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Alasdair Macleod: Monetary and economic outlook for 2021
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Wednesday, December 30, 2020
The most important event in the new year is likely to be the Fed losing its iron grip on markets. The dollar's declining trend is already well established against other currencies and commodities, leading to this outcome.
Events in 2021 will be the consequence of a developing hyperinflation of the dollar. Foreign holders of dollars and dollar assets -- currently totalling $27.7 trillion -- are sure to increase the pace of reducing their exposure. This is a primal threat to the Fed's policy of using quantitative easing to continually inflate assets in the name of promoting a wealth effect and continuing to finance a rapidly increasing federal government deficit by supressing interest rates.
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Bubbles will then pop, leaving establishment investors exposed to a combined collapse of fiat currencies, bonds, and equity markets, which could turn out to be very rapid. The question remaining is what will replace collapsing fiat currencies: limited-issue distributed-ledger cryptos, such as bitcoin, or precious metals, such as gold.
Clearly, when the dust settles, it will be gold for no other reason that central banks already own it in their reserves and it has a long track record of success as money in the past.
This article examines the 2020 economic and financial background to likely developments in 2021 before arriving at its conclusions. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/economic-and-monet...
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