Curiouser still, the U.S. Fed has not merely brought about an explosion in the number of dollars around the world; it has also lit the fuse of other currencies all over the world. The United States sells dollar debt. Foreign central banks buy it by issuing currency of their own. The result? A world flooded not only with dollars, but also with yen, kroner, euros, and pounds. The broad money supply in Australia is rising at a 9.7% annual rate. In Britain, the pounds pile up at a 9.3% rate. Canada multiplies its loonies at 9.1% per year. The Danes are expanding their money supply at a breathtaking 10.7%. Euros are increasing 6% annually. And the dollar - the U.S. broad money supply is only increasing at a fairly modest rate of 4.8%, a rate that is still far above the increase in GDP.
Apart from printing twice as much money as the Yanks, we have a higher rate of personal debt.
