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Buffett : Change of Mind
Author: Raoji
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Back to the 1930s ?
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Linkfest: 04 May, 2020
Some stuff I am reading today morning:
FPIs in selloff mode (BS)
Blackout threat looms as discoms collection peters out (ET)
Govt orders to waive rents impinge on contractual rights (FE)
Returns on gold sparkle (Mint)
Nifty+ Nifty Next 50- What’s a good mix? (Free Fincal)
How sovereign gold bonds outshine other asset classes (BL)
Its just another manic market (Common Sense)
Berkshire Hathway 2020 Annual Meeting Transcript (Rev)
Letter to Investors (Vallum Capital)
Legal Monopolies (Amit)
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Weekend Mega Linkfest:30 April,2020
Some off beat reads for the long weekend:
Why the Coronavirus is so confusing (Atlantic)
What happened on the Diamond Princess (Wired)
How the Pandemic has shattered the myth of College in America (New Yorker)
Does BCG vaccine really protect Indians from Coronavirus? (You Tube)
The Malaysian Job (Harpers)
China in Africa (Japan Times)
The force is still with Jack Dorsey (Vanity Fair)
Lessons on hope from a Hungarian forced labourer (Al Jazeera)
Motor Cycling in Western Arunachal Pradesh (Team BHP)
Haircut in the time of coronavirus (J Mathrubootham)
How did Indian History become a myth? (Nanditha Krishna)
When the 1897 bubonic plague ravaged India (Aanchal Malhotra)
Bharat Mata- From Art to Reality (LHI)
On Irrfan Khan (Danish Husain)
Obituary: Rishi Kapoor (BBC)
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Govt Spends. You Pay
Everywhere government spending is presented as a panacea for all our economic ills. Is private industry partially stagnant? We can fix it all by government spending. Is there unemployment? That is obviously due to “insufficient private purchasing power.” The remedy is just as obvious. All that is necessary is for the government to spend enough to make up the “deficiency”…
Here we shall have to say simply that all government expenditures must eventually be paid out of die proceeds of taxation; that to put off the evil day merely increases the problem, and that inflation itself is merely a form, and a particularly vicious form, of taxation… ultimately every dollar of government spending must be raised through a dollar of taxation. Once we look at the matter in this way, the supposed miracles of government spending will appear in another light
-Henry Hazlitt in Economics in One Lesson