Dan, thanks, and thanks also for highlighting the part to read <g>.
Tokyo’s finances are beginning to resemble that of a Latin American country, with Washington rapidly catching up.
I have long thought that the biggest difference between the U.S. and Argentina, economically, is just size. The world can afford to let Argentina fail periodically, but it can't afford to let the U.S. fail.
In the interim, the trans-Pacific trade imbalance has tipped further, resulting in the buildup of massive countervailing forces which will likely be unleashed later in the form of a further precipitous fall in the dollar.
Well, that's already happening. Look at the price of oil. What I want to know is, when will people quit using the relative value of the $US, vis a vis other major currencies, to determine the price of gold, and start using the absolute value?
By playing along like an American colony, Japan and the other Asian nations appear to be behaving like innocent merchants willing to sell on credit as much as their customers want. But at some point, either the creditors insist on proper payment for their large and growing I.O.U.’s
He seems to think that this is becoming more likely with the passage of time. I think the opposite. The deeper the Japanese get in with us, the less likely they will even try to get out.
or the debtor simply declares, “No mas”, as Argentina has done
Ain't gonna happen. I hope the people over at Prudent Bear haven't gotten that deluded, because, at some point, I'd like to get back into BEARX.
Dan, pretty much all the commentaries I read on this subject say the same thing. I think that's unhealthy, for me, and I sure would like to see some reasonably specific counter-arguments. Please let me know if you come across any...
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