Folks; just open your wallet and pull out a bill.
Notice what it NOW says...
Posted on 05/11/2022 6:40:35 PM PDT by elpadre
TOKYO – The Japanese yen’s sharp decline may be producing an unexpected loser: the US Treasury Department.
One of the most intriguing mysteries of the last three months is this: Why is Japan, the biggest foreign holder of US Treasury securities, placing so many “sell” orders? In three months, Japanese institutional managers have dumped a cool $60 billion of US paper.
Granted, that is a drop in the proverbial bucket considering Tokyo holds a $1.3 trillion stack of Washington’s IOUs. But the magnitude of the selling is getting increasingly hard to ignore.
The most plausible explanation is the yen’s 13% drop so far this year. That fall complicates the economics of loading up on US debt at a moment when US inflation is at 40-year highs. That’s despite the negligible 0.22% return investors receive on 10-year Japanese government bonds.
For every seller there needs to be a buyer.
“FOUR defaults.”
Congratulations on finding a writer who is equating specie suspension with “default”. I’m not sure why that rhetorical slight of hand fools anyone.
In all four instances the Treasury sent out interest payments without fail.
Pollock just doesn’t like the changes in legal tender laws which is why all four of his “defaults” actually are changes in gold or silver convertibility and not failures to pay.
His real gripe is with Lincoln, FDR, Kennedy, Nixon and the Congresses who helped them alter legal tender.
Folks; just open your wallet and pull out a bill.
Notice what it NOW says...
“On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold.”
In 1964, I was making $2.25 an hour and able to buy a brand new car that cost $3400.
It means that someone will be getting a bargain, oh, and NTSA.
And in 1910 $5 a week was a good wage.
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