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Another Oligarch Preaches To The Peasants: Charlie Munger Says "Prepare For Harder World"

Tyler Durden's picture




 

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

While several exceptionally wealthy and successful people have admirably come out and spoken passionately of the broken nature of financial markets and the political system, as well as the threat this poses to society in general (think Paul Tudor Jones and Nick Hanauer), there have been several examples of oligarchs coming out and conversely demonstrating their complete disconnect from reality, as well as a disdain for the masses within a framework of incredible arrogance.

I’ve commented on such figures in the past, with the two most popular posts on the subject being:

A Billionaire Lectures Serfs in Davos – Claims “America’s Lifestyle Expectations are Far Too High”

An Open Letter to Sam Zell: Why Your Statements are Delusional and Dangerous

The latest example comes from Charlie Munger, Warren Buffett’s right hand man, who tends to demonstrate an incredible capacity for verbal diarrhea. Recall his commentary on gold: “gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939.”  

Screen Shot 2015-03-26 at 12.37.58 PM

Moving along, Mr. Munger provided some typically insensitive commentary at an event yesterday in Los Angeles. Bloomberg reports that:

(Bloomberg) — Charles Munger, who became a billionaire while helping Warren Buffett build Berkshire Hathaway Inc., predicted it’s going to get tougher for consumers to maintain their standard of living in coming decades.

 

“We should all be prepared for adjusting to a world that is harder,” Munger, 91, said Wednesday at an event in Los Angeles, in response to a question about the increase in the size of the Federal Reserve’s balance sheet since the 2008 financial crisis. “You can count on the purchasing power of money to go down over time. And you can almost count that you’ll have more trouble in the next 50 years than the last.”

 

“Somebody my age has lived through the best and easiest period that ever happened in the history of the world — the lowest death rates, the highest investment production, biggest increases in most people’s standards of living,” Munger said. “If you’re unhappy with what you’ve had over the last 50 years, you have an unfortunate misappraisal of life.”

There’s a staggering amount of offensiveness in such few words. First off, he says that: “We should all be prepared for adjusting to a world that is harder.” Who is included in the word “all” here. Certainly not his fellow oligarchs, who already bailed themselves out in incredible fashion and have been spending the years since protecting themselves from the horrible future they’ve created. No, he is speaking to the masses, the plebs, the serfs, the peasants, the ruled. He is telling them tough luck, just try to avoid cannibalism in the future. Meanwhile, if you get close to my castle I’ll have you shot down like a dog.

He then shows his cards once again with the statement: If you’re unhappy with what you’ve had over the last 50 years, you have an unfortunate misappraisal of life.”

50 years of life? What about those us who haven’t had the pleasure of being alive so long. What about the millennials, the teenagers, and the babies being born right now? He couldn’t give a shit, which is exactly why he and his buddies went out of their way to protect the wealthy, older generations with their bailouts in 2008/09. Conveniently, this is the exact demographic he belongs to.

His comments are particularity striking when you take them in context of yesterday’s article from the Wall Street Journal: Executive Pensions Are Swelling at Top Companies. If you think these guys are going to be dealing with the “hard times” ahead like everyone else, think again.

From the WSJ:

Top U.S. executives get paid a lot to do their jobs. Now many are also getting a big boost in what they will be paid after they stop working.

 

Executive pensions are swelling at such companies as General Electric Co., United Technologies Corp. and Coca-Cola Co. While a significant chunk of the increase is the result of arcane pension accounting around issues like low interest rates and longer lifespans, the rest reflects very real improvements in the executives’ retirement prospects.

 

New mortality tables released last fall by the American Society of Actuaries extended life expectancies by about two years. That, as well as low year-end interest rates, helped push pension gains higher than many companies had expected. The result is much higher current values for plans with terms like guaranteed annual payouts, which are no longer offered to most rank-and-file workers.

Note that these guaranteed annual payouts are no longer offered to most rank-and-file workers. There are peasants and there are oligarchs. The peasants are the ones Munger speaks to.

 GE Chief Executive Jeff Immelt’s compensation rose 88% last year to $37.3 million. Meanwhile, excluding $18.4 million in pension gains, his pay actually fell slightly to $18.9 million.

 

In all, Mr. Immelt’s pension is valued at about $4.8 million a year for life. The company puts its current value at about $70 million, up from around $52 million a year ago.

 

At Lockheed Martin Corp., CEO Marillyn Hewson’s total pay rose 34% to $33.7 million last year, with $15.8 million of that stemming from pension gains. An extra column in the proxy statement’s compensation table strips out those gains, showing her pay up about 13% to $17.9 million.

 

Executive pensions generally don’t consume the attention that pensions for the rank and file do. For years, as costs of traditional pension plans have risen amid low interest rates and longer lifespans, big companies have been closing them to new employees or even freezing benefits in place, often continuing with only a 401(k) plan for all but the oldest workers.

