The Duke reports on China's reconsideration of its Euro purchase policy, the latest Spanish downgrade, and on how the market has subsequently moved its eye away from America's own debt problems. He follows this with a discussion of Greece, how its debt problem should have been handled, and how the 'Continuous Depression' was interrupted briefly by a wasteful phoney spending binge, which will make the underlying problems last much longer.
We now all know that governments will not do the right thing and will try to inflate their way out of all subsequent 'double-dips', 'triple-dips', call them what you will, thus feeding the depression, and that the ultimate end of this is a collapsed Dollar and a collapsed Euro.
He predicts that the next 'dip' will be in long-term government and corporate bonds, and all other forms of long-term debt:
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