Why Governments Tend to Debase Their Currencies

And obviously we wouldn't want to be owning

anything that we thought was in a currency that

was really going to hell. And that's the big

thing we worry about with the United States

currency. I mean, it... the the tendency of

a government to want to debase its currency

over time is... There's no system that beats

that. You can pick dictators, you can pick representatives,

you... can do anything. But but the people...

there there will be a a push toward weaker currencies.

And of course that is, I mentioned very briefly

in the annual report that the the... fiscal

policy is what scares me in the United States

because it's it's made the way it is. And uh...

and uh all the motivations are to doing a lot

of things that will cause, could cause trouble

with with money. But that's not limited to the

United States. It's all over the world. And

some places it gets out of control regularly

as I... you know, they know, they know, no,

hey, they uh... they devalue at rates that are

breathtaking and that's con... that's continued.

I mean, and you people can study economics and

you can have all kinds of arrangements, but

in the end, if you've got people that control

the currency, uh you can you can issue uh paper

money at will or... you can engage in clipping

currencies like they used to do centuries ago

or and... there will always be people, it's

the nature of their job... I don't I don't I'm

not singling them out as particularly evil or

anything like that. But the natural course of

government is to is to make the currency worth

less over time and uh... and that's got important

consequences. And it's very hard to build checks

and balances into the system that keep that

from happening.