 

Last June, Lockheed Martin told its nonunion employees that it would stop reflecting salary increases in their pension benefits starting next year, and that the benefits would stop growing with additional years of work starting in 2020.

Just in case you needed further evidence of how all “public” policy, especially the actions of the Federal Reserve, are specifically designed to enrich the 0.01% at the expense of everyone else, let’s take a look at some excerpts from a CNBC article published today: Fed Policies Have Cost Savers $470 Billion:

The Federal Reserve’s efforts to stimulate the U.S. economy after the financial crisis ended up costing savers nearly half a trillion dollars in interest income, according to report released Thursday.

 

Since the central bank dropped interest rates to near zero at the end of 2008, savers have labored under plain-vanilla bank accounts and money market funds that have yielded close to nothing. Critics have long said the Fed’s quantitative easing efforts have boosted asset prices, particularly in the stock market, but exacted severe costs across other parts of the economy.

If QE really helps everyone, then why has income inequality exploded? The answer, of course, is that QE picked winners and losers. Naturally, the winners have been the oligarchs, and the losers have been everyone else.

Screen Shot 2015-03-26 at 12.24.50 PM

Thanks for playing.

*  *  *

For related articles, see:

As the Middle Class Evaporates, Global Oligarchs Plan Their Escape from the Impoverished Pleb Masses

Just Another Tale from the Oligarch Recovery – $100 Million Homes Being Built on Spec

The Pitchforks are Coming…– A Dire Warning from a Member of the 0.01%

A Billionaire Lectures Serfs in Davos – Claims “America’s Lifestyle Expectations are Far Too High”

An Open Letter to Sam Zell: Why Your Statements are Delusional and Dangerous

 

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Fri, 03/27/2015 - 22:27 | 5936171 monad
monad's picture

Apparently Tyler's AI filter thought that was worth repeating...

Canto XLV by Ezra Pound

http://www.poetryfoundation.org/poem/241052

Fri, 03/27/2015 - 22:25 | 5936169 monad
Fri, 03/27/2015 - 00:34 | 5932625 Lanka
Lanka's picture

We are staring at a reversion to the mean in the history of socio-economics.  There normally are only two classes of people in society: the rich and the poor/the haves and the have-nots.  The 1950s to 1980s were an anomaly, which allowed the middle class to gain strength and prosper.  This properity was partly due to the USA being the only major developed country to not be destroyed by WWII.  The middle class is being sytematically and ruthlessly destroyed by the government's alphabet agencies, funded by the non-federal/no reserve FED. The PTB have assured the demise of the middle class with their bread and circuses, corrupt legislative and judicial systems, and entrenched administration policies and police state tactics that are designed for maintaining the status quo of the salaries and pensions of the govenement employees----at all costs.   

Fri, 03/27/2015 - 00:10 | 5932496 Magooo
Magooo's picture

When the collapse comes old fat fuckers like this will be some of the first to go.

 

Disease will be rampant, medical care non-existent. 

 

Take a look at Libya - then imagine the entire world being like that - but far worse.

 

No food - no clean water - no civilization.

 

Mungers millions will be totally worthless.

 

He is going to find out what it is like to live in the worst third world hell hole. 

 

I get no satisfaction from knowing that because sadly I will also be sharing the hell hole.

Fri, 03/27/2015 - 07:47 | 5932968 GetZeeGold
GetZeeGold's picture

 

 

Mungers millions will be totally worthless.

 

At least he'll have toilet paper...if he takes delivery of his bank account.

Thu, 03/26/2015 - 23:34 | 5932499 Arthur Schopenhauer
Arthur Schopenhauer's picture

Yeah, life's a bitch. But it could be a lot worse. Hopefully at least you don't have a bunch of people trying to slit your throat for the food in your pantry, or even the food you might be throwing away.

Thu, 03/26/2015 - 23:51 | 5932538 yogibear
yogibear's picture

That  ahole is taunting the 99%.

Thu, 03/26/2015 - 23:55 | 5932550 TheObsoleteMan
TheObsoleteMan's picture

How many times must you be reminded? My favorite oligarch preaching to the masses example is the one of Wolfensohn lecturing students at Princeton about how most of the wealth and capital has shifted away from the western countries and gone to the east. He smiles as he tells these kids how desperate their situations will become. The students are either stunned or nervous at hearing this. it's on Youtube if you care to watch it. Someone should have at least spit in his face. What he doesn't tell them, is that he was one of the SOBs that had a hand in all of this.

Fri, 03/27/2015 - 05:20 | 5932842 Wahooo
Wahooo's picture

My personal favorite oligarch preaching story is Geithner lecturing the Chinese students about what a bargain US bonds are. at least they laughed in his face.

Thu, 03/26/2015 - 23:58 | 5932554 Sandmann
Sandmann's picture

He is being brutally honest. He is 91 it is over for him. Americans have a Vote and they use it to elect Wall Street Stooges who are going to destroy their futures. Munger can't stop them, he has one Vote but seemingly Americans voted for easy credit and war economy.......they voted just for the war economy in the 1950s but went mad in the 1960s.

