Investor Warren Buffett* said at a press event on Wednesday that the the US dollar would be “worth less” if the country continues to run a deficit. Unfortunately, a Dow Jones wire story reported him as saying it would be “worthless.” Buffett then called up CNBC this morning to clarify his statement, which had already been widely re-reported by outlets including CNBC. (Video of the call is here.) Here’s a release from the CNBC, which includes the original Dow Jones story:
There is a Dow Jones Newswires story, that originally moved on Wednesday (2/7), quoting billionaire investor Warren Buffett as saying the dollar will be “worthless” if the current account deficit continues. Warren Buffett called CNBC’s Becky Quick, co-anchor of “Squawk Box” (6-9 AM ET) this morning on her office phone (which also rings on the set) to correct the Dow Jones Newswires story. Becky literally interrupted Jim Cramer and CNBC Chief Economics Correspondent Steve Liesman to repeat what Buffett was telling her — he said the dollar would be “worth less.” That’s a very important distinction.
Below is the original Dow Jones Newswires story:
———–
Buffett: Dollar ‘Worthless’ If Acct Deficit Persists
Dow Jones News Service via Dow Jones
(This article was originally published Wednesday)
TORONTO (Dow Jones)–Billionaire Warren Buffett said Wednesday that the U.S. dollar will be “worthless” if the country keeps sending more money abroad than it brings in.
“If the current account deficit continues, the dollar will be worthless five to ten years from now,” the Bershire Hathaway (BRKA,BRKB) chief executive said, speaking at the opening of Business Wire Canada.
He wouldn’t say whether he’s still betting against the U.S. currency…
Strangely, MarketWatch has corrected the article text but not fixed the headline. Here’s the correction sent out by Dow Jones:
The headline and first and second paragraphs of the item “Buffett: Dollar ‘Worthless’ If Acct Deficit Persists,” published at 6:08 p.m. EST Wednesday, misquoted Buffett’s comments on the dollar. He said the U.S. currency would be “worth less,” not “worthless.” The error was repeated in the headlines and text of an update at 6:23 p.m. and a republished version of the story at 7:31 a.m. Thursday.
Thanks, Craig!
*Correction Feb 8: Mr. Buffett’s last name was initially misspelled as “Buffet.” We regret the error. Thanks, Tim!
