All the death stars are aligned. America has lost the so-called "war" in the Middle East. The big tanker routes are closed and will only reopen to world traffic when the US picks up the remnants of its damaged forces and vacates the entire region. We have wasted several more tens of billions of dollars trying to preserve our empire, and it failed miserably. The debt is out of control. As Alasdair points out, the US and most G7 countries are in debt traps. The Keynsian answer is to print even more money. This will not end well. Protect some of your wealth with precious metals, which are real money without counterparty risk. In other words, do as Uncle Alastair recomments!!!
Japan - not a swap line, ESF or FIMA but a special arcane standing arrangement for Japan.
Joseph Wang is good on this (Markets Weekly, 8 August); and good background on livingintheair org (argentina-gulf-states-japan-when-qe-is).
I referenced this post of Alistair's to my group as well as this comment, and await the next post from Alistair with great interest.
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