• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

A Whole Lot Of Uncivilized People Out There...

Tyler Durden's picture




 

Charlie Munger: "gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold"

...and yet:

David Einhorn: "I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls

Kyle Bass: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!"

and Howard Buffett: "I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money. There is no more important challenge facing us than the restoration of your freedom to secure gold in exchange for the fruits of your labors."

The uncivilized people have spoken, and the winner is...

Source: WGC

And just as importantly, the people have realized that buying ETF-based stock certificate representations of a hard asset held in custody by Cede & Co., which may one day simply vaporitse, may not be the most prudent way of insuring against terminal stupidiy.

h/t WallStreetMane

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Sat, 05/05/2012 - 16:29 | 2399793 Badabing
Badabing's picture

He looks like the old guy from Up but goes down on Warren.

http://images.search.yahoo.com/images/view;_ylt=A0PDoS_ejKVPm2gApDWJzbkF...

Sat, 05/05/2012 - 16:21 | 2399783 Max Fischer
Max Fischer's picture

 

 

I disagree.

Most of you guys are uncivilized, G.I. Joe-wannabe GOONS foaming at the mouth, having discussions on what ammunition does the most damage, which guns to use, hunting strategies, etc. 

As an outsider and a member of polite society, you guys are really rather fascinating.  It's like observing mankind in his early evolutionary days when the lower brain stem ruled without the measured discretion of the frontal cortex.  I'd swear that some you you actually bark.

Fascinating....

MF.

   

 

Sat, 05/05/2012 - 16:33 | 2399802 Badabing
Badabing's picture

"As an outsider"

then how would you know?

Max Fischer Mundi dickhead

Sat, 05/05/2012 - 16:58 | 2399842 Tsunami Wave
Tsunami Wave's picture

Nah dickhead you're not smart. You're a troll and a dumbass

Sat, 05/05/2012 - 17:02 | 2399851 LudwigVon
LudwigVon's picture

It is called the division of labor Max. You seem as if you would prefer the "polite society" status-quo of starvation and a fake war on povery. We rather revel in the individual decisions and exchanges our members, barking or otherwise, make within the constructs of a non-fraudelent monetary system. We believe, that slavery and child labor persist today due to the paper Ponzi plauging the poorest, leaving no means for incremental savings, for the straight-demonic benefit of your farcical consumerist  "polite society."

Sun, 05/06/2012 - 04:53 | 2400436 Troll Magnet
Troll Magnet's picture

Ouch.  MF, you just got PWND.  

MF, I don't think you're a dumb guy in a low-IQ kinda way.  But you are one damned dim MotherFucker.  Wake up, dude.  There are massive sufferings everywhere including right here in the USA.  More and more are falling into poverty and there are less and less jobs especially for our young people.  And jobs are not coming back anytime soon.  Your polite society is busy transferring all its wealth to the Lloyd Blankfeins of the world while stripping away the rights of its citizens to keep them in line just in case more people wake up to their antics and dare to do something about it.  You think you're enlightenend.  But I see a blind man.   

Sat, 05/05/2012 - 17:07 | 2399855 akak
akak's picture

Max,

I imagine that it takes some considerable effort to wield a brush that broad, especially laden with as much tar as you manage to soak it with, but you nevertheless seem able to slap it about very adroitly.  I can only surmise that such skill with the broad-brush comes from very long practice.

Sun, 05/06/2012 - 16:07 | 2401382 AustriAnnie
AustriAnnie's picture

+1 for "adroitly"

Sat, 05/05/2012 - 17:43 | 2399932 DeadFred
DeadFred's picture

Remember folks, his paycheck is calculated from number of posts, number of responses and number of red arrows.

Sat, 05/05/2012 - 17:51 | 2399939 Red Heeler
Red Heeler's picture

"As an outsider and a member of polite society,"

A member of polite society? Funny you should put it that way.

"An armed society is a polite society. Manners are good when one may have to back up his acts with his life." - Robert A. Heinlein

Sat, 05/05/2012 - 18:10 | 2399976 RacerX
RacerX's picture

Max Phinkter.. Lol. THanks for playing.

Sat, 05/05/2012 - 23:13 | 2400291 TheSilverJournal
TheSilverJournal's picture

As opposed to wonderful use of the brain from the rest of society that has yet acknowledged the devastating consequences of ZIRP, QE, or the central planning of money in any form, for that matter?

Yeah, thinking, that is surely a stupid thing to do. You and Munger would get along great.

Sun, 05/06/2012 - 07:15 | 2400475 brettd
brettd's picture

Krugman, is that you?

Sun, 05/06/2012 - 16:04 | 2401378 AustriAnnie
AustriAnnie's picture

"Most of you guys are uncivilized, G.I. Joe-wannabe GOONS foaming at the mouth, having discussions on what ammunition does the most damage, which guns to use, hunting strategies, etc. 

 

As an outsider and a member of polite society, you guys are really rather fascinating."

 

And that guy in the cubicle across from yours, in the suit and tie, he could be one of us.

