When Nixon abandoned the gold standard in 1971, a lot changed fundamentally.5Interest rates first spiked and have since fallen and caused a forty year perpetual bull market for bonds. The United States have ramped up significant debt and considerable pension liabilities. There is no shortage of global challenges either: rising inequality, climate change. More debt is probably the only source of funding these crises. As Warren Buffet famously said: “the “U.S. debt isn’t going to be repaid; it’s going to be refunded.” The end game is clear. There will be a bond fire.

尼克松是个聪明人，放弃了金本位，然后这些玩资本的都发了大财。然后一堆问题就冒出来了，财富分化越来越严重，气候变化也在加剧。然后美国佬又继续借钱来解决这些问题。这事情巴菲特就看的很清楚。美国人玩的最溜的就是不断的借借借，压根就没想过还的问题，债滚债，看这火烧到啥时候是个头。

Gold survives bond fires. It cannot be increased to deflate the value (scarce), it is not perishable and can withstand time and use (durable), it can easily be stored and transported (portable), the value of any gold item can easily be related to another independent of form (fungible), and it can be divided into smaller amounts and re-assembled without loss (divisible). Bitcoin is like gold, but better.

黄金倒是很坚挺，没办法，稀缺啊。相对来说好保管也好运输，拿出去买东西也容易，大家伙都认，好分割也好组装，大生意小生意都用得上。但这些优点比特币都有，而且都还有过之而无不及。

Wells Fargo, once Warren Buffett’s favourite bank, was founded in 1852. The bank used a stagecoach to transport valuables ranging from letters to gold, contracts to checks, in Wells Fargo’s green treasure box under the driver’s seat. The company employed and contracted shotgun messengers to guard them. “The kind of men you could depend on if you got into a fix,” according to Wells Fargo’s website.

富国银行曾经是巴菲特的老相好， 1852年开的张，也是百年老字号了。那个时候运贵重物品不比现在，银行都是用马车，宝贝都藏在驾驶员座位下方的富国银行的绿色宝藏箱中，然后雇一批枪手来押镖。 看看富国银行的广告：摆不平了？找我们，绝对靠得住。啧啧啧

For thousands of years, societies have mined for gold in all corners of the world with great sacrifices by people and the environment — even today. Once the gold is above ground, it must be protected at all cost. While I believe we do it in more sophisticated ways than Wells Fargo’s shotgun messengers, the principle remains the same. Once again, large capital investments and high operational costs. Waste. Inefficiency. We need progress.

黄金嘛，老祖宗都知道是好东西，这玩意见不得光，否则一堆人拼着命的抢。咱们现在守着这点金子，虽然安保比以前做的好一点，但是意思是差不多的。你要想用这些金子去搞点投资做点生意啥的，那是相当的麻烦，效率低的吓人。所以说咱们得想办法。 (责任编辑：admin)