Is a Depression the ONLY CHOICE
At this point, two choices.
Delfate the dollar and we have $10 per gallon gas and few Americans will have any kind of lifestyle with wages held down by international pressures.
Protect the dollar, raise interest rates, and slow the economy resulting in what could very easily be a depression by anyone's standards.
Either situation forecasts a very negative outlook.
Right now debt load is a higher percentage of GDP than at the peak of the Great Depression. By protecting the dollar, at least we will have something at the end of the contraction. By devaluing, few will have anything as wages fail to keep pace with price rises.
Either way, the next year could be some of the most interesting in American History.....and maybe world history for that matter.