Currency wars

What’s going on with the US economy is crazy enough, but people here are focused on the domestic impact. However, other countries have something to say about it too. That the dollar must get weaker is not too controversial, but inflation is one thing and a complete collapse is another. If the rest of the world stops loaning us all this money, we will lose the ability to control the value of the dollar and a collapse is likely (our debts are mostly very short term and at some point we won’t find buyers willing to let us roll them over).
This video is entertaining in a morbid sort of way; the analysts, Max Keiser and Peter Schiff, having arranged their investments to profit from what they see as the coming collapse, can’t help but laugh about the stupidity of American bankers and investors because they will personally benefit, as they see it. I can understand this attitude but since they’re both Americans their serenity when discussing financial disaster here is a bit creepy. Perhaps Schiff lost his recent Primary for Republican US Senate candidate from Connecticut because he seemed insufficiently concerned; though I think it’s more likely that CT voters were not ready to handle unpleasant truths yet.


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2 Responses to Currency wars

  1. rebelliousvanilla says:

    Peter lost the nomination because only half of the CT voters knew who he is. Out of those, over 20% voted for him. The media didn’t even mention that he is running – they were announcing that McMahon is the only GOP candidate or her and Simmons.

    And Schiff keeps saying this since 10 years ago. At some point you do get emotionally detached. For example, Europeans are my people, but in a way, I stopped caring about them. If they refuse to do squat to help themselves, F them. Probably Schiff feels the same.

    Right now the yen is at a record high against the dollar and so are a few other currencies. I’m curious how the markets will react to QE2.

  2. Fortitudine Vincimus says:

    This is what Wall St. the movie is about.

    Oliver Stone expected to frighten people with his depiction of Gekko, and instead people run around quoting his “Greed” speech.

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