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Dollar and Treasuries Are Toast
The odds on the dollar, Treasury bonds and the U.S. government’s AAA grade all heading for the dumpster are shortening.
While currency forecasting is a mug’s game and bond yields can’t quite decide whether to dive toward deflation or surge in anticipation of inflation, every time I think about that credit rating, I hear what Agent Smith in the “Matrix” movies called “the sound of inevitability.”
Several policy missteps suggest that investors should stop trusting — and lending to — the U.S. government. These include the state’s pressure on Bank of America Corp. to buy Merrill Lynch & Co.; the…
22May2009 | The Real Deal | 2 comments | ContinuedThe Fed’s “Strong Dollar Policy†Actually Isn’t so Strong
Ever since Robert Rubin began the tradition in the mid-1990s, it has been a significant element of the U.S. treasury secretary’s job to continuously state that a strong dollar is in the national interest. It is widely regarded that such utterances, if repeated often enough, can constitute the sum total of what is still laughingly known as the nation’s “strong dollar policy.â€
Over the past two generations, the American government has launched many failed “campaigns.†To list just a few, there has been the “War on Drugs,†the “War on Poverty,†and the continued attempts to improve education. But the…
11Jun2008 | Money Morning | Comments Off | Continued
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