Yes, I make mistakes. I said economic news was being once more relegated to space between articles on food and the comics. But there they were, the front page, early page articles,and several opinion pieces dealing with economic topics in the latest edition of the International Herald.

President Obama’s full court press for a health bill had full coverage. And as I have stated in my last two blogs, it is the cost of health care that is generating all the press. No one disputes the quality or effectiveness of the care itself.

And there was Henry Kissinger on the Op-Ed page trying desperately to discuss seminal change in the world economic order in political terms and concepts. Hard to break habits acquired over a lifetime.

Finally there was many people’s economic guru Warren Buffett nervously fretting about rampant Federal Government deficit spending eventually leading to a bigger problem than the exploded credit bubble. Buffett frankly allows, as I have done repeatedly, that massive Federal spending - TARP, TAFL, Sitmulus Program, acquiring Fannie Mae and GM, investing in banks and such - saved the economy from certain ruin. He pays tribute to the key officials of the Bush and Obama administrations who managed to stave off economic collapse as I have also done.

But Buffett fears that all this deficit spending will lead to inflation and worse. He cries that our national debt, compared to our GDP, has grown too fast, However, he admits that it is still smaller than the ratio for such countries as Japan and Germany. In fact we have a long way to go to catch up to other major economies in amassing central government debt. Even our Federal deficit, expressed as a percentage of GDP, is less than most other major economies.

Another Buffett worry is that foreigners, especially the Chinese, may opt to put their excess dollars into buying US shares and companies and real estate, instead of Treasury bills. However, as someone who sells US property to foreigners, I would welcome additional buyers.

Buffett then warns that, even if domestic investors were to buy $500 billion in Treasury bills, there would still be a shortfall of $900 billion needed for Federal deficit spending. He conventiently overlooks the record for the last year in which private US investors have left the private sector to put their trillions of dollars, not billions, in T bills.

Buffett winds up saying that Uncle Sam will have to resort to keeping the money printing presses working overtime to provide the financing the Feds will need. Well, the Feds have no intention of retiring our National Debt. They will simply rollover the debt ad infinitum while adding to the pile as they go along.

Well I may be wrong in predicting an early departure of economic news from being front and center in the world’s media, but in this case I am pleased to see that I have been wrong.