Philipp Bagus wrote a paper in 2009 which explains that the Fed will go insolvent, and sans a Treasury bailout (ie: borrowing more from the Fed than it needs, just to give the Fed more collateral assets at taxpayer expense), the asset of the uncivilized may be its only hope.
This is something to keep in mind, as QE3 is now most certainly on order
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Since August 15, 1971 the US dollar has been an irredeemable paper currency. Every irredeemable paper currency in
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