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From The Inoculated Investor's Blog:
Here are my notes from the 2010 Berkshire Hathaway Annual Meeting. I am the crazy person who decided to try to take down every word said by Munger and Buffett. The total word count is close to 15,000. I hope this is as almost as good as being there. Enjoy!
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I about puked when the Pimp of Omaha said on the CNBS yesterday that he had looked at the Abacus deal and found nothingh wrong with it.
"So the question is not what kind of man Warren Buffet is, but rather, what is his price."
http://jessescrossroadscafe.blogspot.com/2010/05/summary-of-goldman-sachs-fraud-case-and.html
This reminds me of a used car salesman (Buffet) telling me the car for sale (the economy) looks great, but I see waves under the fresh paint (debt & fiat currencies) indicating a lot of body work has just been done (more debt). It is surprising that Buffet does not think more like a banker.
"People have to distinguish between countries that borrow in their own currency and those that borrow in other currencies." Really? The Euro (or IMF dollars) are all private banker-created debt. More salient discriminators for people would be if the debt is issued by the State versus private banks. Greece could recover from its mess within months by simply defaulting on its private debt and issue a new government-based Drachma. Initially the country would be shunned by the West and Europe, but it would create a very fertile economy as many many entrepreneurs rushed in to fill the void left by international trade. Five years later, Greece would use its surplus to pay old debts and rejoin the world economy.
We have seen this before in Wiemar Republic of Germany. After the hyperinflation-depression bust, Hitler came to power and issued government-based Marks. Germany went from bust to a world power in just four years...
And the same is true in China. The Chinese have a powerful combination of capital incentives, the ability to create money through the banking system, and the ability to forgive debt. This is what will propel China into the future and if the USA is ever going to have a chance, we have to do the same thing.
Yada, yada, yada.
Buffet, after his attempt to manipulate the Financial Reform (yeah, sure) Bill, that would favor his untenable deriviatives position in the multibillions, has lost his reputation as well.
He's nothing more now than an aging hippie, hypocrite with extraordinary luck. And a seat at the head of the table.