Warren Buffett’s dad the prominent libertarian Howard Buffett in a letter to Murray Rothbard wanted to share the latter’s book, “The Panic of 1819”, to his son, perhaps to introduce the Austrian Business Cycle Theory (ABCT).
from the Lew Rockwell Blog
Excerpted from the second to the last paragraph… (hat tip Bob Wenzel)
Somewhere I had read that you wrote a book on the "Panic of 1819". If this is correct, I would like to know where I can buy a copy of it. I have a son who is a particularly avid reader of books about panics and similar phenomenon. I would like to present him with the book referred to.
It’s interesting to know that Warren Buffett’s adapted philosophy has been in the opposite dimension relative to his Dad, especially amplified today...Warren’s twilight years.
Ironically, son Warren has even furiously assailed on the essence of what his Dad believed in.
The sad part is that Warren Buffett evolved from being a model value investor and deigned himself into a major crony for the Obama administration, where the son Warren may have sold out Dad’s principles for convenience, status and wealth.
This reminds me of Jedi master Yoda who warned apprentice Jedi Anakin Skywalker in the final episode of the prequel Star Wars Episode III: Revenge of the Sith
The fear of loss is a path to the dark side.
I am inclined to think that the prospect of the loss of the above privileges could have been a key influence behind the son’s embrace of the state…and the dark side.
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