"Do we all get that? The biggest holder of foreign debt, $2,000,000,000,000 worth according to this story, is going to try to slip away from the dollar while no one’s looking.
What Turbo Tax Timmy is doing is printing dollars to buy up Treasuries. Meaning, he’s printing money, which has no intrinsic value other than what you can get someone to trade you for it … that is, it’s basically a piece of paper, to buy up an asset which at least gives the appearance of having value since at least in theory the Fed will redeem it for dollars."And yet the fools (especially those local ones) who say the financial meltdown is not a crisis of confidence will remain clueless.
I guarantee that they will be no more ready to protect themselves than they have been throughout this mess they helped in creating.