Wednesday 31st October 2007: 10.30pm
In my 'Saturday 2006-11-25 after lunch' entry below:
"There is a dilemma coming, where the therapeutic range of interest rates may not exist at all and a whatever level is chosen will result either in large scale inflation or debt defaults or both."
Well, what do you know? It's happened! It took nearly a year to come though. The therapeutic range of interest rates does not exist, so we are seeing the USA experience a rapid dollar fall (interest rates too low) and a credit crunch (interest rates too high) at the same time.