Monday, July 26, 2010

The Breakup of the United States

The value of the United States paper currency depends critically on the taxing power of the United States. Anything that undermines U.S. tax collections undermines the U.S. dollar.

There is no external bank or government that can or will extend credit to the U.S. to save the dollar once the perception spreads that its tax-collecting power is permanently impaired.

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1 comment:

Jan n Jer said...

Oh my...very depressing isn't it!!!