Dear LT,
As you said many times before, Volcker won it for the USA and Greenspan gave it all away!
Best,
Bt
Philip Manduca Says There Has Never Been An Empire So Willing To Give Its Wealth And Power Away Like America
Gregory White | Sep. 29, 2010, 4:23 PM
Philip Manduca of ECU Group spoke to CNBC this afternoon about the dollar’s decline, the rise in gold, and the failure in decision making by the U.S. government.
0:30 There has been a covering up of the cracks in the EU. They will resurface in 2011 because the problem of a lack of fiscal union in a monetary union persists. Growth will not rise to the point where tax revenues will be high enough to combat deficits.
1:15 Money push, QE, is what is being priced in. There’s loads of money out there, that’s not the problem. When everyone stops worrying about this, the focus will return to the eurozone.
2:00 The problem is not supply, it’s the velocity of money. The government in the UK may be tempted to push cuts to 2012 and 2013. The pound may be underpriced at the moment.
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