I have previously covered billionaire goblin Charlie Munger’s sermon to the peasants of America that they ought to “expect less” economics-wise as a means to happiness — while he sits on a $2.7 billion fortune.
Now let’s examine his parallel attitudes on Bitcoin and CCP dictatorship.
Berkshire Hathaway CEO Warren Buffett, the legendary value investor, doesn’t see much value in bitcoin. In an exclusive interview last month with Yahoo Finance, he said that when you buy bitcoin or another cryptocurrency, “You don’t really have anything that has produced anything.* You’re just hoping the next guy pays more… You aren’t investing when you do that. You’re speculating.”
*The “things that haven’t produced anything” in their entire lives are Charlie Munger and his business partner Warren Buffett — glorified money-changers abusing the global neoliberal system (which will be revealed as highly relevant in a moment vis-à-vis Munger’s forthcoming praise of China) to enrich themselves
What doesn’t produce any value is the central bank fiat currency they prefer to Bitcoin, untethered to anything physical with intrinsic value and easily diluted at the flick of a wrist.
This is your brain on central banking/fiat currency.
The difference between Bitcoin and central bank fiat is that the former cannot be mass-produced by the Federal Reserve, thereby diminishing its value and producing all sorts of other, rippling negative economic ramifications that crush what remains of the middle class. The Federal Reserve euphemistically calls this practice, which drives inflation, “quantitative easing.”
Buffett’s longtime investment partner, Berkshire Hathaway vice chairman Charlie Munger, likes bitcoin a whole lot less.
At Berkshire’s 2018 annual meeting over the weekend, Munger fielded a question about cryptocurrencies. “It’s just dementia,” he said. “And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.’…
But then Munger added: “I regard the whole business as anti-social, stupid, immoral… Suppose you could make a lot of money trading freshly harvested baby brains. You wouldn’t trade them, would you. It’s too awful a concept. To me, bitcoin is almost as bad… I regard the thing as a combination of dementia and immorality. And I think the people pushing it are a disgrace.”
“Stupid!” “Immoral!” “Disgusting!”
Psychologists call this “projection.”
Has Munger ever voiced such vitriol for the central bankers in the US – or China for that matter — who rig the financial system to the benefit of a tiny sliver of the population?
Quite to the contrary, Charlie Munger has nothing but praise for the Chinese Communist Party and its financial stewardship of the slave economy it presides over.
Here he is talking to CNBC on China’s brutal crackdowns on its population in the name of COVID-19 and the silencing of Jack Ma, who endeavored to bring greater financial resources to the general population before he was disappeared and subsequently re-educated.
Munger also told CNBC’s Becky Quick that while “our own wonderful free enterprise economy is letting all these crazy people go to this gross excess,” the Chinese “step in preemptively to stop speculation.”
He also praised China’s approach to the current health crisis. As a totalitarian state, China had the luxury to “simply shut down the country for six weeks” in response to the Covid-19 pandemic.
“That turned out to be exactly the right thing to do. And they didn’t allow any contact,” he said. “When it was all over, they kind of went back to work. It happened they did it exactly right.
He has also advocated “following in China’s footsteps” by banning cryptocurrency.
This is just a small sampling of the lavish, slobbering praise Munger has repeatedly heaped on the CCP and its various authoritarian human rights abuses over the years.
Munger admires China so because he wishes desperately that all of the worst excesses of the regime could be duplicated, and expanded upon, in the United States. He is the worst kind of authoritarian, anti-American trash.
As an individual, Munger is not enormously relevant — particularly because, at 99, he will likely soon depart the Earth, no matter how many “youth blood transplants” are all the rage with the ruling class he receives. (Yes, those are a thing, which I have written about previously elsewhere.)
But his ethos will be duplicated by others of his class who subscribe to the same authoritarian dogma and act accordingly. This is the ethos of the World Economic Forum: top-down, technocrat, central bank-mediated control of the money supply and unmitigated social control over what they view as the degenerate, ragged masses. Their vision of the world is the polar opposite of the engravings upon the Statue of Liberty.