Is Warren Buffett clueless too???
Buffett, writing in Fortune magazine, describes the buildup in debt as though it were equivalent to selling the nation's assets to foreigners. "My reason for finally putting my money where my mouth is (by buying foreign currencies) is that our trade deficit has greatly worsened, to the point that our country's 'net worth,' so to speak, is now being transferred abroad at an alarming rate."
According to the Sage of the Plains, we live in "Squanderville"... where we've been wasting our national wealth year after year. Buffett estimates that the total wealth of the nation is about $50 trillion. But year after year, we spend more than we make and mortgage a little more of our capital stock to foreigners. Already, 5% has moved into foreign hands...
"More important," he writes, "is that foreign ownership of our assets will grow at about $500 billion per year at the present trade-deficit level, which means that the deficit will be adding about one percentage point annually to foreigners' net ownership of our national wealth."
The dollar will continue to weaken for years to come, driving the real cost of imports up and the real cost of living up, as opposed to what the liars in DC tell us about their fraudulent hedonic pricing models. The weak economy dooms Bush who will loose the election by a landslide, not even the Supreme Court will be able to save him.
I'm sure what you really mean is that the problem is worse than Mr Soros is willing to say publicly. I'm thrilled that someone with his wealth is going to use it for good and help rid us of George Warmonger Bush!!! |
