July 14, 2011

REUTERS: U.S. Dollar “On The Run.” “The U.S. dollar was on the run in Asia on Thursday after a ratings warning from Moody’s and a hint of further policy easing from the Federal Reserve unleashed a wave of panic selling, much to the relief of the hard-pressed euro.”

UPDATE: What An American Bank Run Would Look Like. “Putting together all of the above, there are anywhere between $967.3 billion and $2.6 trillion in physical claim satisfying pieces of paper which everyone would scramble to grab if the sky was falling, and against these there are just under $30 trillion in paper claims on said hard paper.”

You know you’re in trouble already when you’re talking about “hard paper.”

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