According to those very same pundits, Bernanke and company are leading us down the path of runaway price increases and a devaluation of the dollar that will eventually lead us to the mother of all currency crises.
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Only a devaluation of the dollar creates an export led recovery, but this is far fetched.
Empirical evidence reveals that new money creation leads directly to devaluation of the dollar.
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This, combined with the sudden devaluation of the dollar, is still known in Japanese history books as the "Nixon Shokku" (Nixon Shock).
The continued devaluation of the dollar is nothing to be concerned about.
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In other words, the rise in the price of oil was simply the mirror image of the preceding devaluation of the dollar against gold.
The 1933-34 devaluation of the dollar caused the money supply to grow by over 60% from April 1933 to March 1937, and over that same period the monetary base grew by over 35% and adjusted reserves grew by about 100%.
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But thanks to consolidation and the devaluation of the Singapore dollar, the remaining companies - Jurong Shipyard and Hitachi Zosen (Singapore) - are in better shape to compete in the worldwide vessel repair and conversion market.
Digging deeper into the lie that is quantitative easing, history reveals that the act of creating dollar credit out of thin air is tantamount to dollar devaluation.
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If you needed more evidence of the dollar devaluation, producer prices are up 5.8% and import prices surged 9.7% YOY.
The oil price has since tripled, and, thanks chiefly to a devaluation of nearly 80% against the dollar, exports are booming and industrial production was up 11% year-on-year in January.
The renowned investor, Ray Dalio, goes even further and likens the current easing environment to that of the reflationary deleveraging period from 1933 to 1937, which began with the devaluation of the U.S. dollar versus gold in 1933.
Inflation is a devaluation of the unit of account like the dollar.
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Ahead of a speech in Jackson Hole in which Ben Bernanke may unveil new monetary tools that the Federal Reserve will use in its effort to boost the stalled U.S. economy, you might expect for gold to rally in anticipation of new plans for dollar devaluation, not fall 8% in two days.
And a weaker dollar has eased fears about a devaluation of the Chinese yuan.
What if Japan engineered a devaluation of the yen, taking it from 133 to the dollar to 140 or 150?
Devaluation would both raise the local value of the state's dollar-based oil revenue and (maybe) arrest the outward trickle of capital.
It is argued that by embracing the dollar, and thus eliminating the risk of devaluation, foreigners would be persuaded to lend at cheaper rates to Argentina's government and its firms.
Otherwise investors may lose confidence in the dollar, triggering an unwelcome American version of competitive devaluation.
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Monday's slide of the Egyptian pound came on the second day of trading under a new dollar auction system aimed at regulating the devaluation.
Given the slowing world economy, and low prices for Brazil's commodity exports, they argue for faster devaluation of the real, which at present depreciates by 7% per year against the dollar.
One problem is that the block's two largest members have such different currency regimes: Brazil's floating (or sinking) real has lost over 40% of its value since its forced devaluation in 1999, whereas Argentina's peso is pegged to the dollar.
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