Malcom X on the death of capitalism (1962)

It is impossible for capitalism to survive, primarily because the system of capitalism needs some blood to suck. Capitalism used to be like an eagle, but now it’s more like a vulture…It’s only a matter of time in my opinion before it will collapse completely.

Malcolm X, racial activist, 1962

Michael Moore on the death of capitalism

And I think, really, what we’re seeing now, we’re seeing the end of capitalism. The end of capitalism as we know it and I say good riddance. It hasn’t helped the people or the planet.

~ Michael Moore, filmmaker, as appeared on the Larry King Show on CNN shortly after the presidential election of 2008

Aldous Huxley on travel

To travel is to discover that everyone is wrong about other countries.

~ Aldous Huxley

Horace Mann on public education

We who are engaged in the sacred cause of education are entitled to look upon all parents as having given hostages to our cause.

~ Horace Mann

Horace Mann
1940

Bill Fleckenstein on gold being underowned in investment portfolios

According to a story in Commodity Online, gold comprised just 5% of world financial assets in 2008; whereas in 1982 gold comprised 22% of world financial assets. As I've noted before, when I first got into the investment business 30 years ago, it was considered prudent to have at least 5-10% of one's assets in gold. Of course, that asset allocation doesn't take into consideration the general disdain that central banks now have for the purchasing power of any of their currencies, which ought to exacerbate today's demand for gold. Looked at differently, according to the World Gold Council (and John Hathaway), if global pension funds decided to increase their exposure by about 1.2%, it would require more than 44,000 metric tons, or roughly 27% of all the gold that's ever been mined. As I noted when the FT changed its tune about gold (May 09: "As Good As Gold"), I think the big story is going to be the establishment-types who -- to potentially hew to the fashionable status of allotting 5-10% of one's financial assets in gold-- ultimately chase the price much higher as they build their positions. And, if the Chinese central bank decides to do that, they have a long ways to go from their base of just under 2%. 

~ Bill Fleckenstein

Otto von Bismarck on the U.S.

God looks after drunks, fools and the United States of America.

~ Otto von Bismarck, 19th century Prussian leader

Kevin Duffy on Townhall.com's boast that "A Republican wave is building -- let's be ready to ride it to victory!"

You can’t be serious. Under Bush II you spent like drunken sailors, doubled the public debt, bailed out reckless speculators with undue government influence (Goldman Sachs, Citigroup, BofA, et al.), and invaded and bombed a country who never invaded us (or had anything to do with 911) into oblivion, tarnishing the American brand of liberty and neutrality. Further, you paved the way for Obama and his radical socialist and authoritarian agenda. This is the vaunted Republican platform of limited government and free enterprise??? On top of that, the only true limited government, freedom loving Republican – Ron Paul – you treated like a pariah. Quite frankly, you and your party disgust me.

~ Kevin Duffy, Bearing Asset Management, May 28, 2009