City
Epaper

"There isn't any alternative to USD as reserve currency": Warren Buffett

By ANI | Updated: May 5, 2024 16:45 IST

Washington [US], May 5 : Legendary investor and American businessman Warren Buffett addressed concerns about the US debt and ...

Open in App

Washington [US], May 5 : Legendary investor and American businessman Warren Buffett addressed concerns about the US debt and inflation during Berkshire Hathaway's annual meeting.

He emphasized the resilience of the dollar as a reserve currency and expressed confidence in the US economy despite the national debt.

"It won't be the quantity of the national debt. There isn't any alternative to the dollar as a reserve currency," said Warren Buffet, Chairman and CEO of Berkshire Hathaway.

He also praised Federal Reserve Chairman Jerome Powell, acknowledging his wisdom and highlighting the limitations of monetary policy in addressing fiscal challenges.

"Jerome Powell is not only a great human being but a very wise man. But he doesn't control fiscal policy. Every now and then, he sends out a disguised plea, saying please pay attention to this," said Buffet.

During the meeting, he also raised apprehensions about the potential consequences of unchecked inflation on the global economic landscape. He cautioned against allowing inflation to spiral out of control, warning that it could pose a threat to the entire world's economic stability.

The US Federal Reserve, in its latest monetary policy meeting, voted to leave the key interest rate unchanged at 5.25-5.50 per cent, keeping the policy rate unchanged for the sixth straight time on the trot.

US Fed said it was prepared to maintain the current interest rate for "as long as appropriate" so as to align the inflation rate with its 2 per cent target.

Regarding investment strategies, Buffett reiterated Berkshire Hathaway's preference for US-based companies with a global presence. He emphasized the unparalleled quality of American businesses and the company's commitment to investing primarily in the US market.

However, Buffett noted an exception with Berkshire's recent investment in Japan, citing compelling opportunities in the Japanese market.

He also shared positive comments for India and said, "There are unexplored or unattended opportunities and areas in India."

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

TechnologyIndia’s edge data centre capacity projected to triple to 200-210 MW by 2027

BusinessIndia’s edge data centre capacity projected to triple to 200-210 MW by 2027

NationalLS adjourned till 2 pm amid Oppn protest over Bihar SIR, Speaker Om Birla’s appeals go unheeded

InternationalThailand seals border with Cambodia as clashes escalate

NationalAfter three days of mourning Achuthanandan, Kerala and CPI-M move forward

Business Realted Stories

BusinessED raids 35 places, 50 firms linked to Anil Ambani's Reliance Group in Rs 3,000 crore money laundering probe

BusinessTaiwan industrial output rises for 16th straight month in June

BusinessAmerica's AI Action Plan: Trump signs Executive Order to achieve global dominance in AI

BusinessD’Cot by Donear Teams Up with OMG Face of the Year for an Electrifying Season 3!

BusinessED Raids Anil Ambani’s Premises in Mumbai; Reliance Power and Reliance Infra Stocks Crash