US main export is paper dollars. Consumption doesn't need stimulation. Interview with Doug Casey

Doug Casey of Caseyresearch.com

Doug Casey interviewed by The Gold Report, posted at Zero Hedge:  "The main U.S. export for many years has been paper dollars; in exchange, the nice foreigners send us Mercedes cars, Sony electronics, cocaine, coffee—and about everything you see on Walmart shelves. The U.S. dollar is the de jure national currency of at least three other countries, and the de facto national currency of about 50 others".


Other observations:  
-(The US) is idiotically focused on consumption, while only production can create prosperity. The world doesn't need to stimulate consumption. This is another canard, because everybody has an infinite desire for goods and services. 
-At some point, foreign dollar holders will start dumping them; they are starting to realize this is like a game of Old Maid, with the dollar being the Old Maid card.
-Against devaluation to stimulate exports:   German currency was rising about sixfold from its level of 1971, and the Japanese yen about fourfold, those countries became the world's greatest export economies. It didn't happen despite a strong currency, but in large measure because of it.
-The 21st century will be the Chinese century, but the distortions and misallocations of capital that have occurred over the last 30 years—notwithstanding the truly phenomenal progress the country has made—are serious and have to be washed out. I am ... bullish for the long run (but) I think it is going to go through the meat grinder over the next 10 years. 
-The US is ...bribed to vote for the biggest thief.
-Speculators position themselves to take advantage of politically caused distortions in the marketplace. In a true free market society, you would see very few speculators.


There are two good reasons for optimism: First, smart individuals all over the world continue, as individuals, to produce more than they consume and try to save the difference. That will build capital, which is of critical importance.  ...    Second, expanding and compounding technology will increase the standard of living. Remember that there are more scientists and engineers alive today than have lived in all previous history combined. Those two factors countervail the government stupidity around us. Whether they will be overwhelmed and washed away by a tsunami of statism and collectivism, I don't know.