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Stephen Roach: A crash in the dollar is coming
The author is an economist, senior fellow at Yale University's Jackson Institute for Global Affairs, and a senior lecturer at the Yale School of Management. He was formerly chairman of Morgan Stanley Asia and chief economist at Morgan Stanley, the New York-based investment bank.
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By Stephen Roach
Monday, June 8, 2020
The era of the U.S. dollar's "exorbitant privilege" as the world's primary reserve currency is coming to an end. In the 1960s French Finance Minister Valery Giscard d'Estaing coined that phrase largely out of frustration, bemoaning a United States that drew freely on the rest of the world to support its overextended standard of living.
For almost 60 years, the world complained but did nothing about it. Those days are over.
... Dispatch continues below ...
Great Bear Drills 30.51 Grams/Tonne Gold
Over 12.40 meters at LP Fault in Ontario
VANCOUVER, British Columbia, Canada -- Great Bear Resources Ltd. (TSX-V: GBR; OTCQX: GTBAF) today reported results from its ongoing, fully funded $21 million exploration program at its 100-percent owned flagship Dixie Project in the Red Lake district of Ontario.
Chris Taylor, president and CEO, said: "The LP Fault continues to demonstrate excellent continuity of near-surface high-grade gold, and has just yielded the highest-grade, widest-drill interval to date. Deeper drilling toward the northwest margin of our planned grid program has also extended high-grade gold mineralization in this area.
"Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022. Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future." ...
... For the remainder of the announcement:
lready stressed by the impact of the Covid-19 pandemic, U.S. living standards are about to be squeezed as never before. At the same time, the world is having serious doubts about the once widely accepted presumption of American exceptionalism.
Currencies set the equilibrium between these two forces -- domestic economic fundamentals and foreign perceptions of a nation's strength or weakness. The balance is shifting, and a crash in the dollar could well be in the offing. ...
... For the remainder of the commentary:
Toast to a free gold market
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