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This Recovery is an Imposter
Bill Bonner (September 8th, 2009) Writes:
It is amazing how many things have NOT happened.
Probably most incredible is that the dollar has NOT collapsed. It has lost ground, and was trading at $1.43 per euro on Friday, but no one laughs at you when go to exchange dollars…or offer to pay in dollars rather than the local currency.
For the last 10 years, the money supply in the United States has expanded at roughly twice the rate of GDP growth. And the Fed doubled its balance sheet in just the last 18 months. This last bit of information is stunning. It took the central bank nearly 100 years to build a balance sheet of $1 trillion. Then, under the leadership of Ben Bernanke, it added another $1 trillion in just a few months.
What does that mean, exactly? It means they bought a lot of debt from US agencies and the financial sector. It means also that they
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