Remember when that pompus arrogant, a$$ was asked in the Presidential debates who he would consult with on the economy and he dropped Warren Buffets name? Well Buffet has spoken, is Barak listening?

Funny what reality can do to Democratic dreams, maybe Obama can get a deal on MJ's place since he is already living in Neverland.

Buffett: We're Going to Be Crushed Under Mountain of Debt
A highly influential American has finally hit the panic button about the tremendous mountain of debt the country is piling up.

Last year, Warren Buffett says, we were justified in using any means necessary to stave off another Great Depression. Now that the economy is beginning to recover, however, we need to curtail our out-of-control spending, or we'll destroy the value of the dollar and many Americans' life savings.

Some not-so-fun facts from Buffett's editorial today in the New York Times:

Congress is now spending 185% of what it takes in
Our deficit is a post WWII record of 13% of GDP
Our debt is growing by 1% a month
We are borrowing $1.8 trillion a year
$1.8 trillion is a lot of money. Even if the Chinese lend us $400 billion a year and Americans save a remarkable $500 billion and lend it to the government, we'll still need another $900 billion.

So, where's it going to come from? Most likely the printing press. And, ultimately, Buffett says, that will destroy the value of the dollar.

BUFFET also spoke about how an incease in federal debt can be financed in 3 ways,
borrowing from foreigners, from our own citizens, or by printing more money.

When it came to printing more money, Buffet quoted John Maynard Keynes road map of just this sort where,
"By a continuing process of inflation, governments can cofiscate ,secretly and unobserved, an important part of the wealth of their citizens"....

Buffet went on to say there is nothing wrong with increase in debt that
is PROPOTIONATE to an INCREASE in INCOME or Assets.
As he said," We don't want our country to evolve into a Banana Republic economy described by Keyes."

But what does Buffet know?

I'll save the opposition from typing their response...It's Bush's fault

Inflation favors debtors and punishes savers. We are a nation of ________?