It matters not whether Munger says the next 50 years will be wonderful or sad, they will not be his 50 years, his are gone and consumed.

What are 300 million Americans doing apart from turning the whole planet into a war zone ?

Fri, 03/27/2015 - 00:04 | 5932566 MsCreant
MsCreant's picture

Don't take this personally, but fuck you.

I did not vote for anything. I never had a choice. I was given "candidates" to chose from that were bankrolled by banks and corporate interests, "candidates" who are captured even after election by the whole financing process. 

And then there is no paper receipt for my vote, I am supposed to trust a computer. Even if the chads hang, with paper, at least there is something to count at the recount.

I know it is harsh, and I sort of apologize, but you need to wake up, so fuck you.

Fri, 03/27/2015 - 00:47 | 5932654 Gold Eyed Cat
Gold Eyed Cat's picture

Yes!  Exactly!  Thank you!

Fri, 03/27/2015 - 05:18 | 5932840 Wahooo
Wahooo's picture

Tend to agree. This notion of a representative republic cruising smoothly through the decades and centuries on its foundation of checks and balances is bullshit of the highest order. More and more, I've come to believe that our Founders did not foresee the growth of a Superpower fueled by freedom to bring to its citizens and the world with the fruits of Democracy, but rather a representative Democracy that BY ITS NATURE required being scrapped every few decades through violence and force of civil war. They knew a relative handful of people would glom onto the system, control it and pervert it to their ends, and that those people had to be imprisoned or killed for the representative Democracy to reseed and sprout again.

Fri, 03/27/2015 - 06:57 | 5932931 RabbitChow
RabbitChow's picture

Very well said.

Fri, 03/27/2015 - 22:23 | 5936151 monad
monad's picture

Hey now ewe, if voting made a difference it would be illegal. And where did you pull that 300 number from? Gladstone's Old Wurld Dissident Convict Dumping Ground fake shitpile, or Disraeli's lies? 

Fri, 03/27/2015 - 00:00 | 5932556 Spectre
Spectre's picture

At my age, there's not a lot of highs in daily life, but using and writing and reading the word FUCK still gives me a giant smile !!

Fri, 03/27/2015 - 00:07 | 5932571 MsCreant
MsCreant's picture

Well fuck, ain't that fucking cute. Do not say I never gave a fuck.

FUCK.

For you Spectre.

I write it with love.

And, we are fucked.

And, they do need to FUCK OFF.

Fri, 03/27/2015 - 00:12 | 5932584 Niall Of The Ni...
Niall Of The Nine Hostages's picture

"Smile, kids. You'll live to envy North Koreans in the nineties.

"Those of you who aren't killed by your replacements after the Singularity anyway."

Fri, 03/27/2015 - 00:13 | 5932586 Magooo
Magooo's picture

Munger is totally underestimating what is coming....

Fri, 03/27/2015 - 01:16 | 5932691 pupdog1
pupdog1's picture

He's 91.

Dead is what's coming. And he still thinks he can take it with him.

Fri, 03/27/2015 - 00:15 | 5932592 Rathmullan
Rathmullan's picture

Maybe Charlie. On the other hand, going forward 99.999% of the world population won't have to wear eyeglasses that carve permanent dents into both sides of their head.

Fri, 03/27/2015 - 00:15 | 5932593 Increasingly Annoyed
Increasingly Annoyed's picture

I believe this is fair and sage warning.

Take appropriate measures.

Fri, 03/27/2015 - 00:19 | 5932602 Salsipuedes
Salsipuedes's picture

Munger. Hmmm...Munger, Munger, Munger.... Where have I...?

Davos? Yeah, but... OH! I GOT IT!

https://www.youtube.com/watch?v=lEJCmrhDh9U

                     Oligarch Party! My House, Midnight!

                          Cordially,

                                Satan, Zurich

Fri, 03/27/2015 - 00:22 | 5932606 besnook
besnook's picture

i have to agree with him. my father retired longer than he worked even as a lifer sargeant. he amassed most of his wealth after retirement without working. life was easy even though it began during the depression and ww2.

today, i don't see these kids(genx included) having it as easy as i have had it. they are fucked. that is all he is saying.

 

the caveat he did not add was that this future is ordained unless labor does something about it.

 

the framework his perspective is from comes from the eventual economic parity of the world's economies, something made in the usa costs as much to make as it does in india. in that picture the first world economies contract while the third world catches up to them. the place to be now is the emerging markets, just as other prominent doom and gloomers have advocated.

Fri, 03/27/2015 - 00:26 | 5932614 Promethean
Promethean's picture

We need a list of where the elite live so that they can be paid a visit and held to account when things really get hard.

