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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (490829)11/11/2003 2:21:57 PM
From: Wayners  Read Replies (1) of 769670
 
Nobody will get away with a devalued currency. Nixon had to do it twice in the early 70s, I believe as a direct result of the inflationary effects of Vietnam. I always thought the people screaming inflation in the 1990s were idiots because there was no major ongoing war. Now I think things are different. When foreigners sell their home currencies and buy dollars and then buy treasury's with those dollars...when the credit of the U.S. comes into question and the bubble bursts reversing the cycle to dumping treasuries and the U.S. dollar...look out. If treasuries couldn't be paid off, I suppose the land holdings of the U.S. Government and other assets would be stripped in order to meed the obligations, but I don't think that would happen. The U.S. Govt would just let inflation explode, the dollar becomes worthless, riots and anarchy or martial law is declared and guns are very valuable.
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