 It isn't just the trade deficit that's clobbering the dollar and the U.S. economy, it's also the out of control government spending. A review of new federal spending passed in 2003 shows that Republicans and Democrats alike are exercising virtually no fiscal restraint whatsoever. All across America, it's handout time. Senator McCain said it correctly: "They're spending money like a drunken sailor."
Buffett is just one of many observers with a global perspective. Soros is another. Both agree that the U.S. is presently trodding down the path of economic ruin. You simply can't keep spending money you don't have and export $500 billion in trade deficits each year.
Oblivious to economic reality, the voting public continue to demand their handouts: prescription drugs are the current favorite. In my view, there's something rather frightening about a generation of drug-addicted, crutch-wielding elderly marching on the White House, screaming, "Give us our drugs! For FREE!"
What the drug-demanding generation of voters is doing, by the way, is the same they've always done: pass on another trillion dollars in debt to their children. By allowing it, the federal government is actively promoting a great Ponzi scheme which, incidentally, is a violation of federal law.
But back to the global perspective, Buffett is betting that the U.S. economy is headed for serious economic disaster, and he's not afraid to state the obvious. Personally, my money's on Buffett. Something tells me he knows more about conserving and creating wealth than a group of politicians who can't seem to stop spending other people's money.
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About the author: Mike Adams is a holistic nutritionist with a mission to teach personal and planetary health to the public He has authored more than 1,500 articles and dozens of reports, guides and interviews on natural health topics, impacting the lives of millions of readers around the world who are experiencing phenomenal health benefits from reading his articles. Adams is an honest, independent journalist and accepts no money or commissions on the third-party products he writes about or the companies he promotes. In 2007, Adams launched EcoLEDs, a maker of super bright LED light bulbs that are 1000% more energy efficient than incandescent lights. He also launched an online retailer of environmentally-friendly products (BetterLifeGoods.com) and uses a portion of its profits to help fund non-profit endeavors. He's also a veteran of the software technology industry, having founded a personalized mass email software product used to deliver email newsletters to subscribers. Adams is currently the executive director of the Consumer Wellness Center, a 501(c)3 non-profit, and pursues hobbies such as Pilates, Capoeira, nature macrophotography and organic gardening. Known by his callsign, the 'Health Ranger,' Adams posts his missions statements, health statistics and health photos at www.HealthRanger.org
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