David Einhorn Slams Ice Cream Cone in Warren Buffett’s Face
“Let blockheads read what blockheads wrote,” Warren Buffett once said.
The man who loves being photographed with his favorite prop, an ice cream cone, also said this about gold:
Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
Since the earth is a place for humans, those unique creatures of the cosmos who have sought gold for 5,000 years, and who’ve eaten Warren Buffett’s See’s peanut brittle more recently, what Buffett’s hypothetical Martians have to do with making his case against owning gold is telling, as well as nonsensical and manipulative, strongly suggesting that people who buy gold are foolish and are laughed at by Buffett’s imaginary Martians.
He’s right; fiat currency isn’t dug out of the ground; it’s printed, created out of thin air, everywhere, and that same Martian would wonder why it has any value at all to us silly humans. And what value is there in See’s peanut brittle other than people like to eat it.
Gold has no utility? Who categorized gold as an investment in a power company or auto firm? Indians of India find spiritual value in owning gold, for one thing, and there’s about a billion of them, at last count. Why do Indians like gold? Why do people like sunsets? Many people don’t like See’s peanut brittle, but they like gold and sunsets. Maybe Buffett is truly different from the majority of the human race.
In a great post by David Cohen on DeclineOfTheEmpire.com, titled, Sociopaths in America,he writes:
. . . some proportion of the population is “sick” and there’s nothing you can do about it. However, a Decent Society uses a multitude of checks & balances to rein in conscienceless people, to prevent them from running amuck. But in America, the most dangerous inmates are now running the asylum. These elaborate controls on immoral (unethical) behavior have been lifted. (This is often called deregulation or regulatory capture.) The corrupt politicians have rewritten the laws in such a way as to make it legal to rip people off. There is no longer any fear of punishment.
read full article here David Einhorn Slams Ice Cream Cone in Warren Buffett’s Face | Survivalist Investor
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