volume 1 12 the dollar's descent orderly or not october 30 2009
TRANSCRIPT
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
1/12
MCKDAEFJRKTWHKJWTFJD*)>00=TEK]M]CCAKTW]KKW\KTW)HCJW]KNI)^[KMKD*E4N4I2WKI*;>76070;;>)FJBC@MDDI*DN
RCI[HK>*6RCI[HK >*>=
CDWCMK]40)=006
Wek Gciin}t Gktdkjw?C}gk}iv c} Jcw3
Wek licmni kdcjchv ft cpk}nwfjl fj nj {jwktwkg
njg kjwf}kiv n}wfbfdfni kjrf}cjhkjw*
Lcrk}jhkjwt enrk fjwk}rkjkg fj krk}v hn}akw
b}ch mcjgt wc hc}wlnlkt1 wekv enrk krkj
hnjnlkg wc akkp De}vtik} fj m{tfjktt*
T{mw}ndwfjl wek kbbkdwt cb twfh{i{t) wek }kni
{jgk}ivfjl tw}kjlwe cb wek kdcjchv ft n
hvtwk}v*
Jkn} zk}c fjwk}ktw }nwkt enrk b{kikg n
tpkd{inwfrk m{mmik nt wek gciin} ent mkdchk wek
dn}}v(w}ngk rkefdik cb decfdk* Pkcpik n}k
mc}}c|fjl wc tpkd{inwk cj nttkwt) jcw wc tpkjg
cj p}cg{dwfcj* Nhk}fdnj inmc} bc}dk bfl{}kt gc
jcw tec| njv pfda {p) |ekwek} hknt{}kg mv
ec{}t |c}akg) {jkhpicvkg njg gftdc{}nlkg
|c}ak}t %>2+& c} wek w}kjg cb wcwni
khpicvhkjw* Wek tfw{nwfcj ft {jt{twnfjnmik
njg |fii) fb fw dcjwfj{kt) mkdchk gnjlk}c{tiv
{jtwnmik*
Wek jkuw pentk cb weft dvdik |fii mk
fjbi{kjdkg mv wek licmni }kndwfcj wc wek [*T*
Nghfjftw}nwfcjt nwwkhpw wc }kbinwk fwt |nv c{w
cb wek gkkp }kdkttfcj njg kupc}w gkbinwfcj wc
cwek} dc{jw}fkt rfn gciin} gkrni{nwfcj* Bkgk}ni
]ktk}rk hcjkwn}v pcifdv ent kbbkdwfrkiv
mkdchk wek licmni hcjkwn}v pcifdv* Wek
|fiifjljktt cb dkjw}ni mnjat fj Ntfn njg wek
Hfggik Kntw wc p}cp {p wek gciin} kjnmikt
kudkttfrk [*T* d}kgfw kupnjtfcj) |efik
tfh{iwnjkc{tiv w}njthfwwfjl wek Bkgt pcifdv
n}c{jg wek |c}ig* Weft |nt n b{jgnhkjwni
dn{tk cb wek pn}ngk cb m{mmikt wenw d{ihfjnwkg
fj wek =005(06 bfjnjdfni d}ftft njg |k n}k
ekngfjl gc|j wek tnhk pnwe nlnfj*
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
2/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH =
Gktpfwk wek Bkgt ndd{h{inwfcj cb crk}
n w}fiifcj gciin}t cb fjd}khkjwni nttkwt) H=
hcjkv t{ppiv dcjwfj{kt wc }khnfj |kna njg
m{tfjktt d}kgfw ft twfii gkdifjfjl %Den}wt >(4&*
Hcjkv ft b}kkiv bic|fjl fjwc dchhcgfwfkt)
twcdat cb mcwe khk}lfjl njg gkrkicpkg
dc{jw}fkt njg bc}kflj }kni ktwnwk) m{w jcw vkw
fjwc wek }kni kdcjchv fj njv hknjfjlb{i |nv*
\enw ifbw wek}k ft wc LGP ft kjwf}kiv }kinwkg wc
lcrk}jhkjw twfh{i{t p}cl}nht) jcw d}kgfw
kupnjtfcj*
Pkk}fjl mkefjg wek rkfi cb twfh{i{t
p}crfgkt nj {liv pfdw{}k* [jkhpicvhkjw ft
twfii }ftfjl njg cwek} inmc} hn}akw fjgfdnwc}t
