Gold price slips as traders absorb Biden withdrawal from US election
Spot bullion traded just under $2,400 an ounce, erasing earlier gains.
Attention-getter Rick Rule had choice words when asked about Warren Buffett, who said that President Barack Obama is “not anti-business.”
“There is a strong drift in American politics toward fascism and I think Obama and Buffett are fascists,” said Rule in an interview with Cambridge House International in early June.
“The idea that a company should not be allowed to fail I think is anathematic to a market. Failure is what is required in a market to purge the market of moral risk. So when you ask me if Obama is anti-business, it depends on how you define business.
“If you define business as maintaining brain dead parasitical fascist structures like J.P. Morgan Chase or General Motors then no, he’s certainly not anti-business. But I do think he and Buffett are anti-market.
“I’m pro-market. I think the thing that made the United States as great as it was for many years there was a reliance on markets and a sense that it was OK for people to succeed, and it was OK for people to fail too. And it was that interplay that kept the playing field real.”
Hat tip, Gold-Prices.biz
3 Comments
EZ FROM THE SOUTH
Why the UK or now the ECB (none of them run by socialists) rescue banks instead of letting go down the drain?. Because they are fascist too?. It is a pity that a person is so badly educated in market as well as in economic and political terms.
Just an Observation...
Big government can never stay within sensible parameters. Just not it’s nature with the lobby in DC.
CMBB Headhunt
I agree with Rick Rule – failure is corporate ‘natural selection’. It is the role of management to select markets, provide a product/ service that the market wants to buy, define new innovative products and generate profits.
Government’s involvement in the private sector has been to protect jobs and that is never a good reason to maintain poor businesses. If government encourages innovation and entrepreneurship you will always have a surplus of work, and jobs.
I guess in an election year you cannot have 200,000-odd people employed from failed business like GM?
Government should stick to politics, providing tax payers with services they are willing to pay for, provide a safer society through law and order, a military power and a legal framework which encourages economic growth but clamps down on fraudsters and irresponsible managers.
Let the free-market determine the path forward through innovation, ideas and capitalism. Finding out what products and services the market wants and needs, and is willing to pay for, is better done by the market and not government. Many governments are barely providing service delivery of basics or enforcing of basic human rights.