Re: [Pen-l] Rogoff: Saving the system will cost one to two trillion dollars

["Robert Naiman" <naiman@xxxxxxxxxxxxxxxxxxxxx>]

Shouldn't it be pointed out, though, that the interest of the majority
of Americans in a high dollar is far from obvious...

On Fri, Sep 19, 2008 at 3:04 PM, Jim Devine <jdevine03@xxxxxxxxx> wrote:
>> America will need a $1,000bn bail-out
>> By Kenneth Rogoff
>> Financial Times
>> September 17 2008
>>
> snip
>> A large expansion in debt will impose enormous fiscal costs on the US,
> ultimately hitting growth through a combination of higher taxes and lower
> spending. It will certainly make it harder for the US to maintain its
> military dominance, which has been one of the linchpins of the dollar.<
>
> it's interesting that Rogoff admits the role of US hegemony here. I
> guess I shouldn't be surprised, since I heard him on the radio awhile
> back saying that hyperinflation typically arises not from an
> excessively increased money supply (which is just a symptom) but from
> a government being unable to balance its budget due to domestic
> conflicts...
> --
> Jim Devine / "Nobody told me there'd be days like these / Strange days
> indeed -- most peculiar, mama." -- JL.
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-- 
Robert Naiman
Just Foreign Policy
www.justforeignpolicy.org
naiman@xxxxxxxxxxxxxxxxxxxxx

Ambassador Pickering on Iran Talks and Multinational Enrichment
http://youtube.com/watch?v=kGZFrFxVg8A
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