To: GraceZ who wrote (267748 ) 11/20/2003 4:31:37 AM From: zonder Read Replies (1) | Respond to How many arguments did I read right here on these boards about the tax cuts, that the tax cuts should never be directed to those who paid the highest taxes but to those who "need" the money? It's the worst kind of tyranny. You could say that, in the strictest sense, Socialism isn't Communism but it is positioned further along the continuum that runs between Capitalism and Communism. If the dollar loses it's position as THE reserve currency, it won't be some Socialist currency that takes it's place, it'll be some other place where capital is most likely already flowing even as we have this discussion. The choice of reserve currency doesn't arise from the effect of a currency being adjusted to account for a large trade deficit and traders actions. It arises from a history of trust, physical security, military might and the long rule of law protecting the principle of private property. Say what you will about the Fed and their actions, but US Treasury bonds are still considered to have zero default risk against which all other debt obligations are measured. They receive dollars for their goods, they lend us back those same dollars in exchange for a promise of more dollars in the future
