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Money, Funny-Money, & Crypto 2 weeks 6 days ago #426

"If central banks decide to protect their currencies, they must let markets determine interest rates. With prices rising officially at over 5% in the US (more like 15% on independent estimates) the rise in interest rates will not only crash all financial asset values from fixed interest to equities, but force governments to rein in their spending to eliminate deficits. This will involve greater cuts than currently indicated, because of loss of tax revenues. Indeed, mandatory spending will put socialising governments in an impossible position.

But even these measures are unlikely to protect currencies, because of extensive foreign ownership of the US dollar. Foreigners hold total some $33 trillion in financial assets and bank deposits, much of which will be liquidated or lost in a bear market. Long experience suggests that funds rescued from overexposure to foreign currencies will be repatriated."

www.zerohedge.com/economics/money-funny-money-crypto

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