Not only did it not happen, but the dollar is in fact unusually strong. If interest rates are increased, it will become stronger. Part of the problem for U.S. industry is that they can't find a (reasonable) monetary policy that will weaken the dollar enough to boost export sales. It happened dramatically. The discussion was about interest rates and someone asked me how many cycles did I think the dollar had left before rates would totally collapse and not be able to rise again. And I said, "one cycle, then it collapses to zero and stays there." That was ten years ago. and that was exactly what happened, Bernanke rose the rates 1/4% at a time for like 14 straight meetings and then POW rates collapsed in dramatic fashion right to zero for both target rates and have stayed there for both target rates. Being able to predict that; when it had never happened before, and nailing the cycle for it to happen in, and predicting the aftermath on top of that... okay, I think that says I knew the system and the times we lived in better than all the idiots in BOTF that claimed to understand it better than me. Eventually Cicero posted, "Days got it right"... but none of my foes ever admitted it. Let's explain what the value of our synthetic money is comprised of: No, that was an industrial collapse. And its ongoing nature reflects the fact that even when money is practically being given away to industrialists they still think hoarding a dollar (or gambling it on leveraged debt, corporate restructuring, or real estate, but only if the profits promised are utterly unsustainable) is more worthwhile than investing it in expanding production.