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"Gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold – they invest in productive businesses." ~ Charlie Munger Charlie Munger is Warren Buffett's partner. He is 88 years old. You can see his remark in this brief extract from an interview on CNBC. That sounded clever. But cleverness can conceal a great deal. Jews in Vienna were civilized people. Uncivilized people had been running the government ever since March 1938. The Nazis were in charge. The trouble facing civilized people who are under the control of uncivilized people is that they suffer from an illusion. They don't understand the degree to which the uncivilized people are uncivilized. Munger should have been more specific. The hypothetical Jewish family in question should have done a lot more than sew gold coins into their clothes in 1939. The head of the household should have sold his house and his business. He should have transferred all of the family's assets to Switzerland, England, or the United States. Then he should have directed the family to pack their bags and follow their money. After August 31, 1939, this became illegal. World War II broke out. They should have begun the process no later than March 12, 1938, the day Germany's troops crossed the border. Read More |