Max Keiser on gold, Bitcoin, and Warren Buffet: "He's a sociopath"

20 May, 2019
by Will Heasman
Max Keiser on gold, Bitcoin, and Warren Buffet: He's a sociopath

Chepicap recently spoke to broadcaster and Bitcoin evangelist Max Keiser about everything, from the future of Bitcoin to the future of humanity and while Keiser’s views on the latter aren’t too rosy his views on one human in particular - Warren Buffet - are slightly worse than that… 

It’s fair to say that Buffet isn’t the most loved person within the cryptocurrency community, in fact, if we’re being honest Buffet probably ranks somewhere between Nouriel Roubini and serial Satoshi impersonators…

This is perhaps a fair reputation for a man who has in the past called Bitcoin “rat poison,” a “delusion,” and has equated it to “tulips,” and “seashells.”

Keiser doesn’t just agree with the overwhelming consensus against Buffet but instead seems to pioneer it. Like the leader of a pitchfork-wielding mob, Keiser laid out his exact feelings on Buffet, calling him (among other things) a freeloader, and a bum…

"He's  a sociopath, essentially.”

Speaking on Buffets recent spew of vitriol towards Bitcoin, in which the billionaire called BTC “a gambling device,” Keiser accuses Buffet of hypocrisy, retorting with his own estimation of Berkshire Hathaway’s annualized returns.

The impromptu appraisal deducted both Hathaway’s government-sanctioned bailout, and stock buybacks – a tactic which has been historically considered a form of market manipulation – from Hathaway’s 21% annualized return rate, leaving little in the way of actual profit:

“If you remove those two items from Warren’s performance, you end up not with a 21% annualized rate of return, but a negative rate of return, you’d be losing money for people. So he’s in no position to comment about anything.”

But Keiser wasn’t finished there…

“He’s a freeloader, he exists at the pleasure of the US government who give him lots of money printed through their various quantities easing schemes … he’s like one of these old bums who horde paper in their closets, and they have a lot of cats running around, and he’s a sociopath, essentially.”

When quizzed on whether a billionaire could actually be classed as a ‘bum,’ Keiser retorted that fiat money equates to little more than “confetti,” adding that “in five years that might be worth the same thing as the currency in Venezuela.”

Banks committing mass suicide

Indeed, Keiser has used the US dollar as confetti a number of times to illustrate his point, sadly for us, he didn’t have his wallet on him...

“I’ve ripped up a lot of fiat money over the years, many thousands of dollars I’ve ripped up because I want to get peoples attention to the fact that fiat money has no value, its just paper,” said Keiser.

Continuing to make the case against fiat (and Buffet), Keiser relays that banks are committing mass suicide, pointing to the example of Deutsche bank which according to Keiser, has more than $130 trillion in uncollateralized derivates on their books.

“Deutsche bank looks like the new Leman Brothers … In order to bail them out, you’d have to print, not $20 trillion like they did in 2008, you’d have to print $100 trillion in fiat money.”

Derivative instruments proved to be the main catalyst for the clogging of the financial system in 2008, which led to the global economic crisis, and incidentally, the birth of Bitcoin.

Gold isn't going away...

Keiser hypothesizes a dystopian (near) future in which a new economic crisis once again takes hold, suggesting that the wealthy would inevitably look to hold their value in something other than doomed fiat:

“If I’m a wealthy person … I’m thinking, ‘all the fiat money world is blowing up, I have really only a couple of choices, gold, and Bitcoin”

However, the issue with gold is the very same quality it derives its value from, scarcity.

“Gold is not easy to source, its hard to get a billion dollars of gold, ask China, ask Russia. If they could buy 10 billion dollars’ worth of gold today, they would but they can’t because it’s not available … Look at bitcoin … I could buy 5 billion dollar’s worth of Bitcoin right now.”

Keiser caveats that gold isn’t going away anytime soon, qualifying that with the fact that central banks still settle accounts via the precious metal. He also couldn’t help but take one last swing at Warren Buffet…

“The gold standard has never ever left us; no matter Warren Buffet says, and his dad was a stockbroker … Warren is just a petulant little juvenile who rebelled against his dad and decided to buy worthless paper, and go on CNBC and demand and beg for bailouts like a crying little bitch.”

So, in summery, gold will still be a competitor for Bitcoin in the years to come, but BTC will be easier to source, fiat money is basically confetti, and Warren Buffet is a little bitch. Sounds about right…

Listen to Chepicap’s full interview with Max Keiser below!

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