I part company with Schiff on the value of the dollar. I’m a believer in PPP over the long term. The dollar certainly could continue to slide against the Euro short term, but long term it’s reasonably valued even now. We may have further to go versus the yen, the yuan and other currencies fighting the losing battle of a peg.
So, I think WW wages will equilibrate through american stagnation and through a rising tide throughout the developing world.
