Courtesy of The Other Jim R.: Dollar Will Weaken, Currency Crash Possible, Roubini Says
From FG: More US wealthy opt to surrender their citizenship
Ambrose Evans-Pritchard asks: Does the world have the courage to deal with its debts? “There are three ways out of our mess. We can pursue 1930s liquidation that purges debt through mass default. Such Calvinist destruction cannot be imposed on a modern democracy. We can devalue debt by deliberate inflation. This will backfire as bond vigilantes boycott government debt – unless rigged by capital controls or “administrative measures”. You see where this leads. Or we can try to right the ship by paying down our debts, very slowly, by sweat and toil, navigating a treacherous course between the Scylla and Charybdis of the twin-flations, for as long as it takes. This is the only responsible course left we as we face the devastating consequences of our own credit delusions. Are we up it?”
Reader Randy F. flagged this: China alarmed by US money printing; The US Federal Reserve’s policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy.
Items from The Economatrix:
Food Stamp List Soars to New Record Past 35 Million
Biden: Stimulus Working Better than Expected
[Memory] Chips and Beer May Herald Return of Pricing Power
Florida Exodus: Rising Taxes Drive Residents Out
Old Chrysler Defaults on $3 Billion Bankruptcy Loan from Government
US Doles Out Grants for Energy Projects Projects are in US, but profits flowing to European companies and developers
1.3 Million Americans to Lose Jobless Benefits by Year’s End
Mortgage Defaults Shifting to Prime Borrowers
The Government’s Cooked Books