Stop thinking that ZHers all live in trailers in the woods.  We are everywhere living among you.  And you wouldn't be able to tell who we are if you tried.  You need to think we are nutjobs because it scares you to death that the kind of thought expressed here on ZH is actually more rational than you realize.

ZHers are actually for the most part calm and collected, peaceful people.  Few of us are here because we want to see sheeple die of hunger and violence.  In fact, the reason we are here is because we hope it can all be avoided by spreading knowledge of the situation to as many people as possible.

And the truth is, most here are kind enough that if you were hungry they'd offer your whiny ass a meal.  

 

Sat, 05/05/2012 - 16:05 | 2399759 Tsunami Wave
Tsunami Wave's picture

Uh.. ok troll that thinks they get everything right. You're a dumbass.

Sat, 05/05/2012 - 21:31 | 2400205 centerline
centerline's picture

Keep it coming Max!  Scary thing here is that you are walking a fine line between fun and reality.

Sun, 05/06/2012 - 02:47 | 2400409 FrankDrakman
FrankDrakman's picture

You seem to assume your heavy handed attempts at insult and invective to be light-hearted.

The multiitudes of red arrows amply evince how isolated you are in your confusion.

Sun, 05/06/2012 - 16:09 | 2401387 AustriAnnie
AustriAnnie's picture

Don't you know? All of those red arrows are from Akak.

 

Sat, 05/05/2012 - 14:53 | 2399649 TheFourthStooge-ing
TheFourthStooge-ing's picture

What's wrong, Maxine?

Has your tungsten idol of statism, Charlie Munger, been tarnished?

 

Sat, 05/05/2012 - 15:09 | 2399672 WmMcK
WmMcK's picture

... I don't drink the kool-aid often, but when I do -- Feliz Cinco, mujeres.

Sun, 05/06/2012 - 03:16 | 2400415 GMadScientist
GMadScientist's picture

Nothing worth celebrating like a sovereign default that screwed the French.

 

Sat, 05/05/2012 - 13:27 | 2399492 YesWeKahn
YesWeKahn's picture

barbarians invasion

Sat, 05/05/2012 - 13:28 | 2399493 A Lunatic
A Lunatic's picture

Silly Jews, gold is for central bankers.

Sat, 05/05/2012 - 13:44 | 2399519 bank guy in Brussels
bank guy in Brussels's picture

And the Nazis never went away.

The Bush family got rich financing Hitler and the Nazis in the years around 1940, and now Bush's friend Obama has signed the Hitler-type enabling laws taking away even the pretence that Americans have rights.

The US corrupt courts stopped honouring those rights a while ago, but now the Nazi-type machine in America is more streamlined, thanks to both Obama and the corrupt US Congress.

As the original Third Reich was falling, Hitler's most loyal partner, propaganda chief Goebbels, said that within 100 years the Nazi philosophy would once again be rising ... he was not wrong.

Most of the Jews the Nazis killed were non-Zionist, religious people ... nothing to do with those Israeli fascists, most of the Israeli rulers are non-believers ... the Jews the Nazis exterminated are really 'us', brothers and sisters of good people anywhere.

In Europe we are not noisy about it, but actually we have a lot of privately held gold in Europe, maybe more than Americans. We tend to just be super-quiet about it.

And there are actually a lot of privately-owned guns in Europe too (Americans tend not to know this) ... For example, an estimated 19 million privately owned guns amid the 60-million-plus people of France ... and the French government respects this right, even at times, directly saying that, we haven't forgotten that the Nazis were here before and there is no guarantee new Nazis will not be coming back.

 

Sat, 05/05/2012 - 13:50 | 2399529 Max Hunter
Max Hunter's picture

wish I could arrow up that more than once..

Sat, 05/05/2012 - 14:20 | 2399578 The Big Ching-aso
The Big Ching-aso's picture

Gold mungers give semites the heebie jeebies.

Sat, 05/05/2012 - 14:20 | 2399588 RoadKill
RoadKill's picture

Ahh but we have at least 300mm for 300mm people.

And not you old dynastic hunting muskets. Extended clips, full auto conversion kits and full out assault rifles were stockpiled to the moon before bans took place.

But hey, you make due with what you have and Imguessing its easy for tje Euros to get AKs from central asia and eastern europe.

Sat, 05/05/2012 - 14:22 | 2399593 The Big Ching-aso
The Big Ching-aso's picture

 

 

I think I now really understand why Buffet and Munger like railroads so much.

 

Sat, 05/05/2012 - 14:30 | 2399609 knightowl77
knightowl77's picture

the bans have expired and you can and should buy as many rounds/magazines as possible....Dark days may be coming

Sat, 05/05/2012 - 21:37 | 2400209 Harbanger
Harbanger's picture

What difference does it make.  They will probably surrender to the Germans, again.

Sat, 05/05/2012 - 14:27 | 2399604 mick_richfield
mick_richfield's picture

Do you think that most privately-owned weapons in Europe are old rifles?  i.e. from World War 1? 

Or are they shotguns?    I bet they are long guns of some kind.

