Forty-four nations voted at Bretton Woods to make the dollar the world's reserve currency.
If they were meeting today, I doubt they'd give that status to a nation piling on over a trillion in federal debt per year, 70 percent of which its left hand (the U.S. Treasury) borrows from its right hand (the Federal Reserve) through the Nigerian email equivalent of Paul Krugman's trillion-dollar groat.
Meanwhile, I see the Bundesbank has decided to move 300 tons of German gold from the Federal Reserve in New York back to Frankfurt. It's probably nothing.
And what's to stop the Fed replacing it with 300 tons of Boston Cream donuts and declaring them of equivalent value? Or maybe 300 imaginary dead football girlfriends, all platinum blondes.
If they were meeting today, I doubt they'd give that status to a nation piling on over a trillion in federal debt per year, 70 percent of which its left hand (the U.S. Treasury) borrows from its right hand (the Federal Reserve) through the Nigerian email equivalent of Paul Krugman's trillion-dollar groat.
Meanwhile, I see the Bundesbank has decided to move 300 tons of German gold from the Federal Reserve in New York back to Frankfurt. It's probably nothing.
And what's to stop the Fed replacing it with 300 tons of Boston Cream donuts and declaring them of equivalent value? Or maybe 300 imaginary dead football girlfriends, all platinum blondes.
No comments:
Post a Comment