[FoRK] RE: FoRK Digest, Vol 12, Issue 5

Russell Turpin deafbox at hotmail.com
Sun Mar 7 14:57:03 PST 2004


John Hall:
>If I'm dealing with international trade, I can point
>out that the dollars *will* come back and if they
>don't that is even better -- we get useful things like toyotas that we 
>trade for pieces of paper with
>pictures of dead presidents on them.  If the Japanese want to trade toyotas 
>for dollar bills that they use for wallpaper, where do we sign
>up?

In fact, we pretty much have signed up. The
Japanese and Chinese aren't papering their walls
with our dollars, just stuffing their banks with our
bonds in an attempt to keep their currencies falling
as fast as ours. Greenspan says he's not worried,
but for those who are not placated, the worrisome
part of this game is that it isn't all that sustainable.
When those dollars come back to roost, they might
cause the dollar to plummet, interest rates to
shoot up, and Gen Y to learn the meaning of
stagflation.

Unless we've grown our way out of the problem
by then.

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