¶ Copper Sequence (3)
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Index Entry
"we’d be able to go from 10 percent of humanity having the telephone to 100 percent-- without the telephone company mining or buying another pound of copper. They’d be sellers, all the way. And they have been. Now just think with this more-with-lessing what we’re saying. You’re doing your accounting on the basis of the physical. You’re missing something. This is what we really mean by my way of thinking about wealth. Wealth is not being properly accounted.
“And now, next thing: Now we’re at the point where one communications satellite weighing a quarter of a ton outperforming 175,000 tons of copper cable. Transoceanic communications–much higher-- and we get a much higher step-up of what we’re really in-- and I don’t find any of this on the books at all…”
“While I was in Phelps-Dodge I made a fantastic discovery. I was assistant to the director of research, and Louis Cates (?) who was the president of Phelps-Dodge at the time had been at M.I.T., and he was a mining man and mining men were running things. I came to Phelps-Dodge in '36, which was a very interesting time. Wewere then just seven years out of the Great Crash. And Phelps-”
