Buffett on the US trade deficit
» Posted by Martin Weil on May 02, 2005
We're like an incredibly rich family that owns so much land they can't travel to the ends of their domain.
"And they sit on the front porch and consume a little bit of everything that comes in, all the riches of the land, and they consume roughly 6 percent more than they produce. And they pay for it by selling off land at the edge of the landholdings that can't see. They trade away a little piece every day or take out a mortgage on a piece."
Warren Buffett is founder and Chairman of Berkshire Hathaway
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