The falling dollar is not just a speculator’s plaything. It is the dollar in which almost all Americans’ hopes and dreams are calibrated. If a house is worth 300,000 dollars…those 300,000 pieces of paper may represent a lifetime’s worth of past effort…and it may also represent hope for future repose. Pensions, insurance plans, stock portfolios, bonds…everything we earn and everything we spend – it’s almost all in dollars.
It’s the end of the world as we know it…and we feel fine!
India is booming. China is booming. The latest news from the Middle Kingdom tells us that its trade surplus is rising at a 56% annual rate.
Heck, even Argentina is booming. Its economy has been growing about three times faster than the US model for the last five years.
Last week, your editor and his old friend Doug Casey were invited to lunch at the American Club in downtown Buenos Aires. Our hosts were mostly men who have been living and doing business in Argentina for decades. They’ve seen it all – corruption, hyperinflation, defaults, chaos, riots, depression…you name it. “What’s the real story down here?” we wanted to know.
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