Warren Buffett sees no way but down for US dollar
Thursday, January 20, 2005 12:21:44 AM
afxpress.com
WASHINGTON (AFX) - The dollar cannot avoid further declines against other major currencies unless the US trade and current account deficits improve, Berkshire Hathaway Inc chairman Warren Buffett said
"I think, over time, unless we have a major change in trade policies, I don't see how the dollar avoids going down," Buffett, the world's second-richest manl told CNBC television
"I don't know when it happens. I don't have any idea whether it will be this month or this year or next year, but we are force-feeding dollars on to the rest of the world at the rate of close to a couple billion dollars a day, and that's going to weigh on the dollar." Buffett noted the record US deficit of 164.7 bln usd in the third quarter of 2004 in the current account, which measures trade and investment flows
Buffett has a net worth of some 41 bln usd, second only to Microsoft founder Bill Gates, according to Forbes magazine. But he said he saw few opportunities to grow his investments in the near term
"I'm having a hard time finding things to buy, if that says anything about the market," he said
"If I find something ... tomorrow to buy, I don't give a thought as to whether the market is going up," he added. "I barrel in." |
