Warren Buffett's company has built a record $157 billion cash pile so he can capitalize when the economy tanks, veteran professor Steve Hanke says

• Warren Buffett's Berkshire Hathaway has built a record $157 billion pile of cash and Treasuries.
• Buffett is gearing up to snag bargains and strike deals once the economy weakens, Steve Hanke says.
• The investor famously capitalizes on crises, and he benefits from higher rates, Hanke says.

Warren Buffett has amassed a record amount of cash so he's ready to scoop up bargains and strike attractive deals when the American economy descends into turmoil, Steve Hanke says.