Many liberals or Democrats, think that ‘profit’ is evil, un-necessary, and keeps poor people poorer, and makes rich people even richer. There are myriads of reasons many think the word ‘profit’ is foreign, needless, and should be abolished. The current candidate for mayor of New York, Zohran Mamdani, is classic. He thinks the busses and subways should be free, and the state should run the grocery stores and show no profit. He’s backed to the hilt by most Democrats.
I’m in the midst of a six hour PBS history of FDR (Franklin Delano Roosevelt), who inherited a horrible depression, which he worked steadily to fix, in the main with more and more bureaucracy and spending. Many of his plans were eliminated by the Supreme Court, as being un-constitutional. (Will the same thing happen to Trump’s tariffs?) There were eleven million out of work in the mid-thirties, and after all of the bureaucracy and spending over several years and billions of 1930’s dollars, (worth about 98% more than the current dollar), there were still 8.5 million without work.
Among other things Roosevelt did, besides not fixing the economy and stopping the depression, he began the welfare system, which today is so out of control that it would be impossible to eliminate without mass killings. He began building free public housing, Social Security, rationing, the draft, among others and his closest ally was communist Harry Hopkins. Many say that Roosevelt almost deliberately got us into World War Two, irritating and denying Japan oil, rubber, and basic necessities, by blocking its shipping to the South Pacific Seas, and refusing to sell goods to it from America. That ‘cured’ the depression for certain!
FDR was born into wealth and prestige, never had a ‘job’ outside of government, and the word ‘profit’ was not in his vocabulary. He had a marvelous personality, everyone loved him, and his being crippled by polio never stopped him from traveling and making everyone believing that he could do no wrong. He even won a third Presidency, in spite of being close to death.
Without profit, there would be no civilization as we know it. Throughout all of history, most governments ruled by dictatorship, and slaves did its wishes. Without profit, no business could succeed or even exist, and capitalism would be an unknown phrase. Without capitalism and freedom, there could be no stores, restaurants, or anything we now use and expect to always have. The idea of making a profit is the reason anyone goes into business, or even wants to do so.
Most big names and wealth were illustrated by Trump’s meeting with corporate chiefs in the White House last week, but there are literally millions of smaller and small businesses which show a profit, and make America wonderful place. Profit is what makes people want to ‘start my own restaurant,’ ‘go into the used car business,’ own an apartments house,’ or maybe ‘start Colorado Gold!.’ Without the word or theory of ‘profit,’ probably 99% or people just about everywhere, but especially in the U.S., look for employment or a job, and ‘profit’ never enters their minds. A really broad definition of profit is, “Buy low and sell high,” but there are hundreds other rules or common sense, which makes most businesses fail, unfortunately.
Having never had a job, maybe a brief history of myself, would illustrate my desire for ‘profit.’ I always used to fix neighbors electric trains, with no profit, as it was fun, but in high school, I began repairing Televisions, since I had taken up electronics and had been a ‘ham’ radio operator. In the early 1950’s I was making $100 a week doing that, with just ‘word of mouth,’ getting business, which was several times what high school kids were making, working after school at various jobs. At Graduation, I was offered a scholarship at Carnegie Tech, but I didn’t want to go to Pittsburgh, so I declined it. My parents had bought a 40 acre farm just an hour’s drive from D.C., where I was born and raised. I noted that there were no movie theatres in the area, and not to bore you, but I borrowed from my Dad, and built a drive-in theatre at Prince Frederick, Md. This started me in the 11 years of eventually having six theatres, and loving it. The last theatre was in Lansdowne Pennsylvania, where I had a wonderful 1927 movie ‘palace’ with full stage, pipe organ, and 1356 seats. I obtained a first run of “Goldfinger,” and made a lot of money from that best James Bond film. So much, that the owners doubled my rent on the theatre and I walked out, and began an ice cream business in Philly, and in a few years owned ten buildings with ice cream parlors in them, and was the largest seller or bulk ice cream in Philly. I sold them, went to Colorado to save an old hotel from being demolished, and ended up with three of them in Silverton, Colorado. Sold them and went into the video tape business in a building I bought, and it coined money.
I sold it, opened America’s first non-smoking restaurant, with a single item each night and no menu, in an old Queen Anne home I bought and restored, in downtown Phoenix. I hired a chef who prepared an excellent meal every night and my wait staff got no salary. I placed a little sign on each table, all of which I built myself, which read that ‘your wait staff gets no salary, and your gratuity is his salary.” They were making more that the chef and I had no wait salary to meet, so it was easier to make a profit. The no menu idea worked great, and I have always wanted to do it again, as I think it would work with nothing but a great meat loaf! From there I began to do precious metals in November of 1977, and still it a it, even after retiring.
Here are several points to be made here. (1) I have no college degree, but was raised by a loving two parent family who saw to it that I had an education at an excellent private school. (2) I grew up in my Dad’s drug store in D.C. and learned about business. Not in college, but growing up in my Dad’s store! “Elementary my dear Watson,” as Sherlock Holmes, would have said. Have college professors who teach ‘business,’ ever been in one? I doubt it! Do college professors understand the word ‘profit,’ since their life has been of holding a job teaching business, which they have never done? (3) I have worked for myself, not a boss, who probably has never owned or operated a business, but who has been ‘promoted’ to his position by doing a good ‘job’ for is boss.
The “Peter Principal,” basically says that people rise to the limits of their ability and intelligence, and can go no higher.” That applies to virtually everyone, every business, CEO, etc. on Earth, I guess. Apply to you?
(4) In my business career, I have always tried to think of a better and cheaper way to do what I decided to do, and without advertising. In my business career, I have never advertised, but depended on my business being unique, different, having lower prices and better service than most, and of course ‘word of mouth,’ free advertising. (5) I’ve never put my name on my business, which is silly, but I just have never done it, even though most of the huge corporations have their founder’s names on them, such as “Ford,” “Chrysler,” “Singer,” Woolworth,” and the magnificent “Carnegie Hall” etc. and these fellows made it so big that they built skyscrapers in New York named after them! I’m just a little guy who has had a great life working and thinking for myself!
There is no job, occupation, business, or goal which can possibly apply to everyone, and I guess maybe this applies to gold and silver, and for everyone. The dollar has lost 98% of its value in my lifetime, and its bottom, is at zero, as have been the bottom of all un-backed paper monies in the Earth’s history. This is a 100% accurate statement. Why then, are there CD’s, savings accounts, and every other system of saving in dollars? I’ve never had a savings account. Why do they do it, when the absolute logical way to save one’s assets, is in eternal gold and silver?
All of my businesses are probably now antique and non extant. I mention them, to possibly give you a clue as to what you might want your life to consist of, and to disabuse you, if you are young, of the idea that you must have a college degree to be in business. Throw away your smart phone, read, read, read, think for yourself, save in gold and silver, and have a great life! (No, I am not ceasing t write.)
-Don Stott don@coloradogold.com