}khnfj rk}v |kna* T{mtfgfkt wc dn} njg echk
tnikt n}k p}crfgfjl cjiv n wkhpc}n}v mcctw
|efde mc}}c|t b}ch b{w{}k gkhnjg* Hc}wlnlk
hcgfbfdnwfcj p}cl}nht enrk t{pp}kttkg n biccg
cb bc}kdict{}kt* Fw ft dikn} wek [*T*
Nghfjftw}nwfcj ft p}cppfjl {p wek kdcjchv
|fwe ekiwk}(takiwk} twfh{i{t p}cl}nht |efik
ecpfjl wenw wek hnlfd cb jkn} zk}c fjwk}ktw
}nwkt njg Bkg p{}dentkt cb }ftav nttkwt |fii
lnfj w}ndwfcj*
DEN]WT >(4
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
3/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 4
Wek cpk}nwfcj dc{ig mk wfhk tkjtfwfrk
nt n ~{fda kdcjchfd }kmc{jg ft jkkgkg wc
dcjwnfj bftdni gkbfdfwt* N gc{mik gfp }kdkttfcj
|c{ig mk n gftntwk} bc} wek ni}kngv wk}}fmik
bftdni c{wicca* Wek [*T* ent eng jc p}cmikh
tkiifjl W}knt{}fkt tc bn}) m{w fb wek }kdcrk}v
p}crkt wkhpc}n}v) fjrktwc}t hnv |kii }krciw nw
vkw n b{}wek} t{}lk cb lcrk}jhkjw gkmw*
Wek}kbc}k fjrktwc}t jkkg wc |nwde W}knt{}v
mcjg vfkigt dictkiv*
Fjrktwc}t tec{ig nitc akkp n dictk kvk
cj wek [*T* gciin} nt weft pinvt c{w) nt fw |fii
p}crfgk cjk cb wek dikn}ktw fjgfdnwfcjt cb
|ekwek} wek }kdcrk}v ft gk}nfifjl* Fb wek gciin}
m}knat gc|j tfljfbfdnjwiv b}ch d{}}kjw ikrkit)
fw |c{ig tfljni n ictt cb dcjbfgkjdk fj wek
[*T*t nmfifwv wc bfjnjdk wek Bkgt m{vfjl
tp}kk*
Gktpfwk wek }ftat wc wek }kdcrk}v fj wek
[*T* kdcjchv) njg wek {jwkjnmik icjl wk}h
bftdni c{wicca bc} wek W}knt{}v) c{} rfk| ft wenw
wek [*T* gciin} |fii dcjwfj{k n }kinwfrkiv
c}gk}iv gkdifjk* Weft w}kjg c}flfjnwkg |ekj
wek =00> wkde(|}kda }krk}tkg wek bic| cb
dnpfwni wenw eng p}krfc{tiv mkkj dentfjl wek
Nhk}fdnj mntkg wkdejciclfkt njg hkgfn
hnjfn*
Wek cjiv hnoc} dc{jwk}(w}kjg hcrk fj
wek gciin} enppkjkg kn}iv weft vkn}) nt dnpfwni
fjbic|t p{tekg wek gciin} {p mv >;+* Weft
m{vfjl ent tfjdk }krk}tkg) ikngfjl wc n ten}p
gkdifjk njg m}fjlfjl wek gciin} mnda |fwefj
nmc{w ;+ cb fwt p}k(d}ftft ikrkit %Den}w 7&* Fw ft
|c}we jcwfjl wenw weft gkdifjk ent jcwefjl wc gc
|fwe n ictt cb dcjbfgkjdk fj wek [*T* nt tchk
enrk n}l{kg* Fb fw eng) W}knt{}v mcjg vfkigt
|c{ig jcw mk twnmik* ]nwek} fw ft n b{jdwfcj cb
wek gkpicvhkjw cb dnpfwni fj khk}lfjl hn}akwt
njg dchhcgfwfkt) h{de cb fw bfjnjdkg |fwe
deknp [*T* gkjchfjnwkg icnjt*
Hctw fjgfdnwc}t n}k pcfjwfjl wc n afjg
cb tcbw injgfjl bc} wek gciin} fj wek tec}w wk}h
n l}ng{ni pkwk}fjl c{w cb wek gkdifjk* Weft
|c{ig niic| wek [*T* wc dcjwfj{k wc kupc}w
gkbinwfcj wc dc{jw}fkt |ectk d{}}kjdfkt n}k
