Keynes was a brilliant economist, I have nothing at all against him. But his theories have been grossly abused, as were the theories of Milton Friedman. Just two days ago, I was listening, twice, to the speech of Milton Friedman given in 1977. And I have to say he is a very brilliant economist, and he was completely against money printing.
He just advocated or advanced the theory that we wouldn’t have had a depression had the Fed intervened more aggressively with money printing after 1930. But on other subjects, he was completely against government interventions, and against money printing.�
And he repeatedly mentioned how the government had messed up by intervening into the economy. So all of these have been badly abused by the interventionists, who basically want to have full control, both about the economy, in terms of being central planners, and about your freedom.
This is a very dangerous trend, and I will always, always fight governments on every level I can because the larger the government is, the larger the abuse is in a system … But every intervention of the government is a complete disaster. A complete disaster.”
…..My worry about gold, and I hold a lot of gold, is the governments will one day take it away. Because you look at the clowns that are at the Democratic convention, and at the Republican convention, I mean these people don’t own a single ounce of gold.
Mr. Bernanke doesn’t own a single ounce of gold, and Mr. Paul Ryan doesn’t own a single ounce of gold. So what will they do one day? They take it away from a minority that owns it. That is the threat that gold owners should be aware of.
If the price really starts to go ballistic, they’ll take it away. So the best as a gold owner that you can hope for is that it goes up, but not too much. Just regularly 5% to 10% per annum, but no more. If it really goes up ballistically one day, I tell you then that the biggest threat will be that the governments will take it away. – Marc Faber
via King World News