“Our Dollar, Your Problem” by Kenneth Rogoff

The dollars reach is a unique oddity in history
Inflation is inherently a minor default
Seahawk movie
Currency exchange rates were based on USD
Other currencies are too thin to support large exchanges
Size matters but is not everything
The US attracts foreign investment seeking safer investments
We then invest in foreign markets for better returns
Europe’s low spend in defense allows it to spend much on social programs
Japan’s debt is really high
- A weak Japan is not in the US interests
“This time is different”
If not on the Euro, Greece and Spain could have printed its own money to cover debt and might not have been trusted with so much debt
Central Banks speak to markets like owners speak to dogs, sentiment is more important than content
Asia is half of the USD block
Trade deficit is not as important as the saving/spending rate
China orchestrated worked migration to prevent over pressure
The IMF is judged on how well they match official numbers, not actual numbers

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