James Turk to speak at Committee for Monetary Research & Education Spring Dinner in New YorkMar 30, 2011·The GoldMoney News Desk
GoldMoney Foundation Director James Turk will be speaking at the Committee for Monetary Research & Education’s annual spring dinner meeting in New York on Thursday, May 12.
The evening promises to be an intellectually stimulating one, with James Grant (of GRANT’S Interest Observer Fame), Edwin Vieira, author of Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution – which can be ordered from the GoldMoney Foundation – Daniel Oliver Jr, Victor Sperandeo, Leonard Liggio and Bob Hoye also speaking.
America’s Committee for Monetary Research & Education (CMRE) is an organisation engaged in the intellectual battle for sound money. For over thirty-five years it has sought to educate people on monetary and market issues, providing analysis of stock, bond and currency markets as well as incisive commentary on the banking sector.
James will be speaking in favour of the notion that human freedom rests on money being redeemable into gold, with particular reference to the monetary philosophy of Howard Buffett – father of billionaire investor Warren Buffett.
Buffett senior served as a United States congressman for four terms in the late 1940s and early 1950s, representing Omaha, Nebraska as a Republican. In contrast to his son (who has disparaged gold) Howard Buffett saw the gold standard as being inexorably linked to human freedom. As he outlined in a now famous speech from 1948, titled “Human Freedom Rests on Gold Redeemable Money”, gold is the standard of liberty, while fiat currencies remain the prerogative of overbearing governments and tyrants.
Some of Howard Buffetts’ speech remarks might cause a wry smile. Oh for the days when government budgets were measured in billions rather than trillions! As another Midwestern Republican, Senator Everett Dirksen, was said to have remarked about the Federal budget in the 1960s: “a billion here, a billion there and pretty soon you’re talking real money.”
Dirksen didn’t know the half of it. Today, the US government’s total official debt stands at over 14 trillion dollars. But as Richard W Fisher, President of the Federal Reserve Bank of Dallas, pointed out in a 2008 speech (still available for viewing on the Dallas Fed’s website) unfunded Federal liabilities such as social security (pensions) and Medicare (health care for the elderly) are close to $100 trillion.
And all of this, of course, ignores the horrific fiscal condition of states like California, New York and Illinois – all struggling with crushing debts, continuous budget deficits and mammoth unfunded liabilities. Meanwhile, the Fed and other central banks around the world print trillions of dollars, pounds, euros and yen in an effort to keep interest rates low, banks solvent, and (though officially unstated) to inflate away the massive debts they have accumulated and to impose a soft-form of wage cuts on their people.
Howard Buffett’s generation of fiscal conservatives will certainly have turned in their graves. It is crucial that kindred sprits of his, such as those who work for the CMRE, honour his legacy, and continue the battle for hard money. Now more than ever, gold prices are telling us that the emperors of the world are wearing no clothes.
This event will be held on Thursday May 12 at The Union League Club, 38 E. 37th Street, New York City