Warren Buffett had his Berkshire Hathaway annual shareholder meeting over the weekend, and one thing he spoke of was the value of the dollar. " "Events in the world over the last few years make me more bearish on all currencies in terms of holding their value over time," Marketwatch quotes Mr. Buffett as saying. The story goes on:
Still, Buffett noted that as long as the U.S. borrows in U.S. dollars, there's "no possibility of default." "You don't default when you can print your own currency," he added.
Bill King commented in his "King Report," which a FutureOfCapitalism reader forwarded: "Buffett's statement that 'you don't default when you can print your own currency' suggests Warren has lost something on his fast ball. Didn't the USSR print its own currency? How about Mexico, Brazil, Argentina, Germany, Zimbabwe, etal?"
The King report also notes a Reuters dispatch that says Berkshire Hathaway's worst case derivatives exposure is $63 billion.