Why did Warren Buffet warn about the harmful effects of unbalanced trade?
In my previous post I stated I will explore the remedy proposed by Warren Buffet which was proposed to Congress in 2003. If Congress would have listened, approximately six trillion dollars would have remained in the USA.
The crown of wise men is their wealth, but the wreath of fools is their folly. (Proverb 14-24)
The proverb means that a righteous man’s wealth is a fitting wreath of adornment as a testament of his wisdom, whereas a fool wears a wreath of debt as a testament of his folly.
(In my opinion, Buffet wears a wreath of wealth and Congress wears a wreath of folly.)
I do not personally know him, but what I have read about him leads me to believe a righteous man of character who is more than capable to provide wise sound advice and counsel about economic matters based on reality rather than proven wrong failed theories.
If you are interested, check out this post which explains an overview of his remedy to balance trade. HERE
Wishful Thinking and Thumb Sucking Theories
How much more proof is needed for thy Congress that the free trade economic theories they subscibed to approve trade agreements have decimated US manufacturing to outsourcing, reduced livable wages for many US workers, reduced job opportunities, restricted US dollars for investment, reduced tax revenues, and increased National Debt? In other words, the theories appeared good in theory but not in practice.
Warren Buffet stated this and I concur.
“Perhaps there are other solutions that make more sense than mine. However, wishful thinking–and its usual companion, thumb sucking–is not among them. From what I now see, action to halt the rapid outflow of our national wealth is called for, and ICs seem the least painful and most certain way to get the job done.”
In My Next Post
I will explore another proven failed theory that is being proposed by both Donald Trump and Ted Cruz to boost exports. I will explain why, in my opinion, it will not work…..again.
Regards and goodwill blogging.
Post One HERE
Post Two HERE
Post Three HERE
Post Four HERE
Post Five HERE
Post Six HERE
Post Seven HERE
Post Eight HERE
Post Nine HERE