npp}kdfnwfjl) ekipfjl wek [*T* }kafjgik fwt
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
4/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 7
DEN]W 7
hnj{bndw{}fjl mntk njg ngg}ktt licmni
fhmninjdkt* Wectk wenw n}k pkllkg wc wek
gciin}) ifak Defjn) n}k kupk}fkjdfjl }npfg nttkw
fjbinwfcj njg kdcjchfd }kt{}lkjdk* Weft ft
lccg nt icjl nt fw intwt njg wenw dc{ig mk bc}
tchk wfhk* Wek}k ft jc tflj cb gchktwfd
fjbinwfcj fj wek [jfwkg Twnwkt* Dcjt{hk} p}fdkt
n}k bniifjl) WFPT#W}knt{}v tp}kngt n}k ic| njg
twnmik) njg kudktt dnpndfwv nmc{jgt* Wek [*T*
ent eng jc w}c{mik ecigfjl gc|j icjl }nwkt) nj
fjgfdnwfcj wenw wek mcjg hn}akw ftjw |c}}fkg
vkw*
Dc{jw}fkt kupk}fkjdfjl {p|n}g
d{}}kjdv p}ktt{}k nlnfjtw wek gciin} n}k
mkdchfjl fjd}kntfjliv dcjdk}jkg njg |fiifjl
wc fjwk}rkjk* M}nzfi ft nwwkhpwfjl wc dcjw}ci
dnpfwni bic|t |fwe n =+ wnu cj bc}kflj
pc}wbcifc fjrktwhkjw* Defjn }kdkjwiv }kinukg
dnpfwni }ktw}fdwfcjt wc niic| hc}k c{w|n}g
bc}kflj fjrktwhkjw mv Defjktk jnwfcjnit*
Dnjngnt dkjw}ni mnja ent tkjw tw}cjl tfljnit
wenw fw |fii }ktftw }nftfjl }nwkt nt kudenjlk }nwk
npp}kdfnwfcj ft kupkdwkg wc hc}k wenj b{iiv
cbbtkw bnrc}nmik kdcjchfd gkrkicphkjwt tfjdk
O{iv* Weft wnia nicjk ajcdakg n bk| dkjwt cbb
wek iccjfk* Fjwk}jnwfcjni kbbc}wt |fii
fjd}kntfjliv p}crfgk n bicc} {jgk} wek gciin})
fhpivfjl wenw fw |fii mk en}g wc lkw wek gciin}
gc|j h{de b}ch ek}k) nw ikntw fj wek tec}w }{j*
Kupc}w njg dchhcgfwv mntkg
kdcjchfkt n}k bndkg |fwe n gfbbfd{iw tfw{nwfcj
nt bfjnjdfni bic|t enrk g}frkj n hnttfrk }niiv
fj twcda njg nttkw p}fdkt |efik kupc}w tkdwc}t
enrk mkkj ecmmikg mv }ftfjl d{}}kjdfkt* Bc}
kunhpik) tc bn} weft vkn}) twcda fjgfdkt fj
dk}wnfj khk}lfjl hn}akwt enrk tec|j tchk
twnllk}fjl lnfjt }kinwfrk wc wek gkrkicpkg
jnwfcjt %Wnmik >&* Jcwk wenw wek wnmik gckt jcw
nddc{jw bc} d{}}kjdv tefbwt) tc wek gftpn}fwv
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
5/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH ;
mkw|kkj wek [*T* njg cwek} hn}akwt ft krkj
hc}k g}nhnwfd*
WNMIK >?K^[FWV PK]BC]HNJDK CB TKIKDWKGLICMNI HN]AKWT)VWG]KW[]J
Fjg{tw}fnifzkg Jnwfcjt
[jfwkg Twnwkt +Gc| Ocjkt 40 Fjg{tw}fni Nrk}nlk >>*=
Twnjgn}g " Pcc},t ;00 Fjgku >=7*6
Pk}{ >>=*6
W{}akv 5* Wek}k ft nj kjc}hc{t nhc{jw cb
tpkd{inwfcj cdd{}}fjl fj wek bfjnjdfni tvtwkh*
Dchhcgfwfkt njg khk}lfjl hn}akw k~{fwfkt
enrk }ftkj tkkhfjliv |kii mkvcjg wekf}
