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His comments come as the financial expert has been warning for weeks of an epic downturn of the buck that could signal the end of the hegemony of the greenback as a reserve currency — an event that would ripple through global financial markets. Check out: ‘The dollar is going to fall very, very sharply,’ warns prominent Yale economist “In a COVID era everything unfolds at warp speed,” Roach told MarketWatch on Monday. He pointed to the contraction of the U.S. economy from an employment rate that was hovering around a 50-year low at around 3.5% near the start of 2020 to one that shows some 49 million people unemployed since the pandemic took hold in March.
Roach is calling for the dollar to soon decline 35% against its major rivals, citing increases in the nation’s deficit and dwindling savings.
“This massive shift to fiscal stimulus is going to blow out the national savings rates and the current-account deficit,” he told MarketWatch, reiterating comments he has previously made in interviews and in an op-ed that published by Bloomberg News on June 14.
Last week, the U.S. current-account deficit, a measure of the nation’s debt to other countries, slipped 0.1% in the first quarter, falling to $104.2 billion from a revised $104.3 billion in the 2019 fourth quarter. The current account reveals if a country is a net lender or debtor.
Roach said that his recent warnings about the dollar have garnered intense and emotional responses from readers and critics, because he believes that the U.S. is at a particularly sensitive time in history.
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I’m going to show you how a modest investment in a single $3 stock could generate a multimillion-dollar dream retirement in the coming years.
I call it the “Single-Stock Retirement Plan.”
Some might find the idea of retiring on one stock outlandish, yet many thousands of Americans have already done it.
In fact, as you’re about to see, the 20 wealthiest men and women in America today made their fortunes thanks largely to a single stock.
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If you’re going to retire on one stock, it has to be…
The Perfect Stock.
So the first question is…
If you were putting together your own perfect “dream stock,” what would it look like?
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But most of all…
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I only recently uncovered it.
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