Buffett: Your kids will live better than you lived

Question: Are there underlying issues you see in the world economy? Like going off the gold standard? If the Berkshire business is great but underlying economy is the problem - where do we go from there?

Buffett: There's always a lot of things wrong with the world. Unfortunately it's the only world we've got. This system works very well. I know that over time people will live better and better in this country. We have a system that works. It unleashes human potential.  Right now we're sputtering somewhat in terms of the economy - but there is no question in my mind that there is enormous human potential. The opportunities will win in the end. And your kids will live better than you live.

Munger: Now that I'm so close to the age of death - I am getting more cheerful about the economic future. What I find cheerful is that we will be able to harness the energy of the sun and have electric power. That will enable countries to turn sea water into fresh. What I see is a final breakthrough that solves the main technical problem of man. You can see it coming over the horizon and MidAmerican and BYD will be participating. Mistake to think about your probably misfortunes. Should think about what's good about your situation. The technical problem is about to be fixed. If you have enough energy you can solve a lot of your other problems.