Follow the link to Jesse's Cafe Americain for the rest of this post. In fact, bookmark the site and read it for yourself.
The Credit Bubble Was a Ponzi Scheme Enabled by the US Dollar
It was the US dollar that was monetized, or more specifically US debt obligations, which are now substantially worthless and will have to take a significant haircut in real terms. This is similar to the Japanese experience in which they monetized their real estate.
Ironically, those expecting this deleveraging to result in a stronger dollar could not be more mistaken. The Obama Administration is scrambling to obtain relief from Europe and Asia, getting them to inflate their own currencies through 'stimulus,' in order to continue to hide the unalterable truth - the US must partially default on its debt as expressed in the dollar and the Bond........................
BEA: Real GDP increased at 1.6% Annualized Rate in Q1
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From the BEA: Gross Domestic Product, First Quarter 2024 (Advance Estimate)
Real gross domestic product (GDP) increased at an *annual rate of 1.6
percent ...
1 hour ago
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