Ranting Andy Hoffman caught a home run ball this weekend in San Diego. Unfortunately the world’s central bankers have long ceased hitting any monetary home runs and the world’s much poorer for it. China’s ill fated decision to tie the Yuan to the Dollar will prove the equivalent of hitching one’s lifeboat to the Titanic, with similar results. The bond market continues to swoon and we can only wonder how high interest rates will go. This is truly not your father’s Great Depression.
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