Friday, December 12, 2008
Let be honest: It is time to devalue the US dollar $$$$$
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Despite the trillions of dollars already expended recapitalizing banks, there is very little, if any, progress to show. Will a few trillion more do the trick? No.
In 2002, the US debt was $6 trillion against a gross domestic product of $9 trillion.
30% $ devalue would equal US debt and US GDP. Than unstoppable $ inflation spiral will start.
Let me warn you what after:
"An OPEC switch from the dollar to the euro would bring a quick and devastating dollar and Wall Street crash that would make 1929 look like a $50 casino bet."