Alasdair Macleod: Why a bear market will lead to the dollar's collapse

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By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, February 27, 2020

Falling equity markets this week are likely to signal the onset of a bear market, responding to a combination of the coronavirus spreading beyond China and persistent indications of a developing recession.

This has provoked a flight into U.S. Treasuries, with the 10-year yield falling to an all-time low of 1.31%. This will prove to be a mistake, given U.S. price inflation, which on independent estimates is running close to 10%, exposing U.S. Treasuries as badly overpriced.

... Dispatch continues below ...


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After this short-term response, much higher U.S. Treasury yields are inevitable. Foreigners, who possess more dollars and dollar investments than the entire U.S. gross domestic product, will almost certainly sell, driving bond yields up and the dollar down, leaving the Fed the only real buyer of U.S. Treasuries.

This article goes through the sequence of events likely to destroy value in U.S. financial assets and the dollar as well. And what goes for the United States goes for all other fiat-currencies and their financial markets. ...

... For the remainder of the report:

https://www.goldmoney.com/research/goldmoney-insights/why-a-bear-market-...

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