Buffett blasts gold lovers

No, not Warren....Jimmy. It seems like none other than musician Jimmy Buffett understands the silliness of the gold lovers. Recently I was listening through his latest album, when the song "Useless but Important Information" came on. Admittedly, its not a terrific song, but Buffett had some interesting ideas about gold: 

"...Gold all starts out in the ground

 Till very clever men dig it up 

Then wait, then they bury it again  

Most comes from Africa and ends up in Fort Knox

Only gets its value from the guards and chains and locks...pretty rocks..."

Seems like this 67 year old singer/songwriter understands commodity price manipulation pretty well! If a guy with just a bachelors degree like Jimmy Buffett can understand this, why cant the gold bugs/Von Mises/Peter Schiffs/Ron Paul types of the world get it? Perhaps professional economics often does more harm than good? 

Maybe its time to make "Margaritaville" the official MMT anthem ;)

On August 15, 1971: Great Day in U.S. History

Youtube video below of Dick Nixon opening up a can on the gold lovers, August 15, 1971.  By executive order, directing the U.S. Treasury department to make it so that the USD was no longer convertible into gold [Ed: Yaaaaaay!].  Also included is a nice 10% tariff on imported goods in support of employment for U.S. workers for good measure.




In light of the policy advocated by the moron Steve Forbes that Tom has posted a link to below.

What has happened to the GOP since then?  If Forbes represents the current GOP leadership (FD: I do not wholly accept that premise) then they will continue to be successfully challenged by Democrats for the middle-class or "labor"vote, which they once enjoyed and/or were at least competitive.

This video shows how there once was a time when they had decisive leadership that stood up for an independent, solely U.S. centric monetary and trade authority that put the U.S. worker first, and were not afraid to step on some mercantilist and gold-loving toes in the process.