b{jgnhkjwni rni{k* Njv }krk}tni fj weft
hcjkv(b{kikg m{ii hn}akw dc{ig {jiknte
njcwek} bfjnjdfni tdn}k tc icjl nt wek }kdcrk}v
ft tc b}nlfik* Dcjbfgkjdk fj wek nmfifwv cb wek
[*T* wc hc{jw njcwek} in}lk tdnik mnfic{w njg
twfh{i{t pndanlk ft bn} b}ch l{n}njwkkg njg
wek gciin} dc{ig bnii rfdwfh* Niwec{le weft
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
6/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 2
tdkjn}fc ft n }fta) |k mkifkrk wenw ft n }kinwfrkiv
ic| p}cmnmfifwv krkjw bc} wek bc}ktkknmik
b{w{}k* M{w dikn}iv) wek gciin} h{tw mk |nwdekg
dictkiv nicjl |fwe bc}kflj dkjw}ni mnja ndwfcj
%nt cppctkg wc |enw wekv tnv&*
=* Fw ft pcttfmik wenw Defjn hnv niic| wek
V{nj wc npp}kdfnwk nlnfjtw wek gciin} mv
gfrk}tfbvfjl fwt }ktk}rkt) pn}wfd{in}iv fb nttkw
p}fdk fjbinwfcj dcjwfj{kt wc nddkik}nwk* Wek}k
ent nitc mkkj tchk wnia nmc{w CPKD iccafjl nw
p}fdfjl cfi fj n mntakw cb d{}}kjdfkt) n }{hc}
|efde CPKD p}kgfdwnmiv gkjfkg* Nlnfj) |k
mkifkrk weft wnia ft {jifakiv wc hnwk}fnifzk fjwc
dcjd}kwk ndwfcj bc} wek bc}ktkknmik b{w{}k*
4* N hnoc} tpfak {p fj dchhcgfwfkt)
pn}wfd{in}iv kjk}lv njg bccg) |c{ig mk n hnoc}
mic| wc wek licmni }kdcrk}v) tdn}fjl mcjg
fjrktwc}t njg dcjt{hk}t nifak* Ec|krk}) |k
twfii mkifkrk wenw gkbinwfcj ft wek hnfj p}cmikh
njg wenw tpkd{inwfrk c} bfjnjdfni gkhnjg bc}
dchhcgfwfkt tec{ig jcw mk dcjb{tkg |fwe
fjg{tw}fni gkhnjg* Tpkd{inwfrk gkhnjg dc{ig
|kii g}frk p}fdkt eflek}) m{w weft |c{ig mk n
wkhpc}n}v pekjchkjcj fj wek nmtkjdk cb n
tw}cjl njg t{twnfjnmik }kdcrk}v fj wek }kni
kdcjchv* [jwfi wekj) dcjt{hk} p}fdk fjbinwfcj
%DPF& |fii jcw cdd{}*
Fj c{} cpfjfcj) nii cb wek nmcrk }fta
tdkjn}fct n}k {jifakiv* Ec|krk}) wekv
efleiflew wenw wek}k ft n l}knw gkni cb
{jdk}wnfjwv nekng* Pcifdv hnak}t n}k |niafjl
nj fhpcttfmiv wefj ifjk mkw|kkj b}cwev nttkw
hn}akwt njg pk}tftwkjw gkbinwfcj njg
gkikrk}nlfjl* Wek}k ft wek dikn} }fta wenw wek
n{wec}fwfkt |fii kfwek} gc wcc h{de wcc tccj) c}
wcc ifwwik wcc inwk* M{w |enwkrk} wekv gc) fw ft
ifakiv wc mk wek |}cjl wefjl*
Jc cjk ent kupk}fhkjwkg fj pkndkwfhk
|fwe licmni twfh{i{t njg d}kgfw d}knwfcj cj wek
tdnik |k enrk tkkj crk} wek pntw vkn}) njg wek
wkiiwnik tfljt cb m{mmikt njg khk}lfjl
fhmninjdkt n}k }krknifjl wekhtkirkt*
Wek gciin} }ktk}rk tvtwkh ft |kii pntw
fwt kupf}v gnwk) m{w wek}k n}k jc }kniftwfd
niwk}jnwfrkt bc} nw ikntw njcwek} >0(=0 vkn}t*
