Warren Buffett bearish on currencies

Even Buffett is sounding the currency debasement alarm bells.

http://www.marketwatch.com/story/buffett-bearish-on-currencies-holding-value-2010-05-01

I agree with his overall take, but strongly disagree with this one comment:

Still, Buffett noted that as long as the U.S. borrows in U.S. dollars, there's "no possibility of default."

"You don't default when you can print your own currency," he added.

A country can absolutely default when it can print its own currency. The German Weimar Republik defaulted in the early 20's, as has Zimbabwe recently. Besides, hyperinflation is essentially a technical default. Paper is only worth as much as what value people attach to it. In a currency crisis, it can plummet overnight.