Warren Buffet doesn't trust the dollar

[Fight_n_back]

http://www.guardian.co.uk/usa/story/0,12271,1164474,00.html


Warren Buffett keeps out of the depreciating dollar

Warren Buffett, the second wealthiest man in the world, continued to bet against the dollar last year, increasing his company's ownership of foreign currencies to $12bn.
.....................

In the 24-page letter, sent out on Saturday, the 73-year-old, returned to many of his favourite themes. He attacked the Bush administration's tax cuts and railed against greedy chief executives, corrupt mutual fund managers and ineffective independent directors.

.....................

Berkshire Hathaway reluctantly entered the foreign currency for the first time in 2002 and Mr Buffett said it had enlarged its position last year, increasing its holdings in five unnamed currencies. He put the blame on the ballooning US trade deficit. He said that in late 2002 foreign investors began "choking" on the flood of dollars.
..............

===================

While this may be good politically it doesn't make me very optimistic about the future.

[Renew Deal]

1. Between this, Peak Oil and everything else

There is no where to hide. Bush is part of the corporate greed. They want to increase their profits and let the citizenry deal with itself. Remember, Bush and co will do and say anything to get reelected.

[politick]

2. Exactly

This is pretty worrisome. The US is in bad shape -- rather than being the richest country, it is actually the poorest in terms of its debt. By far.