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How Buffett Tripped Over the Dollar

Contributed by mm | June 14, 2005 10:36 PM PST





Still remember 2000? Is it too early to declare Buffett is wrong?

From MSN Money:

What Buffett and his cohorts failed to understand as they thumbed their nose at the dollar was that it?s impossible for Europeans to sustain a single currency without a commitment to a single European political and economic policy. And the liberal immigration laws demanded by such integration have proven to be social anathema, as northern Europeans have freaked out over the prospect of a flood of cheap Eastern European and Turkish labor stealing their good blue-collar jobs.

There will be no credible alternative to the dollar as a store of value until the Europeans decide they can live and work together in peace. While it is a noble and worthwhile goal, there is at least 300 years of recent world history to suggest that was an unlikely prospect.

For the foreseeable future, the greenback will continue to denominate, and dominate, world trade. And it is only a matter of time before Buffett announces he is returning to matters he understands better than world currency flows, like the value of Dairy Queen, See's Candies and Coke.
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