Buffett says high tax/spend policies good, but buys non-US companies because of them
Warren Buffett, who is infamous for supporting high inheritance taxes, then buying high value family-owned companies when the children of the founders can't afford to pay the inheritance tax, is well known for supporting high tax/high spend policies.
But the hypocrisy of that is clearly seen in Buffett's statements yesterday that those very policies are causing him to shun US companies, and buy foreign companies instead.
"We are happy to invest in businesses that earn their money in euros in France or Italy or sterling in the UK, because I don't have a feeling that those currencies are likely to depreciate against the dollar," said Buffett. "Overall I think that the U.S. continues to follow policies that will make the dollar weaken against other major currencies," he concluded.
We agree, Warren. The value of every dollar in our pockets continues to spiral downward, and consequently prices are skyrocketing, starting with vital commodities such as gas.
And as you very well know, the high tax/high spend/high debt/high printing policies that you are known for supporting out the side of your mouth are the very cause of that decline.
I guess if you can just buy Euro and Chinese stocks instead, it doesn't affect you. Just another excuse for the "gluttony" you brag about enjoying.
|11:02 AM, Sunday 6th May, 2012||Economics|