[Flick Lives]

Without a proper monetary anchor, the dollar has become a twisted agent of wholesale nothingness, into which not even those charged with defending and regulating it have much if any idea about what it is and how it actually works.

A rather weighty article which I don't pretend to fully understand. But, perhaps I know my limits of knowing; unlike the elites running the Fed who don't know that they don't know.

[expat_panama]

There are lots and lots of folks running things at the Fed and some are idiots and most are good people. Nevertheless while the Fed's supposed to control the amount of dollars, most dollars are created outside the U.S. (Eurodollars) where the Fed has no say.

Meanwhile Europeans have the same problem 'cause while the US is just 1/20th of the world's people, it's also a third the world's economy and half the world's wealth. Bottom line, the fate of the world's econ strategy is in American hands...