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13D’s Favourite USD Bear Arguments

  1. The U.S. owes more to the rest of the world than at any time in history
  2. Consumer credit is at record levels relative to personal consumption expenditures
  3. Personal saving rates are at more than decade lows
  4. Government and corporate debt will have to be rolled over at higher interest rates
  5. Federal deficits will require more than $1 trillion of new federal debt issues in each of the next five years
  6. The Federal Reserve is turning from a buyer of U.S. Treasuries into a seller
  7. Traditional UST buyers, like China and Japan, are pulling away from the market
  8. Stock market wealth in the U.S. has been increasingly concentrated among the top-1%, implying that economic gains since the GFC have not been broad-based
  9. The financial channel of dollar depreciation will spur investment and economic growth in emerging markets in a self-fulfilling cycle.