Squanderville versus Thriftville (Warren Buffet)

fortune ^ | oct 2003 | Warren Buffet

[dennisw]

btttttttt

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[keithtoo]

Warren, go tax yourself. (can I say that?)

Its called free trade, we give them worthless pieces of paper and they give us stuff. They are happy with the paper and we are happy with the stuff. When you trade one thing for another thing of equal value - THEIR IS NO DEFICIT!!!!

[Ann Archy]

Warren Buffet is George Soros lite....both billionaires...both Bush haters....both currency manipulators....both lefties.....both zero populationers.....pro-abortioners.

[Reeses]

FORTUNE editor at large Carol Loomis, who is a Berkshire Hathaway shareholder, worked with Warren Buffett on this article.

In other words: written by Carol Loomis, a Democrat that wrote nearly every word. The real reason they think bonds are bad is because it isn't possible to grow Socialism with a large debt load.

[applemac_g4]

Brilliant!

bump

ping

[Jackson Brown]

I'm about to deliver a warning regarding the U.S. trade deficit and also suggest a remedy for the problem. But first I need to mention two reasons you might want to be skeptical about what I say. To begin, my forecasting record with respect to macroeconomics is far from inspiring.

Everything after this is just chatter and worth little or nothing. Buffet is a great long term investor, but he -- like many other successful people -- are often given "gravitas" they don't deserve in other fields.

The Oracle of Omaha is not an economic sage. I've followed him for years and he has MANY more misses than hits...repeat, MANY more! However, his ability to maximize his hits (and cut his losses quickly on the misses) -- without leverage -- makes him a great investor (but NOT an expert on world economics).

[dennisw]

You are the first poster who must live in thriftville.

[Praxeologue]

The problem with Buffett's proposal is that it would create trade equilibrium. This is not necessarily desirable given the requirements of the time.

[Reeses]

applemac_g4: You are the first poster who must live in thriftville.

Clue: Apple Mac G4 lowest price: $3099.00

[JRandomFreeper]

Many pessimistic seers simply underestimated the dynamism that has allowed us to overcome problems that once seemed ominous. We still have a truly remarkable country and economy.

Right up until Atlas Shrugged. Then, what's to buffet the Warrens?

/john

[jokar]

btttttttt

[boycott]

.

[neutrino]

This article needs a new bump. Read it and heed it, oh ye purveyors of free trade!

[pointsal]

Another Nebraskan....lost in lefty the bog of looniness.

[dennisw]

bttttttttt

[leadpenny]

Wow! That's a lot of words.

I'll read the comments but I don't care what Buffet has to say anymore.

[sarcasm]

bttt

[dennisw]

Buffet--->

We were taught in Economics 101 that countries could not for long sustain large, ever-growing trade deficits. At a point, so it was claimed, the spree of the consumption-happy nation would be braked by currency-rate adjustments and by the unwillingness of creditor countries to accept an endless flow of IOUs from the big spenders. And that's the way it has indeed worked for the rest of the world, as we can see by the abrupt shutoffs of credit that many profligate nations have suffered in recent decades.