Sat, 05/05/2012 - 17:55 | 2399948 jmk
jmk's picture

The majority will be shotguns then drillings (three barrels), hunting rifles and a smattering of handguns.

Sat, 05/05/2012 - 14:36 | 2399618 obewon
obewon's picture

Well said, new bank guy!

Sat, 05/05/2012 - 14:36 | 2399619 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

"For example, an estimated 19 million privately owned guns amid the 60-million-plus people of France ..."

What's the ratio of guns to white flags?

Sat, 05/05/2012 - 16:35 | 2399806 Pairadimes
Pairadimes's picture

And all of the guns are in pretty good shape. Only dropped once, I believe the saying goes.

Sat, 05/05/2012 - 18:25 | 2400001 jmk
jmk's picture

During the last war the Resistance fought like lions and died in their thousands. During the war to end all wars they fought like lions and died in their hundreds of thousands. Need I comment about their valour in those halcyon days when they were led by Napoleon and his Marshall's?

Sat, 05/05/2012 - 19:07 | 2400057 sun tzu
sun tzu's picture

That's the problem. All the brave ones died.

Sat, 05/05/2012 - 19:32 | 2400079 prole
prole's picture

Just like our Civil War

Sun, 05/06/2012 - 13:37 | 2400937 PianoRacer
PianoRacer's picture

... Or maybe the ones that survived who watched so many lose so much to purchase so little realized that war is a racket.

What if they threw a war and nobody came?

When you dismiss the French as cowards, you condemn us all to eternal warfare. 

Sat, 05/05/2012 - 14:14 | 2399579 Goldilocks
Goldilocks's picture

yah, & you / me, & anyone who saves is a central banker. :)

Sat, 05/05/2012 - 15:07 | 2399665 WmMcK
WmMcK's picture

Don't forget Lucky Charms, they're magically delicious.

Sat, 05/05/2012 - 13:28 | 2399494 vmromk
vmromk's picture

I got an idea....Can Munger, Bernanke and aww what the fuck throw in Robert Brusca, get togther and go FUCK THEMSELVES ?

 

 

Sat, 05/05/2012 - 14:25 | 2399559 The Big Ching-aso
The Big Ching-aso's picture

 

 

Charlie probably digests things pretty slow these days but I bet he still has have some liberal fast shits tendencies.

Sat, 05/05/2012 - 14:13 | 2399574 Nobody For President
Nobody For President's picture

Only if you include the Koch brothers.

Sat, 05/05/2012 - 13:31 | 2399496 Zero Govt
Zero Govt's picture

"and the winner is.."

Ben "we hold Gold as a tradition" Bernanke

...dumbest quote of the century, from an academic public sector clown so no surprise there then

Sat, 05/05/2012 - 17:41 | 2399926 deepthoughtless
deepthoughtless's picture

I love these interviews :)

http://www.youtube.com/watch?v=2NJnL10vZ1Y

 

Also a good one, posted a while back (featuring Alan Grayson)

http://www.youtube.com/watch?v=mXmNpdYpfnk

Sat, 05/05/2012 - 13:30 | 2399498 Aziz
Aziz's picture

Sounds a lot like the protestations of the Roman aristocracy right before Rome fell. "But we're civilized!"

Big deal. Barbarians have triumped many times before.

Sat, 05/05/2012 - 13:40 | 2399511 wisefool
wisefool's picture

Civilized people use rule of law. You can take the angle that it limits corruption. you could say it promotes fairness and equal opportunity. You could even say it is a more efficient system of control than hands-on methods. You could even take further steps on the road to hell.

But anyone who is formally trained in law knows that an 80,000 page tax code is not actually law. It can not be abided by, much less enforced. The Romans found this out when the barbarians invaded. They asked the citizens "Give us your gold" along the way through the countryside. The residents did not even have to think.. They pointed tword the "civilized" people in the city and said "They already took it". Where does Mitt Romney live? It certainly will not be the white house.

Sat, 05/05/2012 - 14:44 | 2399632 toady
toady's picture

Exactly.

'Rule of Law' has broken down.

How can laws be enforced when each new law is hundreds of thousands of pages long, with thousands of loopholes, strengthening previous laws, and annulling others?

The 'law' these days is only known by the corporations, and they only know the sections where their specific loopholes are written.

Sure, there is a basic framework that is taught in law school, but anybody can do anything if their lawyer knows where the loopholes are written.

Sat, 05/05/2012 - 15:10 | 2399664 wisefool
wisefool's picture

The counter argument would be, that with modern advances in technology, we need ways to keep a population occupied/employed. So a system of complicated taxation and avoidance gives people a job. The clients (S.S. johns) like Buffet, Romney and 51% of americans can feel like they are still "free" because atleast they did not have to pay "retail" taxes.

And this is not a bad counter argument, until it is. See Greece 2011, US 2013. The USA has a hard time graduating H.S. students and those that do lack basic algebra and reading skills. To run the game as it is now is to have more Tax professionals working at G.E. than sceintists.

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