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The world can sell us back all their dollar claims against us for a song, but it can't make us buy their crap at inflated prices at the same time. If they want to give us back everything they've accumulated for nothing, we will say "sure, thanks", take it and cancel our debts to them. And it won't cost us much of anything.

Our prosperity is built on our own real productivity, and not on anything the rest of the world does for us. Quite the contrary.

Our savings rate might take 6-12 months to tick up, and the period of adjustment might be rocky for a spell, but it won't make any fundamental difference to our prosperity.

The entire world spent the last 5 years predicting dollar hyperinflation and got deflation instead, with their ridiculously high commodity prices in dollars not sticking at all. If they want to short the dollar enough to lose another $30 trillion on top of what they just lost on that decidedly incorrect bet, they can. It is their funeral.

"Our savings rate might take 6-12 months to tick up, and the period of adjustment might be rocky for a spell, but it won't make any fundamental difference to our prosperity."

You are always reliable for a chuckle. I'll file that with your claims that real estate wouldn't crash and so on. But of course, "we know where you're coming from."

"I'd like to see mainstreet try to live for 6 months without financiers directing their activities. They be reduced to shooting each other over the last can of campbells."

5 posted on Saturday, October 04, 2008 3:38:33 PM by JasonC