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David Walker and Why I Won't own dollars

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August 24, 2008 – Comments (0)

I went to see the world premier of I.O.U.S.A. on thursday night. The main reason I went was to see the commentary afterwards by Buffett, David Walker, Peter Peterson and some others which was outstanding. Some very sharp people. It is really the first time I disagreed with Buffett. After this I have become a big fan of david walker. I highly reccomend you read the transcript from afterwards here. I have been confronted with something for a very long time. Do I go completely non USD, for the longer term. After doing a lot of thinking on this subject I have slowly been selling my dollars and buying some other currencies or investing in ETF's denominated in those currencies. I plan to get to a point to where I don't hold any dollars in my portfolio.  To have a hard currency we need a balanced budget. My thinking concludes: That in order to have a fundamental change in our fiscal policy and balance the budget there has to be pressure put on politicians the way david walker describes it:

"Now, what we have to do is to recognize and reward elected officials, Democrat, Republican, Independent, whatever, who tell the truth and who stand up and try to help make touch choices sooner rather than later to make sure that America's future is better than its past and reject the BS and the nothing types of solutions and, you know, platitudes that we hear from so many politicians today. The three most powerful words in the constitution are the first three. And we're gonna solve-- we can solve any problem in this country once, we the people wake up and demand that our elected officials start making tough choices and hold them accountable if they don't. The pain associated with doing nothing must be greater than the pain associated with doing something."(Honestly I could not have said it better.)

But back to the subject, from what I observe as a college student, I really don't have faith in the American people to stand up until they really feel the pain from being screwed by a collapsing currency. Once I see a fundamental change in washington to take place I will think about Owning dollars in my portfolio, until then, forget it.

 

HTML transcript link.

http://www.pgpf.org/resources.dyn/IOUSA_OmahaTownhall_Transcript.pdf 

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