Warren Buffett Gets Caught in a Contradiction on the Political Economy

Warren Buffett, the CEO of Berkshire Hathaway and one of the richest men in the world, put out his annual letter to shareholders over the weekend. It got a lot of press attention, but, as is often the case with Mr. Buffett, even in the newspapers that he does not own, the attention was so worshipfully deferential that it ignored a glaring contradiction in the letter.