Quotable – Blow-hard Buffet talking his book again?
The marriage of Buffett’s suddenly unbridled optimism and China’s perceived invulnerability is a fascinating milestone. Just two years after pushing a “buy American” campaign, Buffett is leaning toward a “buy Chinese” one.
Terry Gou, chairman of Foxconn Technology Group, which makes parts for Apple Inc. iPhones, accuses BYD of stealing trade secrets. That, Foxconn claims in court documents, helped BYD double revenue from its handset business from 2005 through 2007. BYD countersued, claiming Foxconn gathered false evidence and conspired to hurt its business.
Gou is critical of Buffett, too. “He doesn’t know the technology,” Gou told Bloomberg Businessweek last month, referring to the batteries used in electric vehicles and plug-in hybrids. “He just used his name to speculate on the stock.”
William Pesek, full story on Bloomberg
Commentary & Analysis
A different way of saying the same thing: fiat Armageddon (except for in Europe?).
Let’s start off by paraphrasing a quote we came across earlier today:
Everyone is trying to depreciate their currency except Europe.
Here’s a piece we took from Reuters today:
The Bank of Japan is getting the message. The U.S. Federal Reserve and the Bank of England have engaged heavily in quantitative easing to avert deflation. Now the BoJ, kicked by Japan’s politicians, is talking about QE and achieving “price stability”.
And in last Friday’s audio/visual summary we made this analogy:
Quantitative easing is to the Federal Reserve … what qualitative easing is to the European Central Bank
The currency wars began a while ago—the financial press is now catching on as a theme fit to
print. As we all know, China is at the center of this war and the primary aggressor.
Though undeclared still, with lots of covert activity, much is becoming clear. Even Europe is stepping up to the plate to criticize China. Eurozone officials followed through on yesterday’s report that they would pressure China to free up the yuan so as to reduce “competitive” pressure on American and European businesses.
“So, in retrospect, it is a powerful reason why gold is hitting new all-time highs seemingly every day. It appears gold is telling us currency wars is equivalent to fiat Armageddon. We of course aren’t there yet … but … “
…..read more HERE