David Stockman, wunderkind of the Reagan administration and a key architect of the biggest tax cut in U.S. history, poses for a portrait at the Associated Press in New York. (AP Photo/Kathy Willens)
The global financial system has come unglued, and the opening waves of competitive currency devaluations by Japan and China are bound to wash up on U.S. shores, according to David Stockman, White House budget chief during the Reagan administration. In a column on his Contra Corner blog, Stockman said spend-thrift central bank policies globally are “monetary heroin” and have set up a bout of industrial deflation that is bound to be devastating. [Full Story]
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