Structural Changes–Destruction Of The U.S. Dollar

In an editorial by Jennifer Hughes in the Financial Times on March 19, 2006, she commented: Is it time to dust off the dreaded “e” word—that is exuberance? The word entered the market lexicon on December 6, 1996, when Alan Greenspan asked: “How do we know when irrational exuberance has unduly escalated asset values?” The good news is cyclical and bad news is structural. Have we reached the point where the structural changes affecting the Dollar will have a long-term impact and hence the U.S. economy and the creation of a New World Order? The good news is that the cyclical upturn is continuing—at least for the time being. When they do turn and we dwell on the bad news and structural changes, they are bigger than they have ever been. Structural changes are not news and they take longer to work their way through the economy, but they are highly significant.

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