Posted on 03/31/2008 6:12:11 PM PDT by shrinkermd
as with any good candidate, he would be crucified here on FR for any number of beliefs that displease somebody, somewhere, at sometime......
Good Idea. Defend the dollar by buying up a bunch of them.
The real question is, “What the Heck will they use to purchase the dollars?” They have been flooding the world with dollars and treasury bonds. The world has a belly full of that paper. That is why it is declining relative to other currencies.
So, what will they exchange for those “excess” dollars? How about Yellowstone? Would the Russians want Alaska back for a slightly increased price? Sell Louisiana back to the French? Exactly what is proposed to be exchanged for the bulging baskets of dollars that the world now is holding?
Newer, more economical "dollars." j/k
Obviously, the only thing that will save the dollar is a good ol' "austerity program," another clue that the US is looking more like a 3rd world country everyday.
Other central banks to buy our currency and sell their own.
It is interesting that one of his solutions is to hold securities at their cost less actual write downs of defaulted mortgages.
This changes the current accounting rules of "mark to market" which accelerated the issue.
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