Oracle of Omaha Wouldn’t Want Job of Fixing British Debt
It appears that debt in the United Kingdom has risen to such a degree that it has attracted the attention of those financial experts overseas. The US billionaire Warren Buffet, known by his nickname the Oracle of Omaha in his home country, has announced that he has no jealousy over the job of Britain’s new Prime Minister. The new leader’s work will be cut out for him, according to Buffet, simply because so many unpopular budget changes will have to be made in an effort to keep the UK government somewhere near safe financial ground.
Buffet has been known through the years for his quiet yet outspoken message against Wall Street for its excesses. Living a modest life, Buffet has tried to lead by example and that particular lifestyle has made him a billionaire rarely equaled in terms of wealth by any other individual. His Berkshire Hathaway company meetings are well known and this meeting saw 40,000 investors attending. The bond market, he pointed out to his listeners, could well end up poorly for the UK if public spending can’t be brought under control.
The US faces equally steep budget issues according to Buffet, primarily being the deficits that are so large they will affect the economics of the global community itself. With such massive economic power across the globe, Buffet believes that both the UK and US could cause effects so large if they do not control their debt that it will be more than record numbers of citizens seeking bankruptcy. It could well end up tipping the world on its side.
Unlike Greece, the billionaire was quoted as saying, Britain has the ability to print its own currency which is a very important asset. Still, both Buffet and his partner Charlie Munger agree that the UK is doing a better job than the US did at first, thus giving hope to those UK citizens who have been entering into debt management plans. As those citizens fix their own financial woes, they will be ahead of the curve from those who have waited to deal with problems thinking that the proverbial sky was falling.
