Investment Advice During President Jimmy Carter's Administration Encourages Real Wealth Over a Paper Economy

Economic inflation and political turnover make the value of the dollar rise and fall. Lichello's investment advice is to put your money where your land is: A tractor that will run and run, a garden that will grow and feed you!

| January/February 1979

  • Real wealth
    Turn currency into real wealth: Land, a garden patch, a flock of chickens. Real wealth will hold its value through good times or bad.  

  • Real wealth

"A German father back in the early 1900's was being quite rational when he left his two sons a large sum of money and cautioned them to spend it wisely. The good son, a sensible young man, invested his inheritance in safe German government bonds. The other son promptly went out and blew his share on wine, woman, and song. When the terrible German inflation of the 20's struck and it took wheelbarrows full of paper marks to buy a loaf of broad, the prudent son found that his bonds were worthless. The prodigal son, on the other hand — discovering that glass was in short supply — sold his cellar full of empty champagne bottles for a very tidy sum.”
Robert Lichello 

"If the Lord did not mean for them to be sheared, he would not have made them sheep."
Eli Wallach as the Mexican bandit in The Magnificent Seven

President Jimmy Carter Saves the Value of the U.S. Dollar

Don't let It upset you. But you — and all the other decent, honorable, prudent, hardworking people who still think that Little Jimmy Carter "saved" the American dollar for you last November (in other words, all you "sheep") — have just been sheared again.

In the first place, Little Jimmy's "bold and decisive" move wasn't really bold or decisive at all. Carter was forced to make that abrupt about-face. He and his administration’s (up to that time) "do nothing" policy had backed the U.S. dollar as close to the brink of economic disaster as it could be pushed without going over. Indeed, the dollar had already lost its footing, was hanging onto the edge by its fingernails, and — by losing value against gold and every major foreign currency on a rapidly increasing daily basis — was slipping into the abyss at an alarming rate.

In short: A "free fall"...a "crash" of the dollar was only weeks — some currency traders say days — away. None of the world's money markets wanted to hold U.S. paper IOU's any more, especially when the value of those IOU's was visibly shrinking minute by minute (at one point, the American dollar actually lost 5 percent of its value against the Swiss franc in a single day!)...and especially while Little Jim and his economic "advisors" airily continued to tell the world that they weren't concerned by the dollar's plunge.

Which brings up a very interesting second point: Why had the Carter administration so nonchalantly allowed the U.S. dollar to slide for months before Little Jimmy's abrupt grandstand play last November 1? Was it really — as the cynical currency traders In Zurich, London, and Tokyo say — all done for the benefit of a few large American-based international banking interests...which — as a matter of record — had reaped billions in profits by speculating against (selling short) the American dollar almost from the day that Carter took office?

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