from WallStForMainSt
The last empire before the US, the British Empire, had an enormous debt problem and was running a massive welfare/warfare state with very high taxes, rules and regulations.
What did the Bank of England (BOE) do to deal with the high debt and to try to maintain the size of government and the welfare/warfare state? It did very large currency devaluations over a 4 decade period from 1931-1967.
England’s post WW1 economy had high taxes, high inflation and high unemployment. It was “stagflate and tax and lie” before the term “stagflation” to describe high inflation and high unemployment happening simultaneously was even invented.
Read the Lords of Finance: The Bankers Who Broke the World for more details about this: https://www.amazon.com/Lords-of-Finan…
The BOE was nationalized in 1946 similar to the merger between the US Treasury and the Fed over the last 3-4 months. Jim Bianco of Bianco Research just wrote an article about this 3 months ago: https://finance.yahoo.com/news/feds-c…
After that George Soros and Stanley Druckenmiller saw the the British Pound was still in deep trouble and the Bank of England needed to devalue even more.
Articles On The History of The British Pound and Currency Devaluations of The British Pound in The 20th Century:
1) https://www.xe.com/currency/gbp-briti…
2) Bank of England, Part Two: The Long Decline of The British Pound’s Exchange Rate https://www.americanexpress.com/us/fo…
3) A history of sterling https://www.telegraph.co.uk/news/1399…
4) The Devaluation of the British Pound, September 21, 1931 https://newworldeconomics.com/the-dev…
5) The Rise And Fall Of The British Pound https://www.forbes.com/sites/katinast…
6) 50 Years Ago This Week: Britain’s Money Crisis https://time.com/5021394/1967-british…
7) Pound devaluation: how the lessons of 1967 apply today https://www.schroders.com/nl/nl/parti…
So will this happen to the US? History doesn’t always repeat but it does often rhyme. Maybe the US will copy what FDR did in 1934 devaluing the Dollar against gold or the Plaza Accord in 1985 https://en.wikipedia.org/wiki/Plaza_A…
Or maybe it will just be a pure Dollar devaluation like the British Pound was 4 times in 5-6 decades? It seems that a Dollar devaluation in the not too distant future is likely. Probably in under 2 years. Maybe less.
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