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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Mike M2 who wrote (15279)6/16/2004 2:19:51 PM
From: BEEF JERKEY  Read Replies (1) of 110194
 
I picked up that book you mentioned "The Dollar Crisis" and, as promised, have found it to be an excellent read. Being heavily invested in Gold I suppose I find the subject of the US dollar endlessly fascinating.

I've come to two realizations. The massive current US Federal government deficit is likely necessary to recycle all these excess dollars sent to places like Asia due to the current account imbalance. Oddly the deficit may be the last thing holding up the value of the dollar- I had never made that connection before.

I have also changed my opinion of Greenspan somewhat. I thought him somewhat incompetent allowing these bubbles to form. However when one considers that the popping of the NASDAQ bubble "vaporized" massive amounts of these boomeranging reinvested excess dollars from places like Asia maybe he's not so stupid as thought. The NASDAQ bubble was a small price to pay when one considers that the real wealth of the USA comes from the fact that nations all over the world are willing to work hard and subjugate themselves to make valuable stuff in exchange for paper. And that's paper they likely will never be able to exchange for anything valuable because all these nations that export to the US are caught in this catch 22 of not wanting their currencies to appreciate.
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