Fri, 03/27/2015 - 01:03 | 5932672 Salsipuedes
Salsipuedes's picture

Well, they're pretty mobile people but if you want to know where their illicit gains are or luxo digs for the big show before they disappear again into the sea of the Southern Hemisphere are, just catch a train!

https://www.youtube.com/watch?v=K2C8Eq11UjA

P.S. Man at train station with no train there yet.

"It's 5:00. Where's my train?"

Conductor: "Sir, that's either not a Swiss watch or it 's not a Swiss train!" 

Here 's a charming address: https://www.youtube.com/watch?v=dZOZ3ukKlJo

 

Fri, 03/27/2015 - 23:18 | 5936261 monad
monad's picture

There is a Most Wanted board on the far side. But if you take arbitrary targets, you're THEM. 

Do it right. Without justice, there is no discipline. No Honor.

Fri, 03/27/2015 - 00:35 | 5932628 Jam
Jam's picture

Maybe he should draw a bullseye on that round face of his.

Fri, 03/27/2015 - 00:51 | 5932660 Salsipuedes
Salsipuedes's picture

Round faces... where have I... OH!

https://www.youtube.com/watch?v=YVqTsDbfP58

Buffett also seems to resemble a kinship. 

DNA tests and drinks all around!

Fri, 03/27/2015 - 01:49 | 5932699 Againstthelie
Againstthelie's picture

Usually I find Mike Krieger's articles very interesting, but this one is just dumb populism.

The West is more or less bancrupt. That means people have been living beyond their means. Now it may sound offensive if Munger says that, but first not the messenger is important, but the message, and secondly, wherever I look, I see Munger is right:

More than 2/3 of all cars are owned by banks. But people drive SUVs, buy cars on debt and despise used small cars.

Warren Buffet still is living in his house from 50 years ago. "It's warm in winter and cool in summer." The zombies are taking mortages to buy huuuge new houses, because cheap small and old ones, are below their standards!

People are getting fatter and fatter, while they complain that things are getting always more expensive. My grandparents only could eat meat on sundays (which was good for the animals, too!). I can buy finest frozen 400 g filet from the Pacific for 3$. One kilogram parboiled rice for less than 1$! I can eat fresh vegetables every day and nutrition for the whole month doesn't cost me 200 $ per month. And in this price once in a week a visit to a fastfood restaurant is included.

For 10 $ I can cook for my family on sundays not even kings in former times had such a great meal.

At every evening I can switch on the light without thinking about the costs. In winter I can comfortably heat my house, so that I don't even need to wear a thick pullover.

Never before in history such a high standard of living was available to everyone. Even unemployed people do not need to worry that their trousers are getting bigger, but that they do not become fatter.

The unsatisfiable greed of the masses and their lamenting I find extremely disgusting. That Krieger is one of them, I would have not thought. You learn something new every day.

 

This is unsustainable and I guess in the not too distant future the zombie epidemic will be cured...

Fri, 03/27/2015 - 02:36 | 5932763 headless blogger
headless blogger's picture

And as much as I hate Obamacare it's amazing how greedy the Healthcare providers have become, all of whom are very middle class. Many are truly pissed at Obamacare, not because it is adding to the bankrupt system, but because many of the "plans" have worked out lower payments to the providers.

What I call the Administrator class is what keeps the engines moving on this entire system. From the thousands of idiots that work for the surveillance system, like the NSA, to the thousands who pack the Judicial and Law systems, to the thousands who work in high paying Health industry positions....they are all doing the bidding of their Elite masters. Most of these people wouldn't even agree with what they are doing and how it is damaging the nation but for the nice incomes they garner from it.

The Elitist Oligarchy could not have happened without the massive Administrator class that runs it all for them.

Fri, 03/27/2015 - 03:30 | 5932792 The Wedge
The Wedge's picture

Here, here for a modicum of perspective.

Fri, 03/27/2015 - 05:13 | 5932836 Prober
Prober's picture

BULLSEYE !!!!

YES, the future is going to be progressively worse, because the society is dieing

AND

the people to blame are the stupid, greedy, lazy entitlement-tit-sucking proletariat, not the oligarchs, ESPECIALLY not Munger & Buffet who epitomize starting from zero and staying the course over a lifetime of working hard + smart and keeping all their poor-start-in-life values and lifestyle.

Life in America will devolve into third-world misery and the American proletariat deserve it.

Fri, 03/27/2015 - 06:59 | 5932935 Accounting101
Accounting101's picture

Still trolling for the Oligarchs. Did you recieve a taxpayer funded bailout at any point since 2008? We're your superhero oligarchs pulling themselves up by their bootstraps when that financial collapse happened? I'm not certain their austered lifestyle saved them. I think those hardworking middle class Americans saved Munger's worthless ass.

Oligarchs are able to thrive because of useful idiots like you.

