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Mon Aug 4th 14:54 PM | Rating: 0 0
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The U.S. Dollar: A New Accord

The dollar can't rally in light of the inflationary pressure being put on it by the housing bailout, the Bear Sterns bailout, the Iraq and Afghanistan wars, and a $490 billion budget deficit (not to mention the next round of proposed "economic stimulus").

The US M3 growth rate is far too high for the dollar to rally and other countries are increasingly balking at the notion that they should depreciate their currencies (i.e. inflate) in order to shore up the dollar. This game will end badly for the dollar because the US fundamentals dictate so (balance of trade, government debt, consumer savings rate, public indebtedness, etc.).

Droskoph is right, we are heading for hyperinflation and we'll need a new Volcker to come in and raise interest rates up to 15% to save the dollar.
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