Buffett: Eurozone Needs to Unify Better

In a Q&A session at Washington, D.C.’s Economic Club, Berkshire Hathaway’s Chairman Warren Buffett said there will not be another recession “unless events in Europe develop in some way that spills over here big-time,” according to BloombergNews. Responding to questions posed by David Rubenstein, co-CEO of Carlyle Group LP, the world’s second-largest private equity fund, the Oracle of Omaha stated the leaders of the 17-nation Eurozone need to shore up some of the unions’ weaknesses. “They’re in on a common currency but they’re not in on a common fiscal policy or a common culture or common labor practices,” Buffett noted. “They have to reconcile some of these things.” While the U.S. economy added the fewest employees in a year in May, Berkshire added over 10,000 new jobs in 2011 over 2010, 260,519 to 270,858. Employment at Burlington Northern Santa Fe railroad grew 1,000 while manufactured home producer Clayton Homes lost 466 jobs during the recent housing downturn. MHProNews.com has learned Buffett once said sovereign nations should have their own currency.

(Image credit: Clayton Homes)

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