"Paul McCulley manages many, many billions of dollars for Pimco’s bond funds and is highly respected on the Street. Mr. McCulley explains it this way, “Over thirty years ago, America was forced to bust up the Bretton Woods arrangements, because America didn’t want to deflate sufficiently to keep gold from rising above $35 an ounce. Today, just the opposite problem exists: America needs to inflate the money stock, while devaluing it against gold, so as to keep private sector debt obligations from sinking into a deflationary abyss. And the world needs the same thing: a broad based, wholesale devaluation of all paper currencies versus a basket of globally-traded ‘stuff’.”
Now what exactly does the devaluation of all the currencies of the world against some "stuff" do???? Except pump gold and line the pockets of manipulators with ...... some currency!
