I.O.U.S.A. Bonus Reel: Warren Buffett on the Trade Deficit

[soups347]

“The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to ‘political turmoil.’ Pretty soon, I think there will be a big adjustment.” -- Warren Buffett

An Inflation-Neutral Balanced Trade System (BTS), inspired by Warren Buffett’s 2003 Import Certificate Plan is introduced at the top of page 4 of the Pdf, which is available at:

democrats.waysandmeans.house.g­ov/media/pdf/111/2010Sept15_Ca­mpbell_Submission.pdf

[hoodoo961]

The real problem here is not even trade per se, its the simple problem of saving versus consumption- the exact same thing happens to a household that spends too much money without saving enough to acquire assets- the savers own your ass. But people frame this as some kind of problem of free trade, when in reality its a problem of the low savings in this country.

[welldonemister]

USA is doomed

[needmanshini]

@kaziqbal That is the oppertunity cost forgone to eat the burger. Basically the trade isn't at fault, it is the spending habit at fault.

[Truthpolice9698]

Buffet must have flunked international trade class. If Sqanderville want to they can devalue their currency and screw Thriftville.

The Japanese learned this the hard way and so to will the Chinese.

Mercantilism doesn't work and went out of style in the 18th century Mr. Buffett.

Buffett is a tool of the left used to keep the peasants stupid and ignorant. Buffett and his elitist assholes want to keep the peasants stupid and poor.

Get this propaganda shit out of here.

[albyva]

The US can't because the Federal Reserve controls the currency.

[allymetoo]

Wolves in Sheep's clothing. Don't listen to them. Never trust them.

The only Solution is the Andrew Jackson way.

[jprithvi]

Republicans are not conservative. They are just crony capitalists.

[jdbrown371]

Hey! Keep it clean! Christianity has nothing to do with republican stupidity. Don't use George bush to fuel your anti-Christian bigotry. Bush isn't a Christian anyway. He's openly stated he believes all major world religions are valid and true. Many people who hold to this belief are Unitarians. Bush is not officially Unitarian and if he were he'd be a particularly bad one. Whatever... Because you engage in narrow minded bigotry and intolerance you are no better than bush and his ilk!

[geekrelief]

I saw this opening night along with the panel discussion. The movie was a good introduction to the problems, but spends nearly zero time on discussing the solutions none of which cover the Fed which induces spending with low interest rates leading to the spendthrift attitude of the characters in this clip.

Check out Peter Schiff's Crash Proof, the film Money Matters on Google Video, or Ron Paul's writings on monetary policy if you want to take the next steps in understanding the causes.

[supersocco]

finally a comment on youtube worth reading. thanks for the suggestions.

[waverly2468]

I'm really looking forward to this documentary coming out this month (Aug 2008). Check out "Trillion Dollar Meltdown" by Charles Morris.

[gavinovz]

Interesting, I want to watch this movie so bad.