Fred, can we create a perpetual business cycle where we don’t get recessions?
Fred: No. I have a quotation on my board here that says, “The final outcome of the curve expansion is general impoverishment.” That means if we continue down this path the outlook, unfortunately, is general impoverishment for the country. I hope that’s not how it’s going to play out. But I’m not particularly optimistic with the current leadership that we have in government today. At some point the dollar is going to break down — really break down. Right now there’s still a rush to safety from the worry about Europe. But I don’t know why they’re so worried about Europe when we’re the ones with the trillions of dollars of deficits. Damien: It’s an ironic flight to safety. It’s almost a cosmic comedy. Fred: It’s just a Pavlovian reaction. However, at some point that won’t be the reaction and the dollar will get crushed. Eventually there will be some recognition that this country is broke. No one seems to be talking about this, but in a recent US Treasury foreign holdings report I saw a fl
