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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (4044)	1/1/2009 1:41:41 AM
From: RMF	Respond to of 103300

No, I wasn't saying that U.S. Treasurys were derivatives. I was saying that if all our banks had gone down the tubes then there would have been a mass exodus out of any U.S. dollar debt and that would have included U.S. Treasuries. Gold would have probably gone to $10,000, since there wouldn't have been any place else to run to. The U.S. is in a unique situation because it has the World's largest economy and the World's strongest military. People always rush to the U.S. dollar in times of crisis because they consider it the safest currency. We also have the World's most mature and stable free market economy. BUT, if all our top banks had gone down, which they would have without the bailouts (dragging ALL other banks down with them), it would have been an entirely new ballgame. I think that's pretty much what Paulson and Bernanke told Congress when he told them he needed powers and CASH that had never been allocated before.