This is the year when it will become clear to many that Europe is in far deeper trouble than supposed; that it risks tipping into irretrievable decline; that it is wasting its precious youth at the worst moment, as the aging crunch nears, when it should have none to spare; that it is resorting to ever more coercive measures and autocratic methods; and all to save a currency that is the elemental cause of the disaster in the first place, and should morally be broken into its democratically-controlled parts.His comments are specific to the Euro. But I'd argue that the games being played by the Fed and U.S. Treasury are turning our dollar into more of a threat than an asset. And the so-called Fiscal Cliff rescue will bring America another $4 trillion in national debt.
Thursday, January 3, 2013
Sick and feeble fiat money
A quote from Ambrose Evans-Pritchard in the UK Telegraph: