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Started By
Message
re: Buying actual gold
Posted on 3/6/13 at 6:54 pm to NC_Tigah
Posted on 3/6/13 at 6:54 pm to NC_Tigah
Another Gem from the Oracle of Omaha
quote:
"Today the world's gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce -- gold's price as I write this -- its value would be $9.6 trillion. Call this cube pile A. "Let's now create a pile B costing an equal amount. For that, we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 Exxon Mobils (the world's most profitable company, one earning more than $40 billion annually). After these purchases, we would have about $1 trillion left over for walking-aroundmoney (no sense feeling strapped after this buying binge). Can you imagine an investor with $9.6 trillion selecting pile A over pile B? "A century from now the 400 million acres of farmlandwill have produced staggering amounts of corn, wheat, cotton, and other crops -- and will continue to produce that valuable bounty, whatever the currency may be. Exxon Mobil will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions (and, remember, you get 16 Exxons). The 170,000 tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond."
2
Posted on 3/6/13 at 7:17 pm to Vols&Shaft83
At the peak of the financial panic, a billionaire fundraiser for the President of the United States makes a big bet on a politically connected investment bank, openly admitting he's counting on the government to bail that bank out. A year later, the investment bank is booking record profits. A couple of years later, the billionaire fundraiser for the President is cashing in his chips, making bank, while the rest of the economy slips.
This story is true. Why isn't it a huge scandal? Is it only because the president is Barack Obama and his billionaire bailout-profiteering fundraiser is the affable Warren Buffett?
The latest news is that he's making a $900 million gain this year by exercising his right to buy $5.9 billion in Goldman stock for $5 billion. This might sound like the sort of thing that is between Buffett and Goldman. But it's not. Taxpayers are paying for this.
Here's a quick walk through the timeline:
During the 2008 campaign, Buffett was an economic advisor for Obama, and he hosted at least one fundraiser for Obama.
In September 2008, just after the collapse of Lehman Brothers, Warren Buffett made a $5 billion investment in Goldman Sachs. At the time, he said:
If I didn’t think the government was going to act, I would not be doing anything this week….
It would be a mistake to be buying anything now if the government was going to walk away from the Paulson proposal. Last week will look like Nirvana if they don’t do something.
Obama voted for the bailout, kept bailout captains Ben Bernanke and Tim Geithner.
(side note: Around this time, Sen. Dick Durbin pulled six figures out of the stock market and invested $98,000 in Buffett's Berkshire Hathaway)
Goldman received many billions from the TARP and from the bailout of AIG.
Nine months later, Goldman reported record profits.
Today, we learn Buffett will profit $900 million just off the stock warrant purchase of his 2008 deal.
What would we think if this happened in Russia?
LINK
-----------------------------------
Joeytiger Warren Buffett is no genius, he is politically connected. Of course he's going to encourage you and I to play in his casino. We are sheep to be sheared. He and the politicians don't care about you, your wife, or kids. You wouldn't take advice from your enemy, would you?
This story is true. Why isn't it a huge scandal? Is it only because the president is Barack Obama and his billionaire bailout-profiteering fundraiser is the affable Warren Buffett?
The latest news is that he's making a $900 million gain this year by exercising his right to buy $5.9 billion in Goldman stock for $5 billion. This might sound like the sort of thing that is between Buffett and Goldman. But it's not. Taxpayers are paying for this.
Here's a quick walk through the timeline:
During the 2008 campaign, Buffett was an economic advisor for Obama, and he hosted at least one fundraiser for Obama.
In September 2008, just after the collapse of Lehman Brothers, Warren Buffett made a $5 billion investment in Goldman Sachs. At the time, he said:
If I didn’t think the government was going to act, I would not be doing anything this week….
It would be a mistake to be buying anything now if the government was going to walk away from the Paulson proposal. Last week will look like Nirvana if they don’t do something.
Obama voted for the bailout, kept bailout captains Ben Bernanke and Tim Geithner.
(side note: Around this time, Sen. Dick Durbin pulled six figures out of the stock market and invested $98,000 in Buffett's Berkshire Hathaway)
Goldman received many billions from the TARP and from the bailout of AIG.
Nine months later, Goldman reported record profits.
Today, we learn Buffett will profit $900 million just off the stock warrant purchase of his 2008 deal.
What would we think if this happened in Russia?
LINK
-----------------------------------
Joeytiger Warren Buffett is no genius, he is politically connected. Of course he's going to encourage you and I to play in his casino. We are sheep to be sheared. He and the politicians don't care about you, your wife, or kids. You wouldn't take advice from your enemy, would you?
Posted on 3/6/13 at 7:17 pm to Vols&Shaft83
Is this bitcoins stuff legit? I read up,on it and it seems good in theory, but what would stop world governments from shutting down the markets? It virtually circumventing some pretty powerful entities with regards to world banks and markets.
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