Quick Passages

Here is some more context. The US had 82% cumulative broad money supply growth over the past decade. Egypt had 638% broad money supply growth during that same time period. And the Egyptian pound underperformed the dollar by approximately that ratio; a decade ago a US dollar was worth a bit under 8 Egyptian pounds, and today it’s worth a bit over 50

Myself and many others would argue that a major currency devaluation is a type of default. In that sense, the US government defaulted on bondholders in the 1930s by devaluating the dollar vs gold, and then again in the 1970s by decoupling the dollar from gold entirely. The 2020-2021 period was also a type of default, in the sense that the broad mon

Change in Global Policy