On Jun 9, 2009, at 1:58 PM, dredmond at efn.org wrote:
> As for Empire repair -- China's CIC owns 10% of Morgan Stanley, and
> the
> BRICs just added $70 billion or so to their reserves.
That and $2.25 will get them on the subway (for a few more weeks).
How much does this really mean? Buying stuff from American financiers has, historically, proven to be not such a good move. Mississippi bonds in the 19th century, Rock Center in the late 1980s - who ended up holding those empty bags? What will the BRICs do with all these dollar reserves?
Maybe all these foreign claims on the U.S. are a sign of decay. And maybe it's a bunch of sharpies taking advantage of naifs. I don't really know. But I can't share your certainty, Dennis, that it's game over for the USA.
Doug