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Tag Archives: Keynesianism

Jim Rickards: The Demise Of The U.S. Dollar (And Mutualy Assured Financial Destruction) Video

It won’t happen tomorrow but slowly but surely the world is moving from dollars. The petrodollar system which has been key to the world economy over the last 40 years is eroding. More and more country to country deals are being done in currencies other than the dollar. The economic world as we have known it, after Bretton Woods in the Cold War Era, the post Cold War era, and the post 9-11 era is fundamentally shifting. The dollar is not what it once was. It is no longer “almighty” and one should be prepared.

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Does Big Business like “libertarianism?”

It seems fairly obvious that it would not. It is very hard for a large business to remain a dominant player without gifts from the government. Big business is not enamored with the free markets libertarians advocate. In a free market big businesses are constantly sniped at by smaller but more nimble competitors. Smaller newer companies are hungrier and usually have newer equipment. They often have fresher personnel. Free markets make life hard for big business.

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Your new landlord lives on Wall Street

In the wake of the housing crash, wide swathes of the desert Southwest, Florida, Atlanta, parts of California, and other places were littered with relatively new homes which were empty. The pre-seeded lawn turf often hadn’t even taken root before the foreclosures began.

Each vacant home represented a personal economic disaster for someone. Families moved in with grandparents. Pets were left in shelters which were filled far beyond capacity. It was only a couple of years ago. For many the memory is still very fresh.

But at about the same time parts of Tuscon started to be reclaimed by tumbleweeds a few hedge funds (and banks) figured that there was yield to be made from renting the homes which were now unused back to the people who could no longer afford to own them. If the homes could be pooled along with the rents, perhaps the investments could even be sold as derivatives.

Market solution right?

Wrong.

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