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. It rewards savers and puts power in the hands of the prudent and despised (sic) middle class.

However in a fiat system such as we have now it is those who control the printing presses who make the rules. These folks want inflation and debt and spending. They hate saving and other petty bourgeois economic tendencies.

Gold is a liberator. And that is why it is so feared by the current establishment that has built its empire on “confidence.”

(From Zerohedge)

The Daily Reckoning also pointed out “an investor who purchased gold at any time after January of 1998 would have received a higher investment return over the following 10 years than an investor who purchased Berkshire Hathaway.”…

“The modern mind dislikes gold because it blurts out unpleasant truths” said economist and political scientist Joseph Schumpeter. The unpleasant truth today is that today’s financial and monetary system is fragile in the extreme and likely to suffer another financial crisis very soon.

For all of those mentioned above the main dislike for gold appears to be due to a combination of a lack of understanding and the desire to keep the unsustainable status quo going. A surging gold price frequently makes their analysis and prognosis look bad. In the case of Buffett, were a the ‘chunk of metal’ gold to outperform his Berkshire Hathaway shares his God-like ‘Oracle’ status would be questioned.

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