<your cozy illusion of stability is soon to be disturbed. >
Maybe, but they've been promising me that for 30 years. I'm getting tired of waiting.
I think it's a sincere IOU. There is no value in the $ but the sincerity and assumption that Americans are not so stupid as to self-destruct [though plenty of people do, so I have a watching brief on that].
The inflation of the $ is near zero. Which has been a great thing for the USA because the huge productivity bonus of the biotelecosmictechdot.com revolution, not to mention burgeoning world population and economic growth mean they have been able to print themselves umpty billion$$ without causing inflation. It's the most wondrous money-tree in history.
Americans have come to believe it's their innate greatness, so how they handle the resumption of normal life in a few years or decades will be the test of their mettle.
To some extent it is the result of the USA greatness [freedom, democracy, private capital, legal, military and political stability, science, and so on].
I'm well aware of the risks, but so far, the script I figured out way back in 1997 has gone as expected, though the amplitude has been greater than I guessed - in some respects anyway, though the Dow is still above my trough guess.
All quiet on the Western Front,
Mqurice
PS: ANZAC day today. nzhistory.net.nz
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