Miserable day for stocks and one of the worst weeks of the year for the major equity indices.
Gold and silver held up fairly well in today's equity sell off.
Happy Cinco de Mayo.
It appears that Charlie Munger believes that the people of India and the Mideast are not civilized. And God only knows what he might say about the Chinese, including their central bank. Don't they know they are supposed to hold US dollars, and invest them in treasuries and on Wall Street for safekeeping?. Charlie Munger on gold.
I wonder what kind of low lifes he thinks might be buying silver? If the people are fearful of inflation, let them buy a railroad.
Qu'ils mangent de la brioche.
It's the fraud, Charlie. And powerlessness in the face of official corruption that benefits only a few, such as yourself. When the going gets tough, no one is going to bail them out. And they do not have an army of lawyers and powerful friends to protect their interests.
This is the type of narrow ignorance of the world as it is, and lack of empathy for other people who might not be as fortunate, powerfully connected, and secure, that has always confounded the pampered princes of the Anglo-American cartel.
See you Sunday evening.