One who intends to leave others better off for his having existed.


If credit peaksdoes employment, globalization and peace?

 We have lent a huge amount of money to the US

so of course we are concerned about the safety of our assets


Frankly speaking, I do have some worries


Chinese Premier Wen Jiabao


US Insists China Fears Over Debt Unfounded

The Wall Street Journal


If Executive Order 6102, signed on April 5, 1933

let the Federal Reserve confiscate gold for $20.67 per troy ounce

and the government raised the price to $35 not long after


did the US government devalue the dollar by 41%?


The Gold Reserve Act of 1934…

changed the value of the dollar in gold

from $20.67 to $35 per ounce


This price remained until August 15, 1971

when President Richard Nixon

announced that the United States

 would no longer convert dollars to gold at a fixed value

thus abandoning the gold standard for foreign exchange



Have the leaders of most emerging economies

essentially been stealing their citizens’ savings

by lending money to developed economies

to keep currency exchange rates relatively low

to encourage more sales of manufactured goods?


If global central bank foreign exchange reserves more than tripled

as the US dollar fell by ~50% since 2000

did Americans buy manufactured goods from foreign nations

with IOUs that are now worth about half as much?


Who is the largest holder of US Treasury debt?


What could happen

if a generation of underemployed, underpaid

educated and indebted young adults

become disillusioned by their elders’ financial mismanagement

and seek to identify and punish those responsible?

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