A BIG hat tip to our astute friend and correspondent Dr. Evil for passing along this gem from Howard Buffett, written in 1948, about the dangers of fiat money, and the connection between human freedom and a gold redeemable currency:
Is there a connection between Human Freedom and A Gold Redeemable Money? At first glance it would seem that money belongs to the world of economics and human freedom to the political sphere.
But when you recall that one of the first moves by Lenin, Mussolini and Hitler was to outlaw individual ownership of gold, you begin to sense that there may be some connection between money, redeemable in gold, and the rare prize known as human liberty.
Also, when you find that Lenin declared and demonstrated that a sure way to overturn the existing social order and bring about communism was by printing press paper money, then again you areimpressed with the possibility of a relationship between a gold-backed money and human freedom.
The mix of insights here, blending economic realities with philosophical human traits, is fantastic. Right up there with the epic pieces our country’s Founders churned out.