Page 8 THE BATTALION
TUESDAY, OCTOBER 14, 1980
opest
11 AJU.
’TIE
MIDNIGHT
SERVING
BURGERS ’IV BEER
Economist distrusts dollar
ithas
S4«-9438
United Press International
DALLAS — Jerome Smith is bul
lish on many things, but the future of
the American dollar is not one of
them.
His reaction to his gloomy predic
tions — the result of facts distilled
from over a decade as one of the
world’s leading research economists
— is a book entitled, “The Coming
Currency Collapse — and what you
can do about it” (250 pages, Books in
Focus, $12.95).
Part of Smith’s book suggests that
U.S. citizens are ready to spend
more time studying economics, and
further to listen to the man (Smith)
HEAR
BOBBY TUCKER
STUDENT BODY PRES. 76-77
ADDRESS
COLLEGE REPUBLICANS and
AGGIES FOR McNIEL
TUBS., OCT. 14, 7:30 P.M.
McNIEL for STATE SENATE
HEADQUARTERS
813 B TEXAS AVE. (ON S. End of Pasta’S Parking Lot)
No Host Dinner at 3-C Barbecue in Colleqe Station - 6:00 p.m.
EVERYONE INVITED!
Paid for by McNiel for Senate Comm., Pat Jones Treas., Rt. 5, Box 878, College Station, TX 77840
T
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OUR GARLAND DIVISION WILL BE INTERVIEWING ON CAMPUS OCTOBER 22 & 23
whose earlier book — “Silver Profits
in the Seventies” — convinced the
billionaire Hunt Brothers of Dallas
to begin the series of investments
which gave them control of more sil
ver than the rest of the free world put
together.
“However, what I recommended
in the book was to accumulate sil
ver,” Smith said. “But I understand
that beginning the middle of last year
the Hunts began to pyramid, bor
rowing money against the silver they
already owned to buy more. I made
no such recommendation in my
book, and so at that point they were
departing from the advice in my
book.”
In an interview following a tour of
Texas promoting his book. Smith
said the time has come for Americans
to begin serious hedging against in
flation.
“People do learn about econo
mics,” Smith said. “That last bout of
inflation in 1974 is still fresh in every
body’s memory. And then we had
the more recent runup early this
year, and after a short respite, we are
roaring up again.
“My experience has been that the
segment of the population that is
worrying about economics is becom
ing very large, much larger than it
was even last spring, and a great deal
larger than four or five years ago.
“Throughout the calendar year
1977 and extending up to the middle
of this year, people were suffering a
decline in their earnings and actual
income, in real terms. The real stan
dard of living is declining. We have
completely ‘fiat’ money, unbacked
and unredeemable. The only thing
that keeps paper money in circula
tion in those circumstances is confi
dence.
“I think people have a low level of
confidence in Mr. Carter; that is just
my perception. At the same time,
Mr. Reagan is somewhat of an un
known, and that creates additional
uncertainty. You have to throw in
war scares in the Mideast and
Europe.
“The likelihood is we will move
from past double digit inflation to
perhaps 30 percent in the next
round. After it goes above 30 per
cent, we are in danger of a runup to
triple digit inflation. I don’t look for it
soon, but there is a real danger for
later this decade and maybe by mid
decade.
"There is a lot of uncertainty
around, and that is anathema to
financial markets. Uncertainty is
another way of saying loss of confi
dence.
Smith’s advice is for investors — of
all ranges — to convert dollars into
precious metals, buy buying silver,
gold, platinum and coins.
"The book provides a range of per
centages because it is difficult to be
precise when addressing a general
audience,” Smith said. "It is in
tended as a guide.”
Specifically, he said, investors
with over $50,000 should follow this
formula: 40 to 50 percent in silver
bullion; 5 to 10 percent in common
silver coins; 10 to 15 percent in gold
bullion; 5 to 10 percent in platinum
bars; 10 percent in gold coins; 5 to 10
percent in diamonds and 10 to 15
percent in cash or equivalent in an
appreciating currency, such as Swiss
francs.
