Thursday, February 7, 2008
Money is still cheap, but get out of the dollar
Billionaire Warren Buffett, chairman of Berkshire Hathaway Inc., said a credit crunch isn't under way and he forecast that the dollar's value is likely to decline. "Money is available and it's really quite cheap,'' he said. Buffett's company has the highest possible AAA credit rating and has more than $40 billion in cash available. The only currency Berkshire directly owns now is the Brazilian real, Buffett said. He blamed the declining dollar on the current account deficit.