Why Buffett worries about the U.S. dollar · Transcript · BuffettMungerGPT

WarrenWe wouldn't want to be owning anything that we thought was in a currency that was really going to hell. And that's the big thing we worry about with the United States currency. I mean, the tendency of a government to want to debase its currency over time is there's no system that beats that. You can pick dictators, you can pick representatives, you can do anything. But the people, there will be a push toward weaker currencies. And of course, that is, I mentioned very briefly in the annual report that the policy is what scares me in the United States because it's made the way it is. And all the motivations are doing a lot of things that will cause concerns. cause trouble with money. But that's not limited to the United States. It's all over the world. And some places it gets out of control regularly. As I know, they know, they devalue at rates that are breathtaking. And that's continued. I mean, people can study economics and you can have all kinds of arrangements. But in the end, if you've got people that control, control of currency, you can issue, or you can engage in clipping currencies like they used to do centuries ago. Or it used to be people, the nature of their job. I don't, I'm not singing them out as particularly evil or anything like that. But the natural course of government is to make the currency worth less over time. And it's got important consequences. And it's very hard to build checks and balances into the system to keep that from happening. And we've had a lot of fun here in the last, either the first 100 days of the last 100 days, whatever you want to call it, watching what happens when people try to make sure that they aren't running fiscal risks. And that game isn't over and it never will be over. You know, in finality, if you look up in search, the great inflations of most World War II, it's just a list that goes on forever and the same names keep popping up and everything. So currency is, the value of currency is a scary thing.