(utdrag från Harry Brownes bok från 1978, “New Profits from the Monetary Crisis” ingenting har ändrats sedan dess.)
INTERNATIONAL CRISES
The fall of the dollar overseas provides another example of how the government creates a crisis.
The dollar is falling because many foreigners can no longer afford to pay the high prices of American products – high prices caused by the U.S. government´s inflationary policies. There are better bargains elsewhere. And because foreigners buy less from the U.S. they need to aquire fewer dollars for purchases. The demand for dollars in the currency markets is reduced.
At the same time many Americans find it advantageous to buy foreign products – as a lower inflation rate in a foreign country makes that country´s products more competitive.
And if the dollar is heading downward, many people will transfer their savings from dollar assets into other currencies – in order to protect the value of the savings.
This furthers increases the downward pressure on the dollar.
To fight all this the government uses a variety of weapons (for example: sell foreign currencies from its reserves, impose restrictions upon it´s citizens, imposing heavy taxes on foreign imports)
These weapons are powerful and may succeed in slowing the dollar´s fall. But such success only delays the crisis.
The conditions that caused the imbalance will be perpetuated. And so the crises will continue to erupt.
If the government had stayed out of the currency market all along, there would not have been a crisis. The dollar´s price would have adjusted to changing conditions in a gradual orderly fashion.
Instead the government tried to perpetuate an unrealistic price long after underlying conditions had changed.
Once again, the government has challenged reality – and lost. And whenever that happens, it appears to us a s a crisis.
The net result is always the same, however. Governments spend great amounts of their citizens´resources in pursuit of the impossible.
Jag säger då det…
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