Warren Buffet’s father Howard was a U.S. Congressman in the 1940’s. If he were alive today he would be rolling over in his grave at what our government is doing to our money. The Honorable Howard Buffett wrote a piece called “Human Freedom Rests on Gold Redeemable Money” back in 1948. You can read the PDF in its entirety with the below link, but here are some excerpts.
Before 1933 the people themselves had an effective way to demand economy. Before 1933, whenever the people became disturbed over Federal spending, they could go to the banks, redeem their paper currency in gold, and wait for common sense to return to Washington.
For a long time shrewd people have been quietly hoarding tangibles in one way or another. Eventually, this individual movement into tangibles will become a general stampede unless corrective action comes soon.
No truer words could be spoken today with over $21 trillion of debt and a Federal Reserve with a balance sheet of $4.5 Trillion, than what Warren’s father wrote 70 years ago.
By HON. HOWARD BUFFETT U. S. Congressman from Nebraska Reprinted from The Commercial and Financial Chronicle 5/6/48