Tuesday, November 9, 2010


There's always a discount on an I.O.U.  The amount depends on its
perceived likely-hood of being paid.  The dollar is, in essence, such an
I.O.U.  The perception of repayment is dropping and you can follow it
by watching the value of dollars on the market.
--L. Reichard White, Tuesday, November 09, 2010 11:04 AM

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