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Hugh Hendry: The U.S. Dollar System Is Broken
Market Depth
The White Powder Is Leverage
Our system seeks to readjust so china has had a profound comparative advantage in the manufacture of tradable goods. I do not take that away from them. Where it gets nowte is that our system would re value their currency higher and higher and higher. But in doing so, it would enrich the citizenship, the hard working a citizenship of china. You'd become richer, because things made in america would be cheaper. We've hollowed out cities states in in America, and those jobs are being replaced and displaced overseas. So the system is set to destroy itself. The system can only work by creating exorginous growth. And who a recipient of this mercantil
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