How does European Sovereign debt crisis affact us? Interview from Warren Buffet and Guy Spier

• Warrent Buffet’s brief take on this issue,

“The problem is quite complex. I do not know the answer to that. .. They should have their acts together, in the very major way… that is very difficult. Or, the very strong countries, like Germany, have to say, I am willing to take care of my brother in law… Europe is not going away. it is a huge market.”

Warren Buffet here again demonstrated one of the traits of an honest and brilliant mind: when being asked a major question that is out of cricle of confidence, he is willing to say “I don’t know the answer to that.”

• Guy Spier’s exclusive interview by Manual of Idea

” The easier solution is to print money. But ECB has no authority to do so…You need to show the market you want to use the full force to act on liquidity issue like what US did in 2008… Europe was too idealism to design this euro zone. Big failing… We really do not know the answer. I have no idea how it is going to play out…. How to play investment in such uncertainty? We have more short term protection for financial banks (like Bank of America) than those of Europe… I would like to buy the banks which are cheap and are protected by the Federal reserve.”