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Title: | Buddy can you spare a dime? | |||
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| Name: | Clickfool | | |||
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| City: | Sussex | State: | England | | |
| America`s fundamental problems, caused by years of spending beyond its means, are so vast that nothing any central bank or group of central bankers can do to stop the meltdown in the dollar. Central banks, acting together, might stage a temporary bear trap, but long-term the trend is down. It has to be. Non-America is awash with bits of green funny money, printed by the US Treasury to fund America`s spendaholic ways. Non-America no longer sees the dollar as a store of value and no longer is willing to convert its export earnings into US promissory notes. This alone, simply not squirrelling any more dollars, is enough to make the dollar fall off a cliff. And with vast rafts of personal debt, from mortgages to credit cards, unable to be repaid as the real American economy heads south, there`s vastly more financial pain to come. The excesses of the past, trillions of dollars, are beyond any central bank`s ability to rectify them comfortably. Buddy can you spare a dime? |
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