The dollar cannot avoid further declines against other major currencies unless the US trade and current account deficits improve, legendary investor and businessman 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," the world's second-richest individual told CNBC television.
...hm, actually quite a bit, really...
The point is, if you live in America, your money is becoming more and more worthless every day and will continue to do so until Bushy pants catches a freakin' clue and does something about this. Of course, there are some out there that suggest George "Old Female Pubes" Bush actually wants a weak dollar. I guess the theory is that it will inspire foreign investment in the US. Of course, it also leaves many of us poor and hungry.
Ah, who needs to eat, anyway, right? I mean, just look at all those skinny super models, they never eat and they look--actually, they look disgusting... never mind! I wonder if they're hiring... in Japan...
Read more about Buffet's comments in an article at YahooNewsSingapore or check out page 2 of this post if that link has gone bad.
From sg.News.Yahoo.com and www.AFP.com:
Thursday January 20, 3:28 AMWarren Buffett sees no way but down for US dollar
The dollar cannot avoid further declines against other major currencies unless the US trade and current account deficits improve, legendary investor and businessman 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," the world's second-richest individual 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 billion dollars in the third quarter of 2004 in the current account, which measures trade and investment flows.
Buffett, nicknamed the Oracle of Omaha for his investment acumen, has a net worth of some 41 billion dollars, second only to Microsoft chief Bill Gates, according to Forbes magazine. But he said he saw few opportunities 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."
© 2005 AFP
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