Warren Buffett's 99-Year-Old BFF And Business Partner Is Demanding The US Ban Crypto Because He Is An Old Man That Yells At Clouds
Sure grandpa, let's get you to bed.
First, let's set the scene. Meet Charlie Munger, a 99-year-old Omaha resident.
Nati Harnik. Shutterstock Images.He is the Vice Chairman of Berkshire Hathaway (the massive conglomerate controlled by his butt buddy Warren Buffett). He's a billionaire and known for being a shrewd investor. Just not as shrewd as Warren Buffett whose coattails he rides. And did I mention he is 99-years-old?
As a nearly 100-year-old man, it shouldn't come as a surprise that he doesn't like change. He's taken a big steaming dump on crypto time and time again. He's called it "stupid and evil" and hated on the US for allowing its citizens to trade Satoshi's creation.
And he just dropped his magnum opus of crypto hot takes. The Wall Street Journal let Munger pen an Op-Ed about "Why America Should Ban Crypto."
WSJ - Obviously the U.S. should now enact a new federal law that prevents this [trading crypto] from happening.
Two interesting precedents may guide us into sound action. In the first precedent, the communist government of China recently banned cryptocurrencies because it wisely concluded that they would provide more harm than benefit. And, in the second precedent, from the early 1700s, England reacted to a horrible depression that followed the blow up of a promotional plan to get vast profits by using slow-moving sailing ships to trade with very poor people halfway around the world.
What the English Parliament did in its anguish when this crazy promotion blew up, was direct and simple: It banned all public trading in new common stocks and kept this ban in place for about 100 years. And, in that 100 years, England made by far the biggest national contribution to the march of civilization as it led strongly in both the Enlightenment and the Industrial Revolution and, to boot, spawned off a promising little country called the United States.
What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.
Mr. Munger, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
I'm not entirely sure wtf Charlie is talking about regarding 18th century England, so I'm just gonna take his word on that one.
What I can say is that pointing to the Chinese government as being "sound" in their reason for banning crypto is batshit. Which means saying we need to "thank the Chinese communist leader for his splendid example" is bordering on criminal. This dude needs to be locked up. Throw his ass in Gitmo.
Side note: Can we be sure Charlie wasn't the one who sent up that Chinese spy balloon?
Listen, I get it. There have been a lot of grifters in the crypto space. And, sure, blockchain technology is hard to understand. But just because you're scared of shitcoins doesn't mean the rest of us should be punished. We're big boys and girls, we don't need you or Big Brother telling us how to lose our money.
PS - Gotta be brutal living in Warren's shadow all these years, right?
PPS - Every day I send The Water Coolest, Barstool's daily business and markets newsletter, to a few hundred thousand Stoolies/serious investors/crayon eaters. It hits your inbox at 6 AM and covers all stories you need to know (not just Charlie Munger news).
And now you can get the newsletter in audio version. It's available wherever you listen/watch pods…
