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Thread: Warren Buffett's Father Tried to Teach Warren About Austrian Business Cycle Theory

  1. #1

    Warren Buffett's Father Tried to Teach Warren About Austrian Business Cycle Theory

    http://www.economicpolicyjournal.com...-to-teach.html



    Howard Buffet was a great Congressman.
    Last edited by TaftFan; 10-05-2013 at 10:14 PM.



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  3. #2
    Well WTF happened
    "He's talkin' to his gut like it's a person!!" -me
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  4. #3
    Sometimes the apple tree is on a hill I guess.
    Rand Paul 2016

  5. #4
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    His father was one of the best congressman this country has seen. Howard Buffett. How ironic that Warren is his son?

    http://en.wikipedia.org/wiki/Howard_Buffett

    Howard Buffett is remembered for his highly libertarian Old Right stance, having maintained a friendship with Murray Rothbard for a number of years.[6] He "would invariably draw 'zero' ratings from the Americans for Democratic Action and other leftist groups."[7]

    Buffett was a vocal critic of the Truman Doctrine and the Marshall Plan.[3] Of the Truman Doctrine, he said: "Our Christian ideals cannot be exported to other lands by dollars and guns."[8] Buffett was also "one of the major voices in Congress opposed to the Korean adventure,"[7] and "was convinced that the United States was largely responsible for the eruption of conflict in Korea; for the rest of his life he tried unsuccessfully to get the Senate Armed Services Committee to declassify the testimony of CIA head Admiral Roscoe H. Hillenkoetter, which Buffett told [Rothbard] established American responsibility for the Korean outbreak."[9]

    Speaking on the floor of Congress, he said of military interventionism that,
    “ Even if it were desirable, America is not strong enough to police the world by military force. If that attempt is made, the blessings of liberty will be replaced by coercion and tyranny at home. Our Christian ideals cannot be exported to other lands by dollars and guns. Persuasion and example are the methods taught by the Carpenter of Nazareth, and if we believe in Christianity we should try to advance our ideals by his methods. We cannot practice might and force abroad and retain freedom at home. We cannot talk world cooperation and practice power politics.[9][10] ”

    In the summer of 1962, he wrote "an impassioned plea... for the abolition of the draft" in the New Individualist Review.[5] Buffett wrote:
    “ When the American government conscripts a boy to go 10,000 miles to the jungles of Asia without a declaration of war by Congress (as required by the Constitution) what freedom is safe at home? Surely, profits of U.S. Steel or your private property are not more sacred than a young man's right to life.[5] ”

    In addition to non-interventionism overseas, Howard Buffett strongly supported the gold standard because he believed it would limit the ability of government to inflate the money supply and spend beyond its means.[11] His son Warren Buffett is not an advocate of the gold standard.[12][13]

  6. #5
    Buffett was on a panel discussing the film IOUSA. his reason that our debt is not a problem was pretty simple: "this is America"

    guy is not a self-made billionaire and I sure hope I don't get folks on here telling me that he is (it's happened before here), don't spout the bs that he mowed lawns to build his fortune, or that he's a brilliant investor. he's not that smart. don't drink that Kool-Aid, folks. he's been riding on his father's coattails for years.

    "Oracle" of Omaha my ass.

  7. #6
    Quote Originally Posted by surf View Post
    Buffett was on a panel discussing the film IOUSA. his reason that our debt is not a problem was pretty simple: "this is America"

    guy is not a self-made billionaire and I sure hope I don't get folks on here telling me that he is (it's happened before here), don't spout the bs that he mowed lawns to build his fortune, or that he's a brilliant investor. he's not that smart. don't drink that Kool-Aid, folks. he's been riding on his father's coattails for years.

    "Oracle" of Omaha my ass.
    This is my understanding of it too. Dr North wrote a column last year comparing and contrasting Howard and his son. Very interesting read.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  8. #7
    Those are the republicans I wish we still had representing our party.
    A society that places equality before freedom with get neither; A society that places freedom before equality will yield high degrees of both

    Make a move and plead the 5th because you can't plead the 1st

  9. #8
    Quote Originally Posted by dannno View Post
    Well WTF happened
    Warren learned how to exploit the market using government interference and took full advantage of this knowledge.

    The same phenomon can be seen when you consider that Hillary Clinton used to be rather libertarian leaning until she learned the power the state could have in politics when exploited.



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  11. #9
    Quote Originally Posted by surf View Post
    Buffett was on a panel discussing the film IOUSA. his reason that our debt is not a problem was pretty simple: "this is America"

    guy is not a self-made billionaire and I sure hope I don't get folks on here telling me that he is (it's happened before here), don't spout the bs that he mowed lawns to build his fortune, or that he's a brilliant investor. he's not that smart. don't drink that Kool-Aid, folks. he's been riding on his father's coattails for years.

