Monday, September 19, 2011

As much as we have abused it... 

...the United States dollar is still the safest store of wealth with enough aggregate liquidity to store, well, a lot of wealth.

We are being given a reprieve because Europe is such a fiscal/monetary disaster and everybody else is tiny (Switzerland), institutionally suspect (China), or committing demographic suicide (Japan). If you have a lot of money, you almost have to put it in to dollars. But that will change, probably suddenly and almost certainly with painful consequences for our standard of living and that of our children. We are wasting this moment at our peril.


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