Word: deake
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...eminent goldbug, a professional pessimist, Deak understands the psychology of people who have lost faith in mere money and paper shares. Critics, including many stockbrokers, say that Deak has a great 17th century mind, that his views would make Marie Antoinette look like Bella. Abzug. But his opinions are important, since so many nervous people share them...
...World inflation has reached crisis proportions, only we do not realize it," says Deak, his Bela Lugosi accent echoing his native Transylvania. The demands for federal spending on welfare and defense are so intense that "various measures taken by Government can affect inflation and the dollar, but only very little. I'm afraid that inflation will increase, and eventually our monetary system will collapse and our social structure will change. I went through all this before-in Hungary, Austria and Germany hi the 1920s-and the trend is inevitable...
...Deak castigates federal policies-but what would he do if he were Treasury Secretary? He laughs: "The first thing I would do is resign. Bill Simon, a very good man, had that job. He told me that it took him a year to find his way around and about another year to become convinced that he couldn't do anything because of the bureaucracy and the Congress...
...inflation brings gross social change, not everybody will be hurt. Deak calculates that people who possess resources will do well. Farmers will flourish-unless Government steps in to regulate their income. His vested interests move Deak to believe that gold holders will prosper, because he expects the barbarous metal to rise and rise. The Arabs, he notes, are pushing up the price by putting so much of their new wealth in gold. He is less enthusiastic about big gold coins than small ones, which are easier to barter in a pinch. He thinks that silver has even more potential...
...best protection of all," says Deak, "is to stay deeply engaged in the system, to ride with the rough waves and hope to stay on the crest." That is a remarkable conclusion for a bear, but Deak explains that people will do all right if they have goods or services or skills to market, for those will always be in demand. The people who stand to suffer are the untrained and the unlettered, which is a most important reason that inflation must be crushed and severe crisis avoided...