John Williams on the Dollar
Is warning of a dollar collapse fringe? Maybe, but the US dollar has lost about a third of its value in the last ten years. Government intervention is off the charts, and still produces no growth. We are surrounded by years of evidence that we are in an ongoing crisis driven by deteriorating fundamentals. All the fundamentals are worse now than they were several years ago. We remain headed toward our financial reckoning day, not recovering from it. In the long run fundamentals always exert there influence. The financial reckoning will not be caused by "self-fulfilling prophecies" but will be the result of gross incompetence, corruption, and the abandonment of a sound political and cultural foundation in our country.