Alec Hogg: Warren Buffett’s lessons on the USA’s unprecedented success

There are some crazy things happening to economic thinking in the Land of the Free and the Home of the Brave – the description of America popularised by poet Francis Scott Key in 1814..As opined in the video (above) from from our partners at the Wall Street Journal, Bidenomics consciously contradicts capitalism's three key words – work, save, invest..Which leaves us with the logical conclusion, the WSJ adds, that Joe Biden is not the capitalist he claims to be. In words, deeds and thought he's socialist. And an economically naive one at that..___STEADY_PAYWALL___.Even for those of us who live 13 000 km away, this matters..With an aggressive communist autocrat in Beijing and softie lefties in Brussels, millions of rational thinkers look to the US as a beacon lighting the way to a sensible path to prosperity..Warren Buffett, for instance, teaches us that America's unprecedented success (from 0% to 26% of world GDP in two centuries) was built on a simple foundation: its free enterprise system which ensures the most efficient manner of delivering goods and services..However, the message now propagated from Washington and being embraced around the world and especially in SA, is the State knows best – a preposterous suggestion considering the complexity of our warp speed world..Relying on the instant computational power of the marketplace is the only chance mankind has of understanding our economic environment. To imagine that calculator punching bureaucrats offer a superior option is like expecting a good outcome after handing the brain surgeon's scalpel to a toddler..We live in interesting times..More for you to read today (click on the linked headline to access) –.* RW Johnson: SA needs a realistic policy on illegal immigrants from the North. The former Oxford Dean argues why a taboo against exerting effective control over the borders must end..* Panic buying in UK creates shortages at petrol stations. As cars queue for blocks, the UK Govt keeps soldiers on standby to deliver fuel supplies if necessary..* Joe Biden's Economic Fantasy World. The WSJ's editor at large reckons his country's president seems to think that if you pay for something it doesn't cost anything..PS The BizNews Share Portfolio update webinar is at noon today. It is only for Premium members: register here..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com.If you'd like to help sustain our independent voice, why not share the love by making a gift that keeps giving? Click here to access the BizNews Premium subscription signup form, and be sure tick the relevant box (see below). At R100 a month and inclusive of full membership of The Wall Street Journal, it's a mind-expanding gift at an incredibly modest price.

Alec Hogg: Warren Buffett’s lessons on the USA’s unprecedented success

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