Buffett Warns: dollars par with toilet paper

作者:weileguojia  于 2011-4-15 02:18 发表于 最热闹的华人社交网络--贝壳村

通用分类:政经军事

Buffett Warns on Dollar
Avoid long-term bonds, as the dollars you are paid in may have reached par with toilet paper by that time.

Mr. Buffett gave in New Dehli today. Via Bloomberg:

I would recommend against buying long-term fixed-dollar investments.

I would much rather own businesses [stocks].

If you ask me if the U.S. dollar is going to hold its purchasing power fully at the level of 2011, 5 years, 10 years or 20 years from now, I would tell you it will not.

Translation: Avoid long-term bonds, as dollars you are paid in the future will be worth a lot less. Possibly a lot less, as in par with toilet paper, in outlier scenarios.

"Paper money always returns to its intrinsic value -- zero"
-Voltaire

The language Buffett used in this part was a little odd: "It’s very easy to take away the value of fixed-dollar investments." Take away. That's what some think the Fed is doing. Taking wealth through inflation. Even Alan Greenspan acknowledged this, before he became The Maestro

Well, if the US Treasury is to believed, the United States owns 261.5 million troy ounces of gold.

 And according to the Federal Reserve, as of April 7, 2011, there are 8.891 trillion dollars in existence.

 So in the event that we want to use the nation’s supply of gold as a backstop for the dollar, you’d have to divide the number of dollars (M2) by the number of troy ounces to come to a true valuation for gold.

 Doing so gives you $34,000 an ounce gold. Whoa is right.

 That’s if we’re being honest with ourselves and we expect the same kind of honesty from our money. It also means that the dollar has lost 99.99% of its value over just the past 40 years.

 Even if you don’t revalue gold according to the outstanding number of FRNs, and instead, you used the current market price of $1,470 an ounce, the dollar has still lost 97% of its value in the past 40 years.

 You used to be able to buy 1/42 of an ounce of gold with $1. Today, $1 only buys you 1/1470 of an ounce.

 At what point do you think a dollar will buy no gold? At what point will FRNs be seen for what they are by the world: an abstraction based on theft and lies.

Gold-Paper Moneys

IMF警告:美国国债可能沦为垃圾债券  国际货币基金组织(IMF)周三表示,美国已成为全球财政赤字水平最高的发达经济体,并敦促未来的两年中需要进行历来最大规模的削赤行动调整。IMF还警告称,美国对债务的处理方法缺乏「可信度」,债务不断增长可能再度引发新一轮全球经济危机。

  IMF指出,由于美国财政整顿计划推迟,预计美国今年赤字占GDP的比例将与去年10.8%的水平基本持平。相较之下,日本2011年财政赤字占GDP比例将从2010年的9.5%上升至10%。相反,欧洲赤字比率将下降,欧元区2011年赤字占GDP比例将从2010年的6%大幅降至4.4%,得益于欧洲退出经济刺激计划等举措。

  美国总统奥巴马将于美国时间周三宣布新的政府预算案。IMF预计,奥巴马需要在下两个财年减赤5%,才能在他任期第四年底,实现他遏制财赤的竞选承诺。美国政府在当地时间周二公布了最新的财政赤字,三月份录得1882亿美元(约14679.6亿港元),比去年同期的金额大得多。去年同期的美国财政赤字为654亿美元。

  上周,民主共和两党就预算案达成协议,同意从本财年预算当中削减385亿美元开支,使联邦政府免于关门窘境。但实际上,两党并未正视财政赤字问题。

  IMF在半年度《财政监测》(Fiscal Monitor)中指出,根据现有计划,到2016年,美国将成为除日本以外公共债务还在增长的唯一一个发达国家,这将给全球经济带来风险。IMF财政事务主管科塔雷利(Carlo Cottarelli)表示,这个风险如果成为现实,将给全球其它地区带来非常惨重的影响。因此,美国整顿财政宜早不宜迟,这一点十分重要。

  IMF还在报告中建议,美国需要更大规模地削减中期赤字,也需要实施更大范围的改革,包括社会保障改革和税收改革。美国经济非常强劲,「看起来足以」承受更大幅度的紧缩和增税措施。

  美国即将触及14.3万亿美元的债务上限,国会财政政策之争预计将在未来几周甚至几月进入白热化状态。如果议员不同意提高债务上限,美国最早将在7月面临违约危机。截至目前,民主共和两党就此仍存在很大分歧。

  全球最大债券基金太平洋投资管理公司(Pimco)创始人兼联席投资长、债券大王格罗斯(Bill Gross)表示,美国财赤预计将在下一财年达到1.5万亿美元,这是美国领导人的失败。他还预言,若政府不改革社会保险和社会福利等权益计划,还将产生1万亿美元赤字。格罗斯不断做空美国政府相关债券及美国国债,他对美国政府债务前景感到相当悲观,担忧美国失去「AAA」主权信用评级,甚至直斥美国债券为「垃圾债券」。

 


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