Source: CNBC, May 2019
Berkshire Hathaway Vice Chairman Charlie Munger said Monday political leaders in the U.S. and Europe shouldn’t push central banks to cut interest rates.
“I am so afraid of a democracy getting the idea that you can just print money to solve all problems. Eventually I know that will fail,” Warren Buffett’s longtime investing partner told CNBC’s Becky Quick in an interview. “You don’t have to raise taxes, you just print.”
“In the end, if you end up printing too much, you end up like Venezuela,” he added. Venezuela, which is now in the midst of an economic and humanitarian crisis, has been used as a cautionary tale about socialism.