This is What They Said About Gold

02 Jan

This is What They Said About Gold

More things said about gold, silver and sound economics worth remembering in 2022!

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

– Ludwig von Mises

Gold is a hedge on government authorities making poor economic choices. Inflation is usually the result of those poor decisions, but people confuse cause and effect here. Gold is a hedge on policy makers screwing up, and there has been a lot of screwing up in the last 20 years.

– Jared Dillian

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.


– Ernest Hemingway, Notes on the Next War: A Serious Topical Letter

I think there is a question mark over the durability of any power that relies as heavily as the United States on importing capital and borrowing from abroad.


—Niall Ferguson  

Fiat money will be a passing fad in the long-term history of money.


—Jim Reid, Deutsche Bank

[Government debt] allows for present consumption, while shuffling the bill off to future generations.  Normal, healthy people try to leave something for their children and grandchildren.  The Framers of the Constitution wrote that their aim was to “secure the Blessings of Liberty to ourselves and our Posterity,” for those to come.  But a perverse generation burdens little children who have no say-so in the matter with debt that they must bear all their lives at the expense of their own prosperity.

– JIm Clark

Governments lie; bankers lie; even auditors sometimes lie. Gold tells the truth. 

— Lord Rees Mogg

We live in a technological golden age but in a monetary and fiscal dark age. While physicists discover the so-called God particle, governments print and borrow by the trillions. Science and technology may hurtle forward, but money and banking race backward.

James Grant, Grant’s Interest Rate Observer

You can’t keep printing trillions of dollars without getting serious inflation. There’s no getting around it

The people making these decisions know that perfectly well. But thats the secret: They want inflation. In fact, they need inflation. Why? Because they’ve gotten rich from debt. That’s the real economy. Leverage is their entire business model. So for the finance class, inflation is the only way out of all that debt. When money is worthless, you owe less. Meanwhile, hard assets — like upscale real estate on Martha’s Vineyard — will be worth more.

So inflation may crush you, but it will make the people making the decisions richer. Everyone else — regular wage earners, people living on fixed income, every middle-class retiree in the country,  anyone who bothered to live like a responsible person and save money —  will be in serious trouble when inflation arrives. 

That’s not speculation. It’s coming, and anyone who’s paying attention knows it’s coming.

Tucker Carlson, Fox News

The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine and to process; and that it cannot be created by political fiat or caprice.

— Henry Hazlitt

The Golden Rule: He who has the gold makes the rules. 

– Attributed to a 1967 Wizard of Id comic strip

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.

 — Alan Greenspan

Good money is coined freedom.

  — Swiss proverb

The Fed took a dollar and eliminated 98% of its purchasing power and they’re doing that more rapidly than ever but it just hasn’t been fully discounted. When it is, gold is going to be much, much higher.

– Ron Paul