Fri, 03/27/2015 - 08:11 | 5933004 Prober
Prober's picture

Entitlement programs are 60% of government spending because of IMMORAL INCOMPETENT THIEVING PARASITES like you.

Fri, 03/27/2015 - 09:13 | 5933249 Agstacker
Agstacker's picture

Don't you have an anus to invade?

Fri, 03/27/2015 - 09:52 | 5933436 Prober
Prober's picture

I am invading the huge one between your eyes.

Fri, 03/27/2015 - 10:00 | 5933478 Agstacker
Agstacker's picture

Member for 16 weeks, does the federal reserve pay you by the comment?  Your name is quite appropriate, tho.

Fri, 03/27/2015 - 06:49 | 5932916 Accounting101
Accounting101's picture

We weren't living so far beyond our means that Mr. Munger, Soros, the Kochs and their fellow Oligarchs got a $23 trillion bailout courtesy of the U.S. taxpayer. You kept your fucking mouth shut when that went down. Now you are going to lecture the rest of us on being frugal? Go to hell!

Fri, 03/27/2015 - 01:34 | 5932710 walcott
walcott's picture

hang that motherfucker

Fri, 03/27/2015 - 01:43 | 5932716 Armed Resistance
Armed Resistance's picture

Of course it's going to be harder going forward. The dude is 91 and his next stop is hell.

Fri, 03/27/2015 - 02:18 | 5932741 Consuelo
Consuelo's picture

Sorry folks, I don't care what all the bestselling 'win-win' books written throughout modern history suggest, because you don't get where Mr. Munger - or Warren Buffett is, by being Mr. Nice Guy.   And...   The attitude doesn't 'mellow with age' either...    Once you start getting your way, you kinda grow accustomed to it, and nothing short of the whole pie is going to satisfy.    The change in perception and worldview doesn't happen overnight - it is built.   One successful M&A (and subsequent mass layoff...) at a time...

Fri, 03/27/2015 - 02:34 | 5932749 knowshitsurelock
knowshitsurelock's picture

All that money can't buy him immortality.

I liked him better when he was busy playing with his rubber duckie in Warren's bathtub and we didn't have to listen to this drivel.

Fri, 03/27/2015 - 02:24 | 5932750 headless blogger
headless blogger's picture

Good read until he starts bashing the "older" people. Geez, come out to the city I live in, you'll see hundreds of over-50s living on the streets. Besides, 'ol Munger doesn't got it that good since he's got one foot in the grave at 91 years old. So, when he says "we" he really does mean himself too. He won't be taking all that cash with him where's going, and he knows it!

Fri, 03/27/2015 - 03:03 | 5932781 Nexus789
Nexus789's picture

The bail out of the corrupt financial system must have been zero then. Nearly all the growth in debt after 2008 has been due to bank bail outs and finacial corruption. Only a numpty would come to an alternative view given the hard data.

Fri, 03/27/2015 - 03:52 | 5932799 Baby Eating Dingo22
Baby Eating Dingo22's picture

He's 91. Who is this "We" he speaks of?

I'm having a hard time picturing Charlie and Warren in a yamulke

Anyone know what house they worship in?

Fri, 03/27/2015 - 05:07 | 5932829 Wahooo
Wahooo's picture

I think Satan has a little place down the road from them.

Fri, 03/27/2015 - 06:07 | 5932831 Batman11
Batman11's picture

Louis XVI and Czar Nicholas II "Prepare For Harder World"

Well, that didn’t go down too well.

 

Fri, 03/27/2015 - 05:31 | 5932837 Batman11
Batman11's picture

Why has income inequality exploded?

a) Those with excess capital invest it and collect interest and rent.

b) Those with insufficient capital borrow money and pay interest and rent.

The source of the trickle up effect and growing inequality.

(The trickledown effect is a fictitious invention of US billionaires looking for lower taxes).

When Governments use high taxes on the wealthy to re-distribute to those lower down the scale, inequality gets smaller.

(Refer to historic data on tax rates when equality was at its lowest, 1960s and 1970s.)

 

Fri, 03/27/2015 - 05:17 | 5932839 Batman11
Batman11's picture

I love investing, I just sit on my arse and let my capital work for me.

That is why I am such a fat c*nt.

 Love Charlie

 

 

Fri, 03/27/2015 - 05:22 | 5932841 ChacoFunFact
ChacoFunFact's picture

In all things we describe we merely only describe ourselves. 

-Voltaire 

Fri, 03/27/2015 - 05:31 | 5932846 soylentgreenispeople
soylentgreenispeople's picture

Off with his head and organ

Fri, 03/27/2015 - 06:49 | 5932919 RabbitChow
RabbitChow's picture

Errr, thts drawand quarter

Fri, 03/27/2015 - 05:44 | 5932854 Spungo
Spungo's picture

Charlie is correct. We really do need to lower our standard of living to win this stupid game. I'm cheap as fuck right now. I don't go on vacations, I don't buy nice things. I don't even own a car. I'm going to save and invest every penny. Just as Buffet and Charlie say, I'm not down with gold. I want productive assets. I want things that produce cash flow, and I want to pay less than book value.

