Americans must ready themselves for a massive devaluation in the dollar as international investors dump their U.S. assets, says a former Bank of England policymaker. Relying on the kindness of foreigners to finance our standard of living may be about to be revealed as irresponsible folly.
The assumption in modern economics that U.S. government bonds are virtually risk-free investments will soon be relegated to myth as investors lose patience with the world’s biggest economy, according to Willem Buiter.
