MADRID - US investor Warren Buffet said on Wednesday that he saw the impact of the current financial crisis on the US economy lasting longer than many people do.
Mr Buffet said the US dollar would continue to fall as the policies needed to correct the greenback's slide had yet to be implemented'I think tidal wave that hit various financial institutions since last August has largely been recognised and felt,' Mr Buffet, the world's richest man, told a news conference in Madrid.
'In terms of the effect on the economy in the United States, we don't know, but I think it will be longer and deeper then many people do. There could well be a lot to come,' he added.
Dollar will continue to fall
Mr Buffet said the US dollar would continue to fall as the policies needed to correct the greenback's slide had yet to be implemented.
'The dollar will decline in value. That's not a 20-year prediction or a two-year prediction. The same policies that have obviously resulted in a deterioration in the value of the dollar will produce some more results,' he said.
'It looks at the present time like those same policies are being continued, so I would expect, unless we have a major change, that the dollar will decline in value over a long period of time,' he added, who is worth US$62 billion according to Forbes magazine.
Won't buy Internet firms
Mr Buffet said that he had no plans to invest in Internet companies.
'I have tried to stay with businesses where I know how their economics will look in five, 10 or 20 years and that's much easier to do in areas where there's little change,' he said.
'I'm not good at predicting change. I tend to stick with things where there is very little change and that tends to preclude internet companies,' he added. -- REUTERS
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