Everybody should lower their standard of living and save like crazy. Pay off your debts. Invest in a broad range of things.

Fri, 03/27/2015 - 06:52 | 5932923 RabbitChow
RabbitChow's picture

Good luck with that. Only works if you have faith in the USD. If not, learn what folks did in argentina, venezuela, zmbabwe, hungary, germany....

Fri, 03/27/2015 - 07:56 | 5932857 NuYawkFrankie
NuYawkFrankie's picture

Charlie's Vision Of The Future: "The MUNGER Games"

 

Too bad that Charlie - the demented ol' coot - doesn't realise that he, and his buddy Warren, have been pre-selected to represent Omaha.

THey'll be "competing"  - for survival - against other grifters who've  thrived on bail-outs such as Lloyd & Jamie outta New York. (Sorry "Olly Garks" - but there's only so much taxpayer largesse to go around...  especially in these "belt-tightening" times ;)

Stay tuned - it's gonna be a Great Show!

Fri, 03/27/2015 - 06:07 | 5932867 ch25061
ch25061's picture

At 91 years old and with statements like that, Mr. Munger too should be adjusting to a future existence that will

be much, much harder.  Namely, the rest of eternity that he will be spending in HELL.

Sun, 03/29/2015 - 14:58 | 5939642 Benjamin123
Benjamin123's picture

No one is leaving this place. He will be reborn.

Fri, 03/27/2015 - 06:18 | 5932882 toomuchtom
toomuchtom's picture

Life will become harder for the average serf because we've created a framework where scumbags like this fellow have the ability to extract an ever-increasing toll on the basic necessities of life. 

Fri, 03/27/2015 - 06:21 | 5932886 huggy_in_london
huggy_in_london's picture

Errr at 91 he should be preparing for something else......

Fri, 03/27/2015 - 06:22 | 5932887 realWhiteNight123129
realWhiteNight123129's picture

Munger is right about "ALL"... There si going to be a revolution in the US and heads will roll.

 

Fri, 03/27/2015 - 06:23 | 5932888 donhuangenaro
donhuangenaro's picture

Grand Nagus Charlie...

Fri, 03/27/2015 - 06:26 | 5932893 KashNCarry
KashNCarry's picture

Put the ole fart in a shroud and bury him already... One eyed bastard

Fri, 03/27/2015 - 06:42 | 5932905 barroter
barroter's picture

Don't worry, he's 91.  He will be the richest man in the graveyard.

Fri, 03/27/2015 - 07:52 | 5932974 yogibear
yogibear's picture

Death is the great equalizer.

You can't take your wealth with you.

Fri, 03/27/2015 - 06:47 | 5932912 RabbitChow
RabbitChow's picture

What munger really said was that HIS life has been good over the last 50 years, and if we were all to just develop our sociopathic tendencies like him, we would have been able to swindle the rest too. The danger is that the sociopath begins to gloat over his great swindle of society. But in the end, paper wealth is worth nothing, i wonder how much physical wealth he has accunulated, at this point to pass on to his progeny, because in my book, paper dont cut it. You can sell paper for money only so much, because when the music stops, you find out who has the chair.

Fri, 03/27/2015 - 06:49 | 5932914 Old Man River
Old Man River's picture

His bunga bunga parties have to be made up of a battalion nurses that moonlight as call girls. There's one to remove the catheter, one to remove the diaper, one to dispense the meds...there's no humanity in that room save Vinnie the Arm who has to turn away.

Fri, 03/27/2015 - 06:49 | 5932917 Chuck Knoblauch
Chuck Knoblauch's picture

Charlie has built no treasure in heaven.

I pray for his dead soul.

Fri, 03/27/2015 - 06:52 | 5932922 Herdee
Herdee's picture

That old fart should get a reality check,send'm to work at WalMart.

Fri, 03/27/2015 - 07:03 | 5932938 overmedicatedun...
overmedicatedundersexed's picture

what munger says is coming is only true if society keeps lawful - while he and his oligarchs of the elite reptile class commit crimes to obtain even more wealth, while paying off those who run our courts and .gov..

none of this must be- awake and see:much like war, our economies and .gov are a racket.

Fri, 03/27/2015 - 07:15 | 5932946 ThankYouSirMayI...
ThankYouSirMayIHaveAnother's picture

His comments would have been made even better if he would have muttered with that old crook'd wry smile..."It is not like I(or any of my ilk) had anything to do with it; snicker,snicker,snicker".

Fri, 03/27/2015 - 07:18 | 5932949 Comte d'herblay
Comte d'herblay's picture

It's likely unwise to predict the future based on current events, particklerly, into the out years.

But substitute the word "99%"for "all" and he is dead right.

There is only one thing that needs to happen to reverse this downward trajectory and that is good paying jobs with benefits.

