Whoever replaces this cast of clowns, the damage has long been done. And a president who decides to tackle a plunging economy with the same guys who made it plunge in the first place shouldn’t in an ideal world get away with merely easing them out halfway through his term. That can’t be where the buck stops, not in a properly functioning society. Such a president should admit his failures and leave too. That would be dignified, respectful of the people.
It's not going to happen, men of principles are nowhere to be found in Washington anymore, and if they would pop up, they'd be found sleeping with the fishes in the Potomac tomorrow morning.
America's major economic activity and goal today is to bring down the dollar in the world markets. Everyone's yelling about record gold prices, but that's just in dollars, and therefore means nothing. Gold was higher a week ago in euros than it is today. German Chancellor Angela Merkel is biding her time until Japan, the US, Switzerland, Brazil et al are done dumping their currencies. She’s buying relatively cheap oil and some other stuff in the meantime. But a euro at $1,34 will not last long, it hurts German and Dutch exports too much. The currency war to the bottom has only just begun.
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