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The Dollar Is Dead
Some facts, trends and projections that spell its demise.
Over the last few years I’ve floated this theory in conversation with investment bankers, Fed economists, Treasury staffers, economic historians — all people with front-row seats to the fiscal drama, who in principle should know better. Namely, the post WWII belief that free trade is good, globalism is a rising tide that lifts all boats, and that American’s back home are better off using their fingers to scroll iPhone screens, than screw in the bolts near the power jack. Ray Dalio, Howard Lutnik, and Scott Bessent have all pitched different versions of how to save the dollar and preserve the country’s balance sheet - it’s usually some combination of AI-fueled growth and productivity, deleveraging away from public to private markets with austerity, and imposing a strict 3/3/3 growth/inflation/deficit-spending plan.
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