Absent those jobs for hunnerts of millions, billions of human beans, I am certain that the under 50s, (declining each year to the 40s, and 30s, etc) are going on the dole

which, like "Great" Britain has seen 4 generations permanently on it. 

 

 

Fri, 03/27/2015 - 07:37 | 5932962 Ward cleaver
Ward cleaver's picture

Why don't he and grandpa Buffet blow each other

Fri, 03/27/2015 - 07:44 | 5932967 Farqued Up
Farqued Up's picture

I wonder if that whacked out German was searching for Davos.

Fri, 03/27/2015 - 11:27 | 5933841 monad
monad's picture

Nope, whoever took over the computer and drove the plane into the unpopulated, hard to reach mountain hit what they were looking for. 

Fri, 03/27/2015 - 07:47 | 5932971 loregnum
loregnum's picture

I think this guy is a cunt but what he said there isn't worthy of Mike's scorn. He's taking simple statements and making them into something they're not.

Fri, 03/27/2015 - 07:50 | 5932973 rsnoble
rsnoble's picture

Isn't this crusty bucket in his 90's?  I am going to start suspecting something if him, and the likes of Soros, are still around preaching in 20 years.  That will be the end of my rope, if not before, I hope to live long enough to  see them die.  I wonder if they will parade Soros around like Michael Jackson?  Would be nice if each of us got a chance to piss on him before they burry him.  Some secret gov't agency probably already has 500 babies with his dna.  Pray that these people die before transhumanism is reality.  Could you imagine an eternal Diane Feinstein that can shoot lasers out of her eyes and bench press over 1000lbs?

Fri, 03/27/2015 - 08:00 | 5932979 yogibear
yogibear's picture

Munger's time is about up. He's 91.

Fri, 03/27/2015 - 08:01 | 5932980 Brokenarrow
Brokenarrow's picture

if this bastard died today i would hand out candy like the arabs do. it signfies a sweet thing happened. a time to rejoice

Fri, 03/27/2015 - 08:04 | 5932985 GreatUncle
GreatUncle's picture

The belief in immortality does create fools.

The parasite needs a host so lets kill the host this is the society when it gets hard enough the slaves themselves will wish it to be destroyed. Or alternatively let the host start to self inject with a toxin, yes you will die but so does the parasite.

At this instant all self importance for the oligarchs is desstroyed as worth will not be measured in dollars.

Fri, 03/27/2015 - 08:10 | 5932999 FrankIvy
FrankIvy's picture

 

 

Trying too hard to make this guy evil.

He said it plainly and correctly.

If you didn't like the last 50 years, you're in for a hurting in the next 50.  I've said words with similar meaning many times in the last decade.  The whole, "he's a condescending oligarch" angle seems to be more class warfare than anything.

Man spoke the truth, and the OP blasts him for his failure to speak the truth politely.

Aren't we all here in search of the truth?

Sat, 03/28/2015 - 09:07 | 5936675 Benjamin123
Benjamin123's picture

Same with Yellen. She says cash is not a good store of value and gets attacked. Had she said it was a good store, she would also be attacked.

Fri, 03/27/2015 - 08:37 | 5933077 nakki
nakki's picture

While I agree with what he said, its the fact that he threw in the word "WE". You're 91 Charlie, you'll be long gone when the real shit hits the fan. 

I've know for over 30 years that the system I've paid into (Social Security) would be broke when it was time for me to get mine. I've told my grandfather, that I would never receive the care (Medicare, Medicaid) he has gotten. 

Then again if I'm luck enough to make it to 80, I'll have lived a life better than 99.999% of all the people that have ever walked the earth (relatively speaking I already have). If I make it to 80 and at the time have major health issues, maybe they should just give me a dirt nap cocktail, and not spend hundreds of thousands of $$ so I can live another 2 years.

What do we really need in life? Food, shelter, good friends and family and health. The rest is just shit for our frail egos. Sure some will be remembered for their artistry, their innovation, their butchery or their greed, but they'll also be dead. In 100 years what will Charlie be rembered for?

Shit " on a long enough timeline ........ So enjoy what you've got while you've got it.

Sat, 03/28/2015 - 09:05 | 5936674 Benjamin123
Benjamin123's picture

You forgot status and prestige. Your always need more status and prestige. People look up to people with status and prestige, do you want women and kids to look down to you?

Fri, 03/27/2015 - 08:44 | 5933104 Loophole
Loophole's picture

Any successful businessman here is an oligarch, no better than a Russian gangster.

Sure.

Fri, 03/27/2015 - 08:48 | 5933114 Chuck Knoblauch
Chuck Knoblauch's picture

ZH posts a few knee jerk articles from time to time.

Take this opportunity to learn to control your emotions.

Learn to channel them into more productive pursuits.

Like pracrticing on a gun range.

That always helps me channel some negative emotions.

