Warren Buffett Writes Chilling Op Ed On U.S. National Debt
In the New York Times the oracle of Omaha, billionaire investor Warrent Buffet, has written a powerful piece warning about the growing danger of America’s expanding debt to GDP ratio. While defending massive deficits in the short run as necessary to save the financial system from collapse and economy from imploding, Buffet warns that in the long term an answer must be found for America’s fiscal imbalance.
“Unchecked greenback emissions will certainly cause the purchasing power of currency to melt. The dollar’s destiny lies with Congress,” concludes Buffet in his piece.
If the fate of fiscal sanity lies with the same Congress that is spending money like a fleet of drunken sailors, what are the odds that America will avoid hyperinflation?