Now that fox folk have got the nomination secured for the crooks they are willing to talk about how
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It鈥檚 not just the US gunning the mints. Goldman Sachs figures that three-fifths of the world鈥檚 broad money supply growth came from emerging economies over the past year or so. Three-fifths. That鈥檚 gigantic.
Goldman Sachs says the growth in Russia鈥檚 M3 measure of broad money grew 51% over the last year or so, India by 24%, and by 20% in China, Saudi Arabia, South Africa and Brazil. That鈥檚 three times as fast as the US and the rest of the developed world, and it鈥檚 faster than their GDP growth rates. It鈥檚 the fastest pace in decades.
All that loose money is pouring into commodities, stock exchanges around the planet as well as bond markets鈥搃t鈥檚 largely why our long-term bond yields have been historically low, spurring a dramatic increase in mortgage borrowing, as mortgage rates typically track the 10-year Treasury note.
Watch out here鈥揺merging economies are just as susceptible to minting lots of money due to political pressures, including things like paying for wars, or calming local populations clamoring for higher pay and more jobs.
What can be done stateside?
The administration needs to state more emphatically that it supports a strong dollar. A stronger dollar would draw liquidity back into the credit markets, lower inflation risks, cut oil prices and restart economic growth, notes Bear Stearns economist David Malpass.
Presidential candidates vilify NAFTA and free trade, when the weak dollar is partly to blame for problems like jobs lost to overseas operations, Malpass adds.
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