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BEGIN:VEVENT
UID:113c65c6f84fd35764b36b6b958c76f5
CATEGORIES:LSDM
CREATED:20170212T062209
SUMMARY:Roger Lipton
DESCRIPTION:
Roger Lipton, based in New York City, operates a hedge fund p
artnership valued at $40 million, for his own account and for friends and f
amily.
>
> Roger is a regular visitor to Park City for the skii
ng experience and is a good friend and close associate of LSDM stalwart, Pa
ncake.
>
> Roger is a devotee of Austrian school of economics,
of which the best known proponents are Friedrich Hayek, Ludwig von Mises, a
nd Murray Rothbard.
>
> Lipton has had republished the works of
Harry Browne, an Austrian economics devotee, and 70's author, who predicte
d many of the adverse financial circumstances (large deficits, growing borr
owing, financial crises, and strained economic growth) that we see today. >
> Roger, as an investor, is an advocate of a gold standard to
back the currency. From his news letter (which is a good summary of Roger'
s remarks to LSDM):
>
> As students of economic history, we bel
ieve the record clearly shows god in a disciplinary role during the most pr
oductive periods of long term non-inflationary growth. The antithesis of t
his is the economic malaise and inflationary tendencies over those periods
when gold didn't restrain the creation of paper money. In term of the infl
ationary tendencies over those periods when gold didn't restrain the creati
on of paper money....
>
> We have fundamental reasons for ownin
g gold, not rooted in emotions or chart reading, but based on literally tho
usands of years of worldwide acceptance of gold as a medium of exchange and
store of value. Over the centuries, going back to biblical times, god has
maintaned its purchasing power while an untold number of paper currencies
('fiat" i.e. "unbacked") have come and gone. the paper currencies' lives w
ere defined invariably by how long it took the politicians of the time to d
ebase or dilute the unbacked medium of exchange, and that continues to be t
he case.
>
> From 1792, until 1971 when President Nixon closed
the exchange window, the paper dollars were exchangeable into a fixed amoun
t of gold, though FDR adjusted ('devaluing" the dollar) the $/oz exchange r
atio in 1933. From 1792 until 1914, when our Federal Reserve Bank was esta
blished to control inflation, there were 132 years of economic growth (almo
st 4% annually) with minimal inflation, and the budget under control except
in wartime. From 1914 until today, the dollar has lost 95% of its purchas
ing power. From 1971 (when we went to "pure paper" until today, the dollar
has lost over 80% of its purchasing power...
>
> We often ask
ourselves what the "endgame" looks like as this "staglation" plays itself o
ut. This is a long term cycle, so timing is naturally uncertain. This cou
ntry will survive, and our families will survive, barring a nuclear or bio-
chemical catastrophe. However what will likely not survive the economic up
heaval ahead will be the currency in which we transact business...
><
br /> > In sum, Roger believes that "gold discipline" will ultimately be ne
cessary to fix the US and world economy.
>
DTSTAMP:20260421T214705
DTSTART;TZID=America/Denver:20170215T070000
DTEND;TZID=America/Denver:20170215T080000
SEQUENCE:0
TRANSP:OPAQUE
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