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Nov 18, 2010

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QE is intended to devalue the dollar. Given the zombie households and banks in the US, QE is going to be mildly deflationary in the US, and it is going to cause US investors to invest their money in developing countries in search of higher returns, causing higher inflation in developing countries. Higher inflation in the developing world than in the US devalues the US dollar.

Devaluing the US dollar or protectionism are the only way the US can deleverage. Bernanke knows this.

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