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the printing presses are indeed working overtime. It's interesting to watch the race between the U.S. devaluing the currency vs. China trying to unload it for something of stable value. Of course, it is very difficult to say whether the U.S. administration does such things consciously or events simply follow from their seemingly unrelated policies. (I cannot decide as to their level of incompetence - only as to their nature as class warriors.)

One item regarding the diary itself - my redundant comment - inflation for the majority of us in the U.S. was rising (primarily driven by oil prices) ahead of the housing market downturn. As the downturn began, inflation has accelerated, it's true.  But, excepting the possibility of Weimar-style hyper-inflation, an 'unacceptably' high rate of inflation predated the current problem.

paul spencer

by paul spencer (spencerinthegorge AT yahoo DOT com) on Tue Oct 30th, 2007 at 01:02:16 PM EST
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