x Abu Dhabi, UAESaturday 22 July 2017

The daily bailout

It's Monday in Washington and that means its time for another bailout: this time more cash for AIG.

It's Monday in Washington and that means its time for another bailout: this time more cash for AIG.   The IMF is now calling for a worldwide spendathon to shore up the global economy. The Fed is already busily devaluing the US dollar and the Treasury appears susceptible to cries of help from every drowning company. First it was about sustaining a financial system, now it's about protecting jobs. Help, help! I need bailing out! And if I don't like the terms, I'm going to fire all my workers. I should hire some first, maybe.   With TARP now proving to be as malleable as Paulson, Treasury can strike with the same impunity as the US Special Forces against al Qaeda. The value of money is going to get hit hard, fast. This could prove to be a boon for hard assets such as gold and, ironically, property.

warnold@thenational.ae