Ah, you see, this is where we get into class conflict. Devaluing the dollar would lead to massive growth in exports and manufacturing here at home — suddenly Mexico and China would not seem so attractive, cost-wise.

Indeed, the fact that the USD is the reserve currency of the world, and that the Petrodollar is used for oil transactions, probably adds a 30% overvalue to the dollar, which means that the US is always at a disadvantage currently because the dollar is automatically traded at 30% above its actual value just because people need it to trade.

So a devalued dollar is good for the working classes and the 99%.

Now, let’s look at inflation. The “spectre” of inflation is something that used to keep the wealthy up at night. Inflation is a “thief” we were told. Well, it’s not such a bad thing if you are the borrower and not the lender. If you buy a house for $500K and then inflation eats away a good chunk of that, then happy days for Mr. and Mrs. Homeowner. If, however, you are a bank, then sad day for you because the money you collect will not be worth as much in real terms as it was the day you lent it out.

But again — inflation is good for the people who hold mortgages and other loans.Good for working people and the 99%. Or at least not such a bad thing.

Joe is a US Ex-Pat with dual US-EU citizenship, who travels Europe extensively, commenting on trends, attitudes, politics and more.

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