Something happen last week that will be written up in the history books... And no, it wasn't the record Dow 13,000....that is only a symptom of what happen...
Last Week it became recieved wisdom that the Dollar would have to fall...and fall hard... Everyone was talking about it...not just the Cassandras and Perma-Gloomsters.
This is like admitting that the "cancer has metastsized" and nothing can be done about it.
True, you can buy stocks that "benefit from" a weaker dollar...but that's like choosing a hospice for your cancer victim...
THE STRONG DOLLAR POLICY WAS ABANDON BY WASHINGTON AND WALL STREET ON FRIDAY.
AND THAT IS A MAJOR MACROECONOMIC EVENT...BECAUSE IT TAKES US ON AN ENTIRELY DIFFERENT PATH.
A PATH INTO THE STRANGE NEW WORLD OF THIRD WORLD DEVALUATIONS...
IF BRETTON WOODS WAS LEFT FOR DEAD IN 1971...
ON FRIDAY...IF FINALLY DIED!
