On Thu, Apr 12, 2012 at 7:51 AM, Julio Huato <[email protected]> wrote: > I think that this is a *real* issue. That Treasuries or USD money > market deposits are now viewed as a safe asset is a very fragile > social structure, if I can put it that way.
Even in the absence of any remotely credible alternative? All the billionaire Scrooges of the world, where else can they go if not to the US Dollar? I'd agree with your statement, for, say the Euro, but no the US Dollar under the present set of historical circumstances. These circumstances could change over time, but very likely not in the next 5 years or so. For all practical purposes, I think the Keynesians have this one right: the US Federal government really does have a blank check for the foreseeable future. -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
