Interesting article. It is very true that the Oracle of Omaha has benefited handsomely from sweetheart deals and political connections over the years. He has played the crony game very well.
I will say though, as much as I agree with the general sentiment of the author, I’d still go long on the USA before Kazakhstan. We do still enjoy the reserve currency of the world. As long as we do the bet is still to the upside for US equities generally. Reserve currency status is the linchpin. If you ever hear that the US dollar is no longer the reserve currency it is time to sell. Of course when we hear it it will be too late.
An aside. – My first real job was working for GEICO (One of Warren Buffett’s companies. His “cash cow” as he calls it.) selling insurance over the phone. To this day – “Thank you for calling GEICO Direct. This is Nick Sorrentino speaking. How can I help you?” – rolls right off the tongue.
(From Nomad Capitalist)
…allow us to examine just how Warren Buffett became so wealthy, because while he is obviously an astute investor responsible for generating huge returns, he has also enjoyed advantages few other Americans do.
It is such advantages, propped up by his cronies in government, that perhaps contribute to so much of his optimism.
To begin with, much of Berkshire Hathaway’s holdings are in the equities markets. While Buffett has done an excellent job over the years of picking winners and losers, he has no doubt benefitted from the amazing impact that inflation – and recently endless money printing – have had on the American stock markets.
Click here for the article.
Look, if one is going to engage in the “democratic process” – and believe it or not I think there is a great case for not voting which I won’t go into – why is it such a big deal to furnish an ID when it comes time to vote for our elected representatives? The Democrats (and as we often say the GOP has plenty of problems of its own) are freaking out all over the country over the issue of voter IDs, which just seem to be common sense to me.
He has not only been feted recently by White House advisors. He is all the rage at the Council on Foreign Relations, the International Monetary Fund, and the United Nations as well.
The corporations are on welfare and so is a large portion of the US citizenry (and non-citizenry too it must be acknowledged). Votes are bought with a program. Politicians are bought with fat feline donations. The state expands. Everyone it seems has a hand in the till. Everyone it seems has an angle. The welfare state, leviathan, is ever-present. And to challenge the monster is to challenge the way of life of many who have long ago made peace with (in some cases) or cozied up with (all too often) the beast.
We at ACC are big fans of “alternative energy.” We love solar power, wind power, the whole bit. In order to “live off the grid,” a personal goal – at least a cabin one day, such sources of energy are vital. I grew up with solar panels heating our hot water and they nearly always worked, even in the depths of winter. We like the idea of “clean energy.”
At what point do we just say – no, you may not do this. This is a gross violation of everything this country is supposed to stand for. Are we supposed to live in a world where there is 0 risk? Where everything is watched at every moment? That sounds like hell to me.
I can’t argue with Will on this. We should be ashamed of ourselves. We have allowed profligate spending. We borrow to pay our current bills. We elect people who year after year expand government and who pass laws which reduce our liberty and fundamentally our very humanity. It is we who have allowed this to happen.
What is particularly of note in this article is how Google recently sought to work with conservative organizations like the Heritage Foundation after working closely with Obama and Co. This Google/Heritage relationship apparently was key in defeating SOPA which Google (along with the rest of tech) saw as an existential threat driven by Hollywood which is strongly associated with the Democrats. Interesting how those lines were drawn.
It is interesting what people can justify when they think they are on the “good” team. A case in point are Anthony and Heather Podesta 2 lobbyists who are in the midst of a nasty and public divorce. Of course no one really cares about the ins and outs of the couple outside of a few hundred people who populate Washington between Constitution Avenue and Chevy Chase, but the dirt which has been floated down the public stream by the warring couple exposes the culture of privilege and hypocrisy which permeates much of “progressive” Washington and is of interest to us.