Saturday, September 05, 2009
Read This Because the Dollar Is Doomed
August 28, 2009
Brian Richards and I wrote back in March that we thought the dollar might be doomed. That was because:
1. The United States has a massive and growing deficit.
2. The United States continues to generate significant trade deficits.
3. The United States has become oh-so-willing to print money out of thin air to meet its increasing obligations, and to prop up the likes of AIG (NYSE: AIG) and Bank of America (NYSE: BAC).
The more things change …
Fast forward five months, and that willingness to print and spend has only increased. None other than Warren Buffett of the famously successful Berkshire Hathaway (NYSE: BRK-A) put the nail in the dollar's coffin in a New York Times editorial last week. He wrote, "Fiscally, we are in uncharted territory" and concluded that "Unchecked greenback emissions will certainly cause the purchasing power of currency to melt. The dollar's destiny lies with Congress."
Read the story here
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