Wednesday, November 19, 2008

OCM Revisited

I keep talking about OCM--Other Countries' Money. Very few people seem to understand the consequences of being dependent on the kindness of strangers. Now, the U.S. is considering selling Japanese-backed bonds rather than its own:

http://www.nakedcapitalism.com/2008/11/japanese-float-idea-of-treasury-selling.html

Oh, the embarrassment.

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