Brazilian currency props up debtor nation
Bob Morris @ Oct 26th 2007 14:07 - Category: Unfiled
Emphasis added.
Buffett: Now, nobody would have believed, 10 or 20 years ago, that Brazilians would be supporting the U.S. dollar.
Interviewer: Would be supporting the U.S.
Buffett: But they have been buying dollars in the market. They have been building up their own reserves. Their current account has turned into a good surplus and we have been, in effect, behaving like people attributed to the Brazilians or the Argentineans 10 or 20 years ago.
That’s legendary investor Warren Buffett speaking, he’s long on Brazil and thus short on dollar.
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