As those familiar with this blog know, I am very concerned about the vulnerability of the U.S. Dollar to a substantial decline. I have written extensively about this situation.
I think the following quote on the subject of currency debasement is particularly noteworthy. It is from John Maynard Keynes, from his book Economic Consequences of the Peace, chapter 6:
“Lenin was right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
A Special Note concerning our economic situation is found here
SPX at 1296.63 as this post is written