So, Warren Buffett makes a statement concerning the dire outlook for the U.S. dollar if the current account deficit continues, and, without taking the time to get their story straight, the CNBC Squawk Box leaps into a vigorous debate. They are batting it back and forth, about how the mighty Buffett said the dollar would become ?worthless.?
Buffett actually has to place a call to Becky Quick, while she is on the set, to set the record straight. He explains that he had said the dollar would be ?worth less,? not ?worthless.? Of course, Jim Cramer
and the rest of the Squawkers have a big time, laughing at the little misunderstanding. Incredibly, they apparently never stopped to address how incredibly irresponsible they had been in running with a story before they had the facts.
One might think that, in these uncertain times, those charged with delivering the financial news to the American public would do so with integrity and care. But, of course, the mad rush is always to get the news first. They don?t have time to concern themselves with getting it right. It?s just a shame that these knuckleheads didn?t find their way to the Ringling Brothers rather than Wall Street. At least beneath the big top, their circus act would be harmless and cute.
As it turns out, it isn?t the dollar that is worthless. It is the Squawkers.
That is the Word on the Street.
Veracity Jones