The underlying weakness of the dollar is the real cause for price pressures in commodities, include food, oil, gasoline, and precious metals like gold. An increase in one asset or another might be explained by a simple supply disruption or even overspeculation. But in a broad range of commodities — which are priced and traded in dollars — it looks much more like a monetary inflation problem. Commodities are often held as hedges against a weak dollar.Read more ›
Post Tagged with: "dollar"
As part of the resolution to the 1973 oil shock, the petrodollar was born when Richard Nixon convinced Saudi Arabia to only accept dollars for payment of oil in return for protecting their oil fields and a guaranteed return on investments in U.S. treasuries. How long will the rest of the world will accept a now near-zero return on money held in treasuries — in short, a U.S. fueled inflation — just to prop up a monetary system pieced together by Richard Nixon and Henry Kissinger 40 years ago?Read more ›
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