Wells are running dry in Southwest as foreign-owned farms feed cattle overseas
What I find most interesting is how this plays into Warren Buffet's complaints about the American trade deficit: America has been selling long term assets to buy short term toys.<p>In Warren Buffet's explanation he uses selling farm land as this exact example.<p>Of course under free trade we would expect foreign buyers to own bits of land. The challenge for America: these are not land swaps. America is not buying up bits of land elsewhere. Instead America is selling these bits of land for trinkets.<p>The US Dollar is a global reserve currency. Which in the abstract sounds nice to have other countries sell US things in exchange for more US debt: but in practice that means selling assets. US Government Bonds or US Farm Land. Both are assets openly traded.<p>The issue is not foreigners. The issue is America is running up a debt and is selling the farm.