Nobody wants a strong currency, and since the U.S. currency is fundamentally weak, foreign central banks need to buy up dollars to keep their currency from appreciating.
More Quotes from Paul Kasriel:
Households have not meaningfully repaired their balance sheets since the onset of the last recession. Households are not 'better positioned' than they were earlier to boost outlays as their wariness about the economic environment abates. If anything, they are more poorly positioned to do so.Paul Kasriel
The problem is that labor has basically priced itself out of the market. We had a very sharp run up in compensation costs in the late 1990s. People got too expensive and they're still too expensive.
Paul Kasriel
OPEC doesn't suffer from money illusion. It decided they want an honest dollar for an honest barrel of oil.
Paul Kasriel
For the Bush administration, Hubbard is a good soldier, he's out there being a cheerleader and the Fed says everything's OK. But you can't see their hands behind their backs, with their fingers crossed.
Paul Kasriel
And rates are not likely to be adjusting downward. Households are paying about 13.75 percent of their aggregate tax income to service debt -- and it is going to go higher.
Paul Kasriel
We're a what's-my-monthly-payment nation. The idea is to have my monthly payments as high as I can take. If you cut interest rates, I'll get a bigger car.
Paul Kasriel
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