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Myrmikan's Dan Oliver: Our currency is now OUR problem
8:37p ET Saturday, January 19, 2019
Dear Friend of GATA and Gold:
With its debt exploding and its international position weakening, the United States will choose to weaken the dollar as it has done before, Dan Oliver of Myrmikan Capital in New York (http://www.myrmikan.com) writes in his firm's brilliant letter for January.
"Thinking strategically," Oliver argues, "the best course for the United States may now be a radical devaluation of the dollar. Such an action would relieve the government of its debt burden (not to mention large financial institutions), devalue the enormous hoard of Treasury bonds the Chinese hold, pop their credit bubble, and allow strategically important countries to escape the China debt trap. It would also act as a protectionist measure, destroying the Chinese export model and boosting temporarily domestic demand for American labor. The cost would be soaring retail prices, especially for the middle class, but what is the alternative?"
Oliver's letter is titled "Our Currency and Our Problem" and with his kind permission it is posted in PDF format at GATA's internet site here:
http://www.gata.org/files/MyrmikanResearch-01-14-2019.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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