“However, the US still gets to print money and hand it to the rest of the world in return for real world goods and services.”
Well, yes, but mostly the US gets to print money and hand it to the rest of the world so the rest of the world can buy US debt that funds the consumer lifestyle of the average American.
“Until global trade is denominated in another currency unit they can bail out their industry.”
Such is the position the world finds itself in, the Triffin Dilemma is alive and well. The exorbitant privilege of the greenback will not last and indeed cracks are starting to show in the whole house of cards.
“Have a think about who the most vulnerable are here, it ain't you.”
No, it aint me or my wife and daughter. But it is my friend with cancer and it sure is my elderly parents and their friends.
One of the most highly respected sources of information regarding C19 is the Imperial College C19 Response Team in the UK.
Their report published yesterday is most likely what guided the Trump Administration to change course late yesterday afternoon and finally acknowledge the seriousness of this virus and start implementing measures that should have occurred weeks ago.
In brief, the C19 Response Team have advised that a vaccine will not be available (deployable) for 18 months, there will be AT LEAST 250,000 deaths in the UK and over 1.2 million in the US.
Their summary for the next 18 months:
“We therefore conclude that epidemic suppression is the only viable strategy at the current time. The social and economic effects of the measures which are needed to achieve this policy goal will be profound.”
This is not a time to panic and we will indeed get through this however this is not a media beat up.