Timing the USD decline
With equity markets under pressure, housing near collapse and labour weakening, the supports of a debt-burdened US consumer have been knocked out one by one. While the past year's high liquidity and the rise of a bubble in the US housing market were results of an implicit USD peg by Asia and the Organisation of the Petroleum Exporting Countries (Opec), the consequence was also an expansion in credit - for example, measured by commercial paper.
It is increasingly possible that the Fed will cut
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