Wednesday, June 11, 2008
Getting our dollars back
Drudge is blaring the headline that Abu Dhabi's sovereign wealth fund is negotiating to buy a 75% stake in the Chrysler Building.
Good. If we are going to ship all those dollars overseas in return for oil, they have to come back eventually. As we learned during the 1980s with the Japanese, selling "marquis" properties at inflated prices is just about the very best way to bring our dollars home.
Of course, the sooner we stop exporting dollars for oil the better, but that is obviously a tough knot to untie.
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