G.G. sent us this: The Upside of Government Default
Reader G.P. sent this from The Slog: A timetable for Greek Default?
Courtesy of Michael W.: Dollar Gets No Respect Despite Economic Gains. JWR’s Comment: Genuine money is made of silver or gold. And honest paper money substitutes are redeemable on demand for silver or gold coinage. Anything else is trash. Thus, all of the world’s fiat paper currencies are trash. Some of them are just trashier than others. I would characterize the U.S. Federal Reserve Note as like an aging, gap-toothed syphilitic harlot that is dressed in shabby green dress that has been trailing the tatters of a silver lining for five decades. But then perhaps I’m being too kind.
Items from The Economatrix:
Moody’s Warns May Downgrade 17 Global Banks
Greece Stumbles Defiantly Toward Default. [JWR’s Comment: Folks, are your ready for the potential cascade of events if there is indeed a Greek default on March 23, 2012? Be ready for currency devaluations, bank runs, stock market collapses, hedge fund failures, and more.]