Fri, 03/27/2015 - 08:48 | 5933117 Loophole
Loophole's picture

When the Fed steals wealth by money printing and keeping interest rates down it acts to subsidize the stock market as well as the govt and others.

Anyone with a brain buys stocks and becomes an exploiter of those who don't?

Fri, 03/27/2015 - 09:07 | 5933204 Toolshed
Toolshed's picture

Sheesh, if I was as ass ugly as Munger, and had his money, I would definitely look into a head transplant.

Fri, 03/27/2015 - 09:30 | 5933343 P'Od_Accountant
P'Od_Accountant's picture

He can have all his money.  It is a fucking illusion.  It only has power because people believe it does.  It is worthless and destructive.   Start living a life that deprives his money of the power ascribed to it and it will up and vanish like a fart in the wind.  

Sat, 03/28/2015 - 09:01 | 5936668 Benjamin123
Benjamin123's picture

Money is but an accounting technology. What gives money value is the concept of property rights, which itself comes from a tacit deal between the armed forces and the citizens under their jurisdiction as a defense-for-taxes agreement. The power is not in the money, but in the armed forces. Nobody has complete control over them in any country.

Fri, 03/27/2015 - 09:54 | 5933440 Lostinfortwalton
Lostinfortwalton's picture

There was one US oligarch in his early 70's (?) who had a pad on the Adriatic who was preaching the same meme. His firm was bailed out by the taxpayer after the 2009 crash. He recently died.

Fri, 03/27/2015 - 10:07 | 5933517 Weirdly
Weirdly's picture

This is what Chris Martenson has been saying.  Things get more and more difficult as energy gets scarce.  This is WHY gold and silver have value.  They represent huge quantities of used up energy. 

Fri, 03/27/2015 - 10:11 | 5933534 Shitgum Suicide
Shitgum Suicide's picture

Mathew 16:26

For what is a man profited, if he shall gain the whole world, and lose his own soul?

Fri, 03/27/2015 - 10:15 | 5933552 Shitgum Suicide
Shitgum Suicide's picture

Hank William - a House of Gold

People steal, they cheat and lie
For wealth and what it will buy
But don't they know on the judgment day
That gold and silver will melt away
I'd rather be in a deep, dark grave
And know that my poor soul was saved
Than to live in this world in a house of gold
And deny my God and doom my soul
What good is gold and silver, too
If your heart's not good and true
Sinner hear me when I say
Fall down on your knees and pray
For I'd rather be in a deep, dark grave
And know that my poor soul was saved
Than to live in this world in a house of gold
And deny my God and doom my soul

Fri, 03/27/2015 - 10:35 | 5933648 Ex Cathedra
Ex Cathedra's picture

Guess we'll just have to raise taxes on Munger to cover the shortfall. 

Fri, 03/27/2015 - 11:00 | 5933734 WillyGroper
WillyGroper's picture

These parasitic CEO's have combined their pensions with the rank & file's. One big pot ito loot if you will.

It's slavery or sharecropping going forward at best.

We will be controlled with water scarcity & complete control over energy consumed and produced.

The bastard is right...

We ain't seen nothin' yet.

Fri, 03/27/2015 - 11:09 | 5933768 Who was that ma...
Who was that masked man's picture

You're overdue for your dirtnap Charlie.

Fri, 03/27/2015 - 11:23 | 5933810 monad
monad's picture

If you don't like the plain truth you deserve Allen and Ben and Larry and Janet.

If you haven't noticed, the dumbest segment of the population is breeding like rabbits, while technology has eliminated their ability to support themselves without preying on other people. Welfare? Cloward Piven? The race for NWO dominance? To the death, muppets.

Fri, 03/27/2015 - 12:03 | 5933959 mastersnark
mastersnark's picture

If only there was some magic way to eliminate this inevitable decrease in purchasing power of the federal reserve notes he speaks of
#GoldStandard

Fri, 03/27/2015 - 12:49 | 5934179 venturen
venturen's picture

you mean he happened to live through the financial take over of the world. These guys make the robber barons look like saint. THEY PRODUCE NOTHING BUT TAKE ALL THE PROFITS! WALL STREET MUST DIE!

Fri, 03/27/2015 - 19:18 | 5935735 thecrud
thecrud's picture

Were going to deflate american curency and make you rich take it up the bum this time not us any more we now know what it take to rescue the middle class.

Rick Santelli then sums it all up perfectly... "deflation is clearly the boogeyman... and the only thing that will save the middle class."

Sat, 03/28/2015 - 02:24 | 5936452 suckerfishzilla
suckerfishzilla's picture

Munger has always been straight up with use. He said if you buy Gold well then your a jerk. He expresses his bias outright. More Silver. I don't see anything offensive.

Sat, 03/28/2015 - 14:52 | 5937398 ron17571
ron17571's picture

It only took so many phsychopaths with no soul to destroy our economy.And the country with it. 

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