There’s nothing like a good heavyweight title fight to get the excitement up when things are otherwise fairly boring and predictable – like the markets crashing back into red after temptingus with a week of positive trading. So why not distract ourselves with what’s going on in the ring? And we don’t mean the Eubank Jnr Fight either (although by all acoount that was a fight worth watching). No, we are talking about a different match – the Bitcoin Bull Max Keiser versus billionaire Warren Buffet.
In an extremely outspoken tweet, referring to Buffet’s annual letter to the shareholders, Keiser described Buffet as an
“unmitigated fraud and charlatan reliant entirely on tax-payer bailouts and accounting tricks.”
Kieser, it appears, took issue at Buffet’s justification for repurchasing shares or ‘stock buybacks’ – an action which Buffet claims makes companies more attractive. This was, according to Keiser, “pure fraud. Its sole purpose is to commit accounting fraud for the benefit of insiders.”
A further point of contention was Buffets view on the value of gold. “Our country’s national debt has increased roughly 400-fold during the last of my 77-year periods,” stated Buffet, “that’s 40,000%! Suppose you had foreseen this increase and panicked at the prospect of runaway deficits and a worthless currency. To “protect” yourself, you might have eschewed stocks and opted instead to buy 31.4 ounces of gold with your $114.75.”
Keiser responded with an attack on Buffet’s ‘special relationships’ with those in power –
“The real story is to put gold in context and understand that Buffett’s so-called success is entirely driven by a cozy relationship with Wall Street and the Fed that gives him virtually unlimited access to credit carrying zero percent interest.”
If that is not a convincing argument in favour of decentralised currency, we challenge you to come up with something better!
Although on this particular occasion Buffet didn’t mention bitcoin, his previous insults nevertheless did not go unpunished. Hitting back on Buffet’s earlier comments about Bitcoin being “rat poison” and “an asset that creates nothing,” Keiser’s closing volley left little unsaid – “there is no bigger rat than Warren Buffett. The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like bitcoin and gold.”
So, in this heavyweight clash, how dod the judges rule? It might not have been a total knockout, but the title belt is unanimously awarded to Keiser. Let’s only hope that he is proven correct.