Tired Of Warren Buffett Trashing Gold? Here Are Some Quotes From His Gold-Loving Father

howard buffett 1945

Photo: AP

Warren Buffett is at it again riling up goldbugs with a column in Fortune saying why stocks are better than gold.He repeats his favourite line which is that all the gold in the world will never produce anything of value, pay interest or dividends or grow earnings.

But don’t let Warren get you down.

All you have to do is ask Warren’s father, Howard Buffett, about the real value of gold. During four terms as a congressman from Nebraska, Howard promoted libertarian values and advocated a return to the gold standard.

Howard on the gold standard...

'I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favour it, unless you are willing to surrender your children and your country to galloping inflation, war and slavery then this cause demands your support. for if human liberty is to survive in America, we must win the battle to restore honest money. There is no more important challenge facing us than this issue -- the restoration of your freedom to secure gold in exchange for the fruits of your labors.'

Source: Congressional records

Howard on fiat currency...

'But first let me clear away a bit of underbrush. I will not take time to review the history of paper money experiments. So far as I can discover, paper money systems have always wound up with collapse and economic chaos.'

Source: Congressional records

Howard on gold and human freedom...

Howard on taxes...

'Far away from Congress is the real forgotten man, the taxpayer who foots the bill. He is in a different spot from the tax-eater or the business that makes millions from spending schemes. He cannot spend his time trying to oppose Federal expenditures. He has to earn his own living and carry the burden of taxes as well... The taxpayer was completely outmatched in such an unequal contest.'

Source: Congressional records

Howard on government spending...

'If we elected a Congress with intestinal fortitude, it would stop the spending all right!' I went to Washington with exactly that hope and belief. But I have had to discard it as unrealistic. Why? Because an economy Congressman under our printing press money system is in the position of a fireman running into a burning building with a hose that is not connected with the water plug. His courage may be commendable, but he is not hooked up right at the other end of the line. So it is now with a Congressman working for economy. There is no sustained hookup with the taxpayers to give him strength.'

Source: Congressional records

Howard on the New Deal...

'I am fully aware of the odds against a Republican candidate today. He fights against the most powerful Tammany political machine the world has ever known. This ruthless gang, under the cover of war, is making plans to fasten the chains of political servitude around America's neck.'

Source: Buffett -- The Making Of An American Capitalist

Howard on the foreign policy...

Howard on farmland...

Convinced that Roosevelt was destroying the dollar, Howard gave gold coins to his children and bought pretty things for the house -- a crystal chandelier, sterling silver flatware, and oriental throw rugs -- all with a view that tangibles were better than dollars. He even stocked up on canned food and purchased a farm, intended to be the family's refuge from the hellfire of inflation.

From Buffett: The Making Of An American Capitalist.

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