Friday, November 17, 2006

Fed's Fisher Hails The Dollar As World's Best Currency

Bloomberg has a great section of Audio/Video Reports. One of them is Fisher of Fed Says Replacing Dollar as Reserve 'Very Difficult'".

He has great faith in the Fed's capacity to control the store-of-value aspect of the dollar. Although I really like his sense of humor, I get a sense that America has a bit of hubris when it comes to seeing itself with historical perspective.

Currencies come and currencies go. As he says himself, there is nothing new under the sun. Every great nation in history has lost its superiority through debasement of its currency. We may be debasing it less than most, but we are debasing it all the same. I guess in Fisher's mind it's a race to the bottom where the last one wins.

tortoise and hare
[Thanks to barney.gonzaga.edu/~chongls for the image.]

1 Comments:

Blogger Katy said...

Sorry mortgage guy, I don't like your links. But here's what you said:

"Don't agree with the fact that we are just cocky. What happend to rome? It fell just like our curency soon will."

3:39 PM  

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