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John Williams: On the Panic Decline and Selling of the US Dollar

from Greg Hunter:

What does renowned economist John Williams make of the strength of the dollar in the last year? He thinks the markets were anticipating the Fed raising interest rates because of the so-called “recovery.” Of course, the economy is not improving, and Williams thinks when the Fed tries to pump the economy back up, the dollar will dive.

Williams explains, “… as the expectations wane on the Fed tightening, you will start to see dollar selling. I think you are going to see a panic decline in the dollar at some point, massive selling of the dollar, not only that, it will take it down to levels of a year ago, but to historic lows. As that happens, you will see a tremendous spike in oil prices which will start moving the consumer price index pick up. . . . You have an overhang in excesses of $12 trillion outside the United States.”

A goodly portion of that will be repatriated to the United States into the US markets. People will be dumping the dollar to get out of the dollar and the Fed is going to have to be monetizing all sorts of things. . . . What’s out of whack right now against reality is the strength of the dollar. We don’t have a booming economy. We don’t have a Fed that is going to happily raise rates, although they would like to. As the realization sinks in, the exchange rate of the dollar will start falling. Then, you will actually have a panic, and once that has happened, you will see a sharp upturn in headline inflation, and that will evolve eventually into hyperinflation. . . . A dollar panic is reflective of the problems here.”

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