My favorite columnist, the esteemed Ambrose Evans-Pritchard of the Telegraph spends about 2/3rds of Tuesday’s column sounding downright upbeat. I found myself asking “did they put the right byline on this column?” Finally, the gloomy payoff. The Us is headed for depression (even though a year into the credit crunch GDP has yet to turn negative), home prices are set to fall 4,000% and a variety of other catastrophes. The bright side? The US and UK are going to hell faster than the US. Once again, Ambrose is singing our song:
So no, this painful ordeal is far from over. We are not witnessing a dollar rally so much as a collapse in European and commodity currencies. The race to the bottom has begun in earnest.