    "Oracle" of Omaha my ass.
    Agreed. He's America's #1 corporatist. Nothing more.

  12. #10
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.

  13. #11
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    Jim Rogers.

  14. #12
    This is a very good read by Howard Buffett:

    Human Freedom Rests on Gold Redeemable Money
    by Howard Buffett

    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 are impressed with the possibility of a relationship between a gold-backed money and human freedom.

    ...
    More:
    http://www.fame.org/pdf/buffet3.pdf

  15. #13
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    The Bastiat Collection · FREE PDF · FREE EPUB · PAPER
    Frédéric Bastiat (1801-1850)

    • "When law and morality are in contradiction to each other, the citizen finds himself in the cruel alternative of either losing his moral sense, or of losing his respect for the law."
      -- The Law (p. 54)
    • "Government is that great fiction, through which everybody endeavors to live at the expense of everybody else."
      -- Government (p. 99)
    • "[W]ar is always begun in the interest of the few, and at the expense of the many."
      -- Economic Sophisms - Second Series (p. 312)
    • "There are two principles that can never be reconciled - Liberty and Constraint."
      -- Harmonies of Political Economy - Book One (p. 447)

    · tu ne cede malis sed contra audentior ito ·

  16. #14
    Quote Originally Posted by surf View Post
    Buffett was on a panel discussing the film IOUSA. his reason that our debt is not a problem was pretty simple: "this is America"

    guy is not a self-made billionaire and I sure hope I don't get folks on here telling me that he is (it's happened before here), don't spout the bs that he mowed lawns to build his fortune, or that he's a brilliant investor. he's not that smart. don't drink that Kool-Aid, folks. he's been riding on his father's coattails for years.

    "Oracle" of Omaha my ass.
    I wondered given some of his views.
    Quote Originally Posted by BuddyRey View Post
    Do you think it's a coincidence that the most cherished standard of the Ron Paul campaign was a sign highlighting the word "love" inside the word "revolution"? A revolution not based on love is a revolution doomed to failure. So, at the risk of sounding corny, I just wanted to let you know that, wherever you stand on any of these hot-button issues, and even if we might have exchanged bitter words or harsh sentiments in the past, I love each and every one of you - no exceptions!

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    Peace.

  17. #15
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    Heard of Peter Thiel? (& then there's that whole foods owner?)

    Libertarians are a tiny group of people, mostly Americans, so obviously their absolute numbers by any denominating variable will be pretty minimal unlike let's say, socialists/liberals who are present everywhere in the world in large numbers......

    Another reason could be that most libertarians tend to be more intellectually-driven than economically-driven......which is unfortunate because they preach a philosophy about the world being economically-driven & yet fail to act on it themselves......fail to realize that probably the only way to have their intellectual ideas put into practice in the real world is if they became economically powerful enough to have an influence over formation of societal structures......not by wasting time preaching lemmings who are incapable of grasping their ideas to any extent........
    Last edited by Paul Or Nothing II; 10-26-2013 at 10:43 AM.
    There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
    - Milton Friedman

  18. #16
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    Ever notice how the most obscenely wealthy are fascist who suck off the government tit?



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  20. #17
    Really kind of sad to think one of my kids might be the next warren buffet.

  21. #18
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    What? Although it's not entirely related, Austria is more socialist then free market based.

  22. #19
    Quote Originally Posted by angelatc View Post
    What? Although it's not entirely related, Austria is more socialist then free market based.
    umm...
    Pfizer Macht Frei!

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  23. #20
    Unfortunately in a culture which just worships money and crony capitalist success people will overlook that Warren's father was better than he was in terms of understanding economy and society.

  24. #21
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    Jim rogers, peter shiff, mark faber, are a couple just off the top of my head. Many more Im sure.

  25. #22
    Quote Originally Posted by angelatc View Post
    What? Although it's not entirely related, Austria is more socialist then free market based.
    The Austrian School of Economics...not austrians from Austria.....

  26. #23
    Quote Originally Posted by Jordan View Post
    Somewhat related: ever notice that there are no obscenely wealthy Austrians? Plenty of poor ones on college campuses, though.
    Dread Pirate Roberts
    "We do have some differences and our approaches will be different, but that makes him his own person. I mean why should he [Rand] be a clone and do everything and think just exactly as I have. I think it's an opportunity to be independent minded. We are about 99% [the same on issues]." Ron Paul



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