all instruments of the “terrorists” and are now open to confiscation”

Since the War on Cash began about a year ago (in earnest) we have seen a concerted effort to get all financial activity into the “matrix” before it’s too late. (From the globalist/control freak perspective.) Have a pile of cash? You must be a criminal. Have some silver and gold? You must be a criminal. The state wants its eyes on all transactions. It wants to make sure it always gets its cut. This has nothing to do with fighting “terrorists.”

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Gold Price Skyrockets in India after Currency Ban

As some people say, CASH is TRASH. This has proven true in India in recent weeks. Gold however is money.

A key thing to understand for all you non “gold bugs” (and I use the term lovingly) is that gold doesn’t so much go down or up in price as much as paper currencies gain or lose value relative to the value of gold. Gold is a steady Eddie and has been for millennia. Paper has a tendency to die an ugly death.

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Why Krugman, Roubini, Rogoff And Buffett Hate Gold

One of the common counters to the call for sound money (a real gold standard) is the quip; “What’s the real golden rule? Whoever has the gold makes the rules.” And then some silly half baked mix of Keynesianism and Marxism usually follows along with whatever the commentor picked up in their Econ 102 course years ago.

But the truth is gold rewards thrift (which many of the ruling economists despise, they want you to spend at all costs) and hard work.

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When They Say “Hoarding” Instead Of “Saving” You Know You’re In Trouble (The big govt economists want to take your cash)

“Hoarding” is code for savings certain people don’t like. These same people then argue that your “hoarded” property is illegitimate and so subject to confiscation in the name of the “greater good.”

This is of course silly and hearkens back to old dusty ideas about the “velocity of money” etc. Wealth comes from ideas not money supply. If the economy provides enough opportunity for return on investment people will exit any “hoards.” (At least to a very large degree.) But in a world in which ROI is increasingly difficult due to poor economic and societal management people are going to be inclined to save.

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45 Years Without Gold (Standard)

Of course even when Nixon completely detached the dollar from gold we had a very very modified gold standard. But at least there was some tie to reality.

Now we live in an almost completely fiat system, though it can be argued – well – that oil is the de facto backer of US currency these days, the so called petrodollar. (Though some do not buy this argument.) Regardless we live in a highly financialized world with lots and lots of cheap money floating around.

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Today in 1971: President Nixon Closes the Gold Window, One of the most important moments in US economic history (VIDEO)

One of the most important moments in American economic history. Nixon killed the last vestige of sound money in America. Within a decade the USA was heavily financialized.

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