On Apr 12, 2012, at 3:18 PM, Sabri Oncu wrote:
Hyperinflation happens for one reason only: foreign debts denominated
in foreign currency. Foreign debts denominated in domestic currency
and American exceptionalism are the same thing, because the USA has
been the only country in history with foreign debts denominated in
domestic currency.
Argentina successfully repudiated most of its dollar-denominated debt.
Bolshevik Russia successfully repudiated all its foreign gold and
currency denominated debt.
Until Nixon the USA was still on the gold-exchange standard (and on
the gold standard until FDR).
China, which effectively has no foreign debt at present, is openly
preparing for its eventual debt to be denominated in renminbi.
Shane Mage
"All things are an equal exchange for fire and fire for all things,
as goods are for gold and gold for goods."
Herakleitos of Ephesos, fr, 90
_______________________________________________
pen-l mailing list
[email protected]
https://lists.csuchico.edu/mailman/listinfo/pen-l
