As far as I know Warren Buffet is pretty modest with his stuff.
But I remember there was quite a collapse for a lot of people here in Russia, because they took mortages to buy homes in USD, and once this debacle with Crimea & sanctions against Russia happened, suddenly they had twice as much debt in economicly uncertain situation. A lot of them ended up owing more then what they have already payed out, as well as doubled monthly payments in roubles.
If there is a moral in this story, it is never borrow significant sums with payments in foreign currencies.
Anyhow, found this post in the digest that featured my post also. Great article!
RE: Keeping up with the Joneses - the race to the bottom