I’ve started using reverse psychology on people. I tell them we’ve flooded the world with our dollars and debt, mostly to China. Then I tell them I don’t know what’s going to happen, but that our destiny isn’t in our hands, but in the hands of other countries who may not have our best interests at heart.
Then I drop the bomb: they are going to a convertible currency soon and won’t need our dollars or our debt after that. You should see the looks on their faces. That’s about the biggest cup of STFU that I can buy them.
United States long-term debt was today downgraded by Standard and Poors.