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Pastimes : coug's news and views
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From: coug11/17/2009 10:38:59 AM
   of 3961
 
"""The idea that the dollar will become worthless in not realistic for the foreseeable future: worth less, perhaps, worthless no. The complete collapse of a currency has only happened 5 times over the past century Germany and Austria in 1923, Hungry in 1944, Yugoslav in 1994 and Zimbabwe in 2008. The paper aristocracy of a country always wants a little more paper money but not too much. In the U.S. in 1967-68, the Fed went too far in easing credit and printing money with the result that a new class of speculators (the New Breed) arose who used extreme leverage to challenge the old establishment. This latter then were able to get the Fed to tighten credit, and this caused the New Breed to collapse into bankruptcy."""

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