“For the fellow with $10,000, I
would suggest he go dowi |
nearest coin dealer and kjL
.coins, prior to the 1965dale^
percent silver coins,” Smith
Once the portfolio is pirj .
Smith suggests keeping it iai> ; By MAR
hank because of U.S. law; : Batta
allow confiscation of an indipr . A- K° ni
assets during times of emerpl his share c
"For the person who ore coming
$10,000 or less, many coin lity
offer storage services andthiJugster, v
be their best choice,” he sa ointed as e
not recommend safety depos T^xas Vet
in commercial banks, sm;Ostii I,abon
cause of the precedent in thirologist wit
when gold coins and gold® ! knew I ha<
bullion stored in commercii scratching i
ties were seized.” h a grin.
_ , . „ . „ iiigster wa:
Smith, 52, was borainStiLL &M ^
Mo., in a family of 11 child-*, as directo
was educated at the UnivK^||jj ace d py,
Kansas and the Universityol^^^.d
City School of Law.
Sena tor urges legal action
e
Nuke coastal storage leal
United Press International
AUSTIN — A state senator from
Galveston has urged Texas Attorney
General Mark White to act against a
firm which stored leaking plutonium
containers on the Texas coast and
then shipped them out of state.
Sen. A.R. Schwartz, D-
Galveston, urged state Health Com
missioner Dr. Robert Bernstein to
ask White’s assistance in legal steps
against Todd Research and Technical
Division in Galveston.
Schwartz said Todd failed to dis
close to the Health Department or to
the city of Galveston that it had
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iugster join
He started an economic'/ * n ^
ter, called "World Market
tive, ” in the mid-1960s. In w °rkir
dieted: devaluation of thejk c ‘ ,ven 'd V
America’s double digit inflJ[j| cat
1973; the Arab oil embargotb[f Cl ' 1 l vet * na
the recession in 1974andrc:, ( ‘ is cover
1975; the zooming preciom:' u S ster is “ ri
markets and - in Januan :
that there will be no reces|Pf^ a " d
1979 but that interest ntellV 11 i M
soar. ‘l
oi 11, Eu
“Very few think that we e* Jn the dia
ited States) will ever get int to go to high
inflation,” Smith writes intWer town, g
"They can’t conceive of thc jle with st
going the way of Germany iMonly chib
But then neither did the Gtege degree,
conceive of it in 1921." erinary Colic
eceived his
H.
hough suppe
ily while in :
to hold do
e time while
My last two;
;ed for as in;
Ihe said.
Ugster said h
stored plutonium and other:' teru .' a ” an
wastes at its storage siteonfe er e l)ri
Island or that two plutonitS: ,
tainers were leaking at the R^' s ,. t <K t<)I . '
apparently during transit toi|^, lv ®* n /
burial site in Nevada. , et e .
Bernstein said he leameil. m V( 1 rm
leaks after the waste burial 7 more ,
Beatty, Nev., refused to acC e , lcnu a<
leaking containers. " h e er , e >' 01
The wastes were consic . f ' .
legal property of SouthwestHy
a California firm, Bernsteini i , ,
“We cannot permit an ^ . t eC
. . F . .ions that he
company to transport nuclei|> ■
into Texas, store these wastfiyj . .
Texas coastal zone through 15 s °^
hurricane season, and then™A . b> s 1
those same wastes, presunub'. c 0 ' 1
ing all the way, out offfe* v ? t€
Schwartz said in his letterl? riI } a 7
, . . idea ot the
health commissioner. . fl . i . f
Todd Shipyard and [ r0
Nuclear failed to disclose ki , ma <
ence of this material,” Sehw ^ ^ sa1 ^
and that act of omission is iifci. i • »
able ” ^olarship,
able ' “Suse that
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ange proy
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