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Tom Coburn is a Big Fat Jerk


Home of the Barking Moonbat


Sunday, March 06, 2005

Warren Buffet's naipotsyD Vision: Sharecropper Society

Sorry for backward words but I'm still hiding from students.

In today's Herald-Times, Buffet lays it on the line:

"There are deep-rooted structural problems that will cause America to continue to run a huge current-account deficit unless trade policies either change materially or the dollar declines to a degree that could prove unsettling to financial markets," he said.

If nothing is done, he said, the United States will continue to transfer ownership of assets to foreigners to finance American overconsumption. Americans, he said, will eventually "chafe at the idea of perpetually paying tribute to their creditors and owners abroad."

"A country that is now aspiring to an 'Ownership Society' will not find happiness in - and I'll use hyperbole here for emphasis - a 'Sharecropper's Society.' But that's precisely where our trade policies, supported by Republicans and Democrats alike, are taking us."

One of the most troubling issues is just how much of this is beyond our control. So, as individuals, we're going to have to do CYA.

Cut up those credit cards, people!


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