The most important principle to keep in mind when thinking about large government debts and deficits such as those that we have and that are coming is when countries have too much debt, lowering interest rates and devaluing the currency that the debt is denominated in is the preferred path government policy makers are likely to take. So it pays to bet on that happening. That means betting on a weaker currency and uh lower real interest rates are the best path.And the reason governments uh prefer to take tha ...

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In 1971, when I was a young clerk on the floor of the New York Stock Exchange, the United States ran out of money and defaulted on its debts. That's right, the US ran out of money. How.Well, back then, gold was the money used in transactions between countries. Paper money, like the dollar, was like checks in a checkbook in that it had no value other than it could be exchanged for gold, which was the real money. At the time, the United States was spending a lot more money than it was earning by writing a lot ...