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As king midas discovered, gold (and all candidates to be real money) is not wealth itself but a metric of wealth. While some gold advocates–including george gilder in years past–have insisted that its slow but steady 2 percent rate of growth assures an expanding supply of money. But under a gold standard, the money supply has virtually nothing to do with the gold supply. In 1775, the total mount of currency in circulation (primarily gold and silver coins) was an estimated $12 million. In 1900, it was $1,954 million –an increase of 163X. During this time, the amount of gold in the world increased by about 3.4 times, due to mining production.

Since gold does not deteriorate, all the 189,000 tones of gold mined over the centuries remains available for use as money.


Maintaining neutrality in time and space, gold is neither inflationary nor deflationary (KEY POINT!) it penalized neither creditors nor debtors. Cool small male tattoos it is a measuring stick and unit of account for the world’s goods and services.

However, mike kendall, who was drilling down into the economic model of bitcoin as a possible successor to the gold standard noted that “contrary to the most egregiously erroneous and central tenet of the state theory of money, it was not government that decreed gold as money, rather it is only by holding gold that governments could EVEN ISSUE ANY FORM OF MONEY AT ALL.” http://manonthemargin.Com/notes-on-the-bitcoin-standard/

Such monolithic money was also the ERROR of murray rothbard, an idiosyncratic exponent of austrian theory who believed that any authentic gold standard must have 100 percent gold backing. He did not even believe in fractional reserve banking, intrinsic to the role of banks, which necessarily mediates between savers seeking safety and liquidity and entrepreneurs destroying it through long-term investments. The value of liquid savings is necessarily dependent on the achievements of illiquid and long-term enterprise. There is no way to avoid the maturity mismatch between savings and investments except by abolishing capitalism.

As kendall explains, “while satoshi was brilliant in creating the blockchain as the basis for bitcoin, satoshi had no understanding of currency as a unit of account. By limiting bitcoin’s supply to 21 million units over a 131-year period, satoshi designed bitcoin as a deflationary currency….Because of its deflationary design, bitcoin is used more as a volatile investment bet: than as a MEASURING STICK or UNIT OF ACCOUNT. In other words, bitcoin’s fixed limit is deflationary and unworkable.

More and more economists, analysts and financial writers, 125 in fact, have taken the bold step of projecting the price at which gold will achieve its parabolic peak with 5 individuals claiming that the peak price will be realized sometime in 2011. Some have adjusted their previous prognostications higher given gold’s strong advance again in 2010 while others have jumped aboard what has become a bandwagon of optimism. The majority (85) maintain that $5,000 or more for gold is possible.

However, in addition to GE we know that a significant fraction of bonds out there are issued by so-called zombie corporations, whose profits are less than interest expense. Rising interest rates can only have increased the percentage, though the increased cost kicks in with a lag (as each bond matures and must roll). In addition to the problem of rising default risk from these companies, there is the risk if enough hits at once, that the credit market they depend on, goes no bid again as it did in 2008.

As to systemic default risk, i.E. Monetary collapse, it’s early yet. There are some peripheral currencies like the bolivar and lira that could go away soon. But their troubles are widely known, and visible far in advance. We would not expect their demise to have much impact on the world’s monetary order (though of course it is horrific for the people who live in venezuela and turkey).

As to the de-dollarization, loss-of-reserve-status, end-of-petrodollar, gold-backed-yuan, SDR-to-replace-USD ideas, we say: rubbish. The dollar will get stronger from here, if not in terms of gold then as measured by other currencies. Panicky people in istanbul do not think “let me buy brazilian reals, russian rubles, indian rupees, and chinese yuan” because someone coined the glib term “brics”. Awesome tattoos for guys quotes they do not think “I will buy me some saudi riyal because, petro.”

“we are delighted to announce that alice schroeder, the author of the snowball: warren buffett and the business of life, the latest addition to the conference, will give a NEW keynote and share her insights on mr. Buffett’s lesser-known investment secrets — built from thousands of hours spent with him and unique access to decades of mr. Buffett’s archives.

We expect a blend of portfolio managers, investment advisors, analysts and allocators (i.E pension funds, endowments, insurance, FOF etc). Ideally we would like people from the target communities — women, people of color, or graduates of underprivileged colleges in the investment industry. Marketing and strategic partners such as smart women securities, forte foundation and SEO may also be a material component of the audience composition.

When you go out in the world, look for the job you would take if you didn’t need the money. You really want to think about, what will make you feel good, when you get older, about your life, and you at least generally want to keep going in that direction. Don’t work for money . . . You’ll never be happy. You have to find the intersection of doing something you’re passionate about and at the same time something that is in the service of other people. I would argue that, if you don’t find that intersection, you’re not going to be very happy in life. Why a punch card? Once again, the oracle of omaha said it best:

I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches–representing all the investments that you got to make in a lifetime. Funny tattoo ideas for guys and once you’d punched through the card, you couldn’t make any more investments at all. Under those rules, you’d really think carefully about what you did and you’d be forced to load up on what you’d really thought about. So you would do so much better.

John chew: this seems like an EXCELLENT opportunity for students and emerging money managers at a CHEAP price. If you net out the lunch/food you are paying $100 to $120 for an incredible conference. I don’t know the other speakers but murray stahl is one of the most underrated stars (in my opinion) in the business. See for yourself: murray stahl the skeptics almanac-third-edition-volume-3

This new york-based investor has value investing in his blood. His father, irving, an arbitrageur, was instrumental in finding max heine his first job on the street. Heine went on to run the legendary mutual shares fund, and irving isaac sat on its board for three decades. And paul isaac’s uncle, walter schloss, a student of benjamin graham, was praised by warren buffett and profiled in barron’s. At his former position leading a fund of funds, paul isaac produced high single-digit returns annually. That fund was sold after the 2008-2009 financial crisis. He continues to manage arbiter, a hedge fund that has returned 21%..

Now, unless you have been living in a cave, you know what happened. However, pretend that you didn’t know the outcome and you were reading the articles above for the first time and seeing the video. Cute girl chest tattoos what RED FLAGS jump out at you. Or what would you need to prove in order to invest? And if you could not find the answer easily to the main question of the investment, what else would you scrutinize carefully? Think hard before reading on………..

As a former employee said theranos product was like building a bus while driving down the highway with passengers. The problem is that people could get killed. This fraud hit home since I have amyloidosis. Not only did she and her accomplices hurt employees, investors, and–most importantly–PATIENTS! She and her CEO deserve a minimum 25-year sentence.

Note how SOCIAL PROOF euthanized investors critical thinking. Look at the prestigious board: george schultz, general , etc. But note the lack of specific product/industry expertise to vet holmes’ claims. She brilliantly piggybacked on the prestige of others. Any investor could have visited the walgreen stores to check on the accuracy and completeness of the tests. Red flags would fly.