Well, here's something that is not a cause for concern, whatsoever, I want to emphasize right up front, and certainly not anything that might be an early indicator that you could consider "taking to the land" and hunkering down in your survivalist bunker with a cache of canned food and weapons until the "trouble" passes: the world's savviest investor is pretty sure that your state and/ or local government is a ticking time bomb that will collapse in a pile of valueless rubble.
Of course, ha, this something that other people—trained professionals!—will worry about, so do not even think twice about it, at all. It's just that Warren Buffett is getting out of the business of insuring municipal debt, which means that he thinks the whole business is getting too risky, which means he fears that municipalities just like the one to which you pay taxes could be in danger of going broke due to misfortune or mismanagement and screwing all its bondholders in a Scranton-like financial fuckfest, which would then "trickle down" to you, the taxpayer, in the sense that nobody would ever lend your shithole incompetent municipality any money and so they'd have to raise your taxes while simultaneously cutting services to the bone until you're running around making citizen's arrests of roving looters using just a kitchen knife because they disbanded the police force.
But look, your elected representatives will take care of this long before it becomes a problem, so just relax. Hey, almost football season!
[WSJ. Photo: AP]