Doug: > Well, I've been right and he's been wrong, no?
No! You both have been both wrong and right at the same time. It has been Henry C.K. Liu who has been right all along. You were wrong on the strength of the US economy and that productivity thing but right in that the US economy was not collapsing anytime soon. Roach, on the other hand, was right on the weaknesses of the US economy but wrong in that he has kept expecting a collapse of sorts anytime soon. Whereas Henry, although agreeing with Roach in the weaknesses of the US economy, has kept agreeing with you that the US economy was not collapsing anytime soon and has kept attributing this to the special role the US dollar plays as the worlds reserve currency. No country on earth, be that China, Japan and the others, who are heavily invested in dollar denominated US financial assets can let the US economy collapse, for if they do that their economies will collapse too and we all collectively will suffer from that chaos. It is my view that where Roach, and possibly myself, went wrong was that we expected that this Ponzi scheme cannot continue this long. However, history proved otherwise. Best, Sabri