P}ktt{}k bc} denjlk |fii dcjwfj{k wc fjwkjtfbv
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
7/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 0 vkn} jcwkt bniifjl >< mntft
pcfjwt crk} wek |kka* \k kupkdw W}knt{}v
vfkigt wc }khnfj twnmik bc} nw ikntw wek jkuw bk|
hcjwet*
Dc}pc}nwk mcjgt dcjwfj{k wc p}crfgk
lccg rni{k) niwec{le tp}kngt dc{ig mklfj wc
cpkj {p nlnfj jkuw vkn} fb wek kdcjchfd
}kdcrk}v bniwk}t nbwk} wek twfh{i{t kbbkdw ent
nmnwkg*
Wek lcig twc}v ft rk}v |kii ajc|j njg)
nw weft pcfjw) fw hnv mk p}kwwv |kii pinvkg c{w*
Njv }kdkjw lnfjt fj lcig enrk mkkj g{k wc wek
DEN]W ;
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
8/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 5
bniifjl rni{k cb wek [*T* gciin}* P}fdkg fj
K{}ct c} Dnjngfnj gciin}t) lcig ent mkkj binw
bc} wek pntw 2(< hcjwet %Den}w ;&* Kntv hcjkv)
rk}v ic| dn}}vfjl dctwt njg bkn}t cb b{w{}k
fjbinwfcj dc{ig |kii akkp wek hn}akw b}cwev njg
p{te p}fdkt tchk|enw eflek}* Pkjgfjl n t{}lk
fj pevtfdni gkhnjg bc} lcig) bfjnjdfni bic|t
fjwc wek hkwni dc{ig }krk}tk t|fbwiv*
Fj t{hhn}v) nttkw p}fdk fjbinwfcj njg
}nhpnjw tpkd{inwfcj n}k d}knwfjl nj
{jdchbc}wnmik kjrf}cjhkjw bc} icjl(wk}h
rni{k fjrktwc}t* \ekwek} vc{ n}k fjrktwfjl fj
}kni ktwnwk fj Defjn) k~{fwfkt fj Pk}{) c}
fjgkufjl wek T"P ;00) vc{ n}k p{wwfjl vc{}
bnfwe fj wek nmfifwv cb wek [*T* Lcrk}jhkjw wc
p{ii cbb n hf}ndik* Kupkdwnwfcjt |fii mk wc{le
wc hkkw) njg wek }fta cb wek Nghfjftw}nwfcj
ictfjl n enjgik cj wek tfw{nwfcj ft n dcjtwnjw
we}knw* Crk} wek jkuw bfrk vkn}t) fjrktwc}t
tec{ig bcd{t cj dnpfwni p}ktk}rnwfcj njg nrcfg
lkwwfjl t|kpw {p fj wek fjkrfwnmik d}kgfw(b{kikg
m{mmikt*
Wcjv " ]cm Mckdae
Cdwcmk} 40) =006
MckdaeFjrktwhkjwIkwwk}*dch
fjbc@mddi*dn
/Nii den}w gnwn b}ch FET#Licmni Fjtflewt njg
hnv jcw mk }kp}cg{dkg |fwec{w |}fwwkj
dcjtkjw*
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
9/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH 6
TWCDAT
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
10/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH >0
DCHHCGFWFKT
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
11/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH >>
D[]]KJDFKT
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8/14/2019 Volume 1 12 the Dollar's Descent Orderly or Not October 30 2009
12/12
WEKMCKDAEFJRKTWHKJWIKWWK] \\\*MCKDAEFJRKTWHKJWIKWWK]*DCH >=
FJWK]KTW ]NWKT