When you look at what’s really unfolding around the world, it’s like a race to the edge of a cliff, and yet the markets are still being aggressively manipulated. But the real problem for the West is the U.S. dollar is in jeopardy. I believe the Russians and the Chinese know this and so they are just biding their time. When I look at my entire career in the investment business, which will now stretch to 51 years on the last day of this month, it was at the beginning of my career that the U.S. really got itself into the trouble it’s in today.
Back then the United States got into this economic theory about slack in the economy and being more aggressive both fiscally and monetarily. The theory was that this would create a more robust economy. At that point the United States had several hundred billion dollars worth of debt which had been accumulated over the previous 180 years.
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