Buffett added: "And there are going to be more large acquisition possibilities in Europe probably than any place else on the globe." He said the worst of the economic crisis in the U.S. is over, but the dollar will continue to decline unless the United States changes its monetary policy. Buffett thinks the financial crisis "will be longer and deeper than many people do. There could well be a lot [more pain] to come."  He did not elaborate.

During his stay here, the U.S. billionaire met with Spanish King Juan Carlos in the morning, and was set to have dinner with 40 individuals, mostly owners or managers at Spanish companies. Buffett visited Germany and Switzerland earlier this week, and will travel to Milan for his last stop on his first European tour.

"Europe has a large number of companies that are the type that we'd love to be associated with. It's a big economy. We need big companies at Berkshire Hathaway because we have a $200 billion or so market value," Buffett said. Our sources tell us that Buffett is mainly looking for private companies big enough for him to be interested.

"We won't be announcing any European acquisitions today, tomorrow or next month, Buffett added. "But I hope that a few of the people that we meet on this trip, when the time comes, they'll think of Berkeshire Hathaway first and I'll get a call and we'll live happily ever after." You can't help but love a man who doesn't take himself too seriously.

He notes that short-term factors in any one nation, such as interest rates, currency rates or economic growth, will not affect his decision on what to buy, if anything. While he'd rather buy a European company when the U.S. dollar is stronger than it is now, its continued weakness won't stop him from buying a "good company at a good price."

Asked if could foresee Berkshire having 50 percent or more of its investments outside the United States, Buffett said that could happen over a matter of several decades, but wouldn't occur anytime soon, due to the continued growth of his U.S. holdings.

According to a CNBC report, when he was in Frankfurt, Germany on Tuesday Buffett said he is not among those who think the worst is over for the credit crunch in the U.S. He says he thinks it's far from over, with more ripple effects to come on the overall American economy.  "I think there will be rippling secondary, tertiary effects.  It is really more an effect of the residential real estate bubble which led to the credit crunch in some degree."

It is time that "we the people", a.k.a. "the huddled masses yearning to be free", open our eyes and ears wide and perceive what is going on here in the U.S.A. We can't afford to believe those that we know who have already lied to us over and over again. Warren Buffett is NOT one of them.