Warren Buffett Warns of Huge Inflation From Excessive Deficit Spending

Warren Buffett, using a play on words from the carbon-dioxide global warming debate, noted “unchecked greenback emissions will certainly cause the purchasing power of currency to melt” (inflation). Buffet also noted the record deficits being created (by Obama and the leftist Democrats), unlike anything except for the war years of 1942-1945. Speaking about Obama's huge deficit spending plans, Buffett said: “their threat may be as ominous as that posed by the financial crisis itself.” Buffett said: Congress must end the rise in the debt-to-GDP ratio and bring U.S. growth in obligations back in line with U.S. growth in resources. “We don’t want our country to evolve into the banana-republic economy." (Several countries in South and Central America have at times incurred years of double-digit inflation by spending money they actually didn't have; these were labeled 'banana republics').