When nations engage in a competitive race to the bottom in terms of currency valuation, eventually everyone wins (actually loses). Even the bankers are starting to warn each other now. Government borrowing and spending moves future growth into the present. We have done it for decades, and the future is at our doorstep. Not only will we lose the growth, but much of our private enterprise has been built around an unsustainable paradigm of government spending. If we avoid the creative destruction we need to go through to develop a healthy economy we will never have one. We are at the point where we need to choose between the agonizing DTs or the fatal blood poisoning. Which will America choose?
IMF chides US for fiscal folly - Telegraph: www.telegraph.co.uk/finance/globalbusiness/8281897....html
http://chum.ly/n/622b76
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