Re: The differences between 1929 and Today
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Agreed. Your right that nobody wants a sudden crash. If they don't all panic and try to get out first they can do that. 10-20% yearly depreciation of the dollar, you bet.
You can only play a game of chicken for so long before Asians decide they have accumulated enough of our wealth ad they are going to focus on domestic demand.
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and the exact same things were being said in late 80s early 90s (ZOMG, the Japanese have bought Pebble Beach, they are going to own everything soon).
A much greater problem arises if the OPEC countries try to compensate for lost buying power by raising prices. Thanks to our retarded energy policies (thank you Greenies) we are even more vulnerable than we were during the oil embargo.
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