Stephen Roach, a Yale University senior fellow and former Morgan Stanley Asia chairman, tells MarketWatch that his forecast for a sharp deterioration of the U.S. dollar could be a very near-term phenomenon, not an event that looms off in the distance.
“I do think it’s something that happens sooner rather than later,” the economist told MarketWatch during a Monday-afternoon interview.
His comments come as the financial expert has been warning for weeks of an epic downturn of the buck that could signal the end of the hegemony of the greenback as a reserve currency — an event that would ripple through global financial markets.
Read more ....
WNU Editor: When the Soviet Union was fracturing I saw the Russian Ruble collapse within six months. I give the same time frame should the U.S. dollar ever experience that disaster. But I do not see that happening any time soon.
18 comments:
Most people look at raw numbers and occasionally look at stats even when they know better.
6 months? Is that right?
Yeah, it could happen. The thing is not some single raw number but ratios. Like Debt to GDP. It is why people (many different & disparate people) calculate it.
https://tradingeconomics.com/country-list/government-debt-to-gdp
And clowns RINOs and DIMs keep piling up debt and looting the treasury. ABSCAM looks like a molehill conmpared to the money laundering of US funds in Ukraine.
the budget ok under Clinton and Trump gave massive tax breaks to the super-wealthy. And the GOP is "the party of fiscal restraint"?
CBO projected that the tax cut will add $1.9 trillion to deficits over 10 years, even after accounting for any growth effects. We are already seeing this play out. The deficit grew 17 percent last year and is projected to grow another 15 percent this year even as the economy grew faster.Feb 5, 2019
'the budget ok under Clinton and Trump gave massive tax breaks to the super-wealthy. And the GOP is "the party of fiscal restraint"? '
Once a again fucking idiot does not understand calculus or psychology (animal spirits).
A university economics teacher of mine stated to the class that you could increase tax revenue by increasing or decreasing the tax rate. That is it depends when the current tax rate is and a few other things. What you would have to do is a little bit of calculus. Or you could do it empirically like the Wall Street Journal did. They came up with a rate of 20% give or take about 2 percent. Russia is at 15% which is at the low end, but it is still ballpark.
I like how idiots like 11:07 think they are literate merely because they can recognize a few words and sound out a few others. 11:07 has degrees to 'prove' that it is smart. 11:07 is can sound out words but is short on many concepts from many professions and walks of life. It simply does not know what t does not know and is not curious.
11:07 is a functionally illiterate and will live that way a long time in the dark.
'The deficit grew 17 percent last year ' - Moron idiot child of mine
Deficits are the difference between revenue and congressional spending. Deficits can grow if revenues stay the same increase 3% increase 20% or increase 50%. Congress has the ability to create all sorts of deficit spending.
FY 2019 $3.46 trillion (actual)
FY 2018 $3.33 trillion
FY 2017 $3.32 trillion
FY 2016 $3.27 trillion
FY 2015 $3.25 trillion
FY 2014 $3.02 trillion
Revenues keep going up.
Idiot spammer keeps bleating Trump, Russia or Collusion.
CHUDS
the white house and the senate are controlled by the GOP
our deficit is going up and up...now call all the names you will but the deficit is going UP.
.
Three Reasons for the Current Budget Deficit
Many people blame the deficits on entitlement programs. But that's not supported by the budget. These enormous deficits are the result of three factors.
War on Terror
First, the attacks on 9/11 led to the War on Terror. It's added $2.4 trillion in Overseas Contingency Operations (OCO) to the debt since 2001. As a result, defense spending rose to a record $855 billion in 2012. That includes the defense department budget OCO, and increases for the Department of Veterans Affairs, Homeland Security, and the National Nuclear Security Administration.
The Trump administration will continue to have high defense spending. It is estimated to reach $936 billion in FY 2020.1 That also includes OCO, the VA, Homeland Security, and the NNSA.
U.S. military spending is greater than the next 10 largest government expenditures combined. It's almost three times greater than China's military budget, and 10 times bigger than Russia's defense spending.2 It's difficult to reduce the budget deficit without cutting U.S. defense spending.
Tax Cuts
Second is the impact of tax cuts. They immediately reduce revenue for each dollar cut. Proponents of supply-side economics argue that the government will recoup that loss over the long term by boosting economic growth and the tax base. But the National Bureau of Economic Research found that only 17% of the revenue from income tax cuts was regained.3 It also found that 50% of the revenue from corporate tax cuts was lost.
For example, the Bush tax cuts added $2.023 trillion to the debt between 2011 and 2020. The Congressional Research Service estimated that service cost on that debt would add another $450 billion.4
Going forward, the Trump tax cut will reduce revenue. It's reducing the personal income tax rate, corporate taxes, and small business taxes. These cuts total $1.5 trillion over the next 10 years. But the Joint Committee on Taxation said the cuts would stimulate growth by 0.7% annually. The increased growth will add revenue, offsetting some of the tax cuts. As a result, the deficit will increase by $1 trillion over the next decade.
You never worried about it before, you're losing
All spending bills start in the House. The Democrats have the House.
Many conservatives have made their unhappiness known with Paul Ryan, Boehner, Cantor and others. We take our own side to task.
I like how you do all bold. It shows me that you have such a losing hand that you have to scream, when you post. You average comment reader will just skip reading it knowing that it is The Parrot, who posted it.
Economics is the dismal science. Economics is the intersection of psychology and mathematics/statistics.
To learn enough derivatives you might need 4 to 8 weeks of 1st semester calculus, If you are doing no other course work, you could do it faster. One then could figure out review tax rates for themselves instead of taking Joint Committee on Taxation as Gospel. After the 2.2 million deaths that were predicted by government scientists, you are going to believe, I mean really truly believe as a True Believer that the Joint Committee on Taxation has accurate models?
Are you fucking nuts!
No, you are nuts. You are just congenitally stupid. That's right you were born that way. You are exhibit A on why I believe in white privilege.
Only war will make new world change its currency 4 the final end to life
If only we should have listened to Gods warning people
You can't hide from truth 4ever sucker's
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I'll match you 3:31.
Only your guy was a bigger fuck up and took money from the Chinese like Al Gore, Bill Clinton and the rest of you reprobates.
Planes, Casinos, Sexual Harassment and a Chinese Billionaire: LA Councilman Charged In Massive Bribery Case
Being a Democrat what are the chances that the Democrat did a pole dance for his Chinese superiors?
Ignorant Leftists Tear Down Statue, Behead It and Throw It In Wisconsin Lake – Statue Was of Civil War Abolitionist and Hero Who Died In Effort to End Slavery
Where did the did kids get the idea that is was good to tear down statues of men, who fought slave catchers and died n the Civil War to end slavery?
From idiot professors teaching "humanities' in universities.
I mean real idiot mother fuckers.
Definitely 9th circle material.
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