In an all-out assault on capitalism’s worst crisis since the Great Depression, the U.S. is taking on the role of both lender and borrower of last resort for the global economy. Full Story »
Posted by Michaela Stanelun
In the course of telling the story this makes quite a few claims, but with only brief quotes from a generous selection of experts. But not all claims are backed up. For example, where is the evidence for "on course to borrow some $1.5 trillion"? For those who already know the facts, this puts together a useful picture. I would like to see a few non-U.S. viewpoints, though.
Those of us old enough to remember the stagflation of the 1970s will find all this very familiar. The trouble started with Lyndon Johnsons "guns and butter" policies during the Vietnam War. We went deep into debt to the world and so the Fed sparked hyper inflation thereby devaluing the dollar. We paid our debt off with those bargain basement bucks then had to dig our selves out of a stagnant economy. Here we go again.
With all the figures Mr. Miller committed to this article I hope he's somewhere with some aspirin and a strong drink.
My eyes could not move from the figure 3 trillion dollars, or 20% of the GNP.Somebody get me a calculator.
Many different but important people are quoted in this story. The author does take a strong stance beginning in the first paragraph, saying "the world needs more dollars. the united states is preparing to provide them." I trust the publication (Bloomberg) but I do feel this was writen with the author clearly choosing a side, but he does report for both sides.
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