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| Yes, and add to this the expectation that this country could become an energy exporter. It is an inconvenient fact for the anti-development crowd that oil on private land now can be extracted profitably. I've been saying something like what you said for a long time too - where will the money go if it leaves the US$? What can absorb the quantities needing to be absorbed? It may happen, but it will most likely take some time.
But, other than being forced to get our debt and deficit under control, what would make the politicians do so? The more they hand out the more power they have. We have become an entitlement nation, and that includes us farmers. Of course, like I've said before, absolutely no one thought Paul Volcker could stop inflation either. Each of the past three (now makes four) corn cycle highs were periods of high inflation expectations. Is this one really different, or will it unfold like the last three? My guess is that we might have seen the peak, and that by 2024 when the corn low can be expected to come (if the cycle does indeed repeat), we might be wishing for some inflation.
But, again, that is just a guess. | |
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Reserve currency
