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Posted by: beavith1 9 months, 1 week ago

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beavith19 months, 1 week ago

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actually, the dollar is US reserve currency by consensus, not by agreement. anyone can bail on the dollar anytime. iran has and russia has to a great extent. i think what the UN panel is trying to do is to come up with a new version of the Bretton Woods agreement where the dollar is officially relegated to being a share of that basket.
i suppose whether a basket is formed is not as important as if people believe the basket has more value and safety than the dollar.

as far as printing money, we've only just begun doing that as part of this crisis. before that, the printing of new money was tightly governed by the Fed, working with Treasury as ameans to throttle inflation.
yesterday's Fed purchase of debt from the US Gov't is nothing more than printing money. all in the name of freeing up more cash to lend.
we're still teetering on the brink of complete collapse. I jhave no idea what to do , personally. nationally, we have to figure out the CDO and CDS issue. doing less is tinkering at the edges.

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  gamahuche9 months, 1 week ago
  
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  Very seldom do I 'pos' one of your comments..
  Are you getting smarter or am I getting more foolish?
  
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