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Alasdair Macleod: The next dollar problem has just arrived
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, December 17, 2020
It is not for no reason that cryptos are roaring and precious metals are playing catch-up. In the last month there have been developments that point to a new phase of accelerating monetary inflation for the dollar, and fiat money is only just beginning to be exchanged for these inflation hedges at an increasing pace.
Hyperinflation of the dollar is now becoming obvious to a growing cohort of investors. It is driven by factors on both sides of bank balance sheets, with evidence that large depositors are reducing their term deposits and increasing their instant-access checking accounts. This appears to be behind the increase in M1 money supply fueled out of a shift from the M2 statistic, which includes savings deposits.
... Dispatch continues below ...
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It amounts to a hidden run against bank balance sheets. Meanwhile, increasing supply-chain problems against a background of virus epidemic lockdowns are leading to the withdrawal of bank credit from non-financial businesses, potentially imploding bank balance sheets as bank credit contracts.
Foreign support for both the dollar and dollar-denominated fixed interest assets is being withdrawn, which is sure to lead to rising bond yields and dollar interest rates in the new year, undermining the equity market bubble.
The Fed is now faced with not only financing ballooning federal budget deficits, but underwriting U.S. supply chains in their entirety, which is corroborated by ongoing global logistical problems, tying up an annualized $34 trillion of intra-business payments in America alone.
The Fed's unwavering commitment to Keynesian monetary policies will lead the Fed to attempt to offset these supply-chain problems, to rescue banks that fail to survive the inevitable contraction in bank credit, and to defray the bad debts that will arise.
It is a momentous task encompassing the whole U.S. economy, requiring even faster money printing, and is impossible without destroying the unbacked dollar. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/the-next-dollar-pr...
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