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Source link: http://archive.mises.org/5963/will-dollars-save-the-world-online/

Will Dollars Save the World? (online)

December 1, 2006 by

Will Dollars Save the World? by Henry Hazlitt, complete text in PDF.

There is a widespread belief that the United States has a duty to lend or give huge sums to other countries, principally in Europe, if it is to save the world from communism and chaos. This belief is held almost as strongly in the United States, which would make the sacrifices, as it is in the European countries that are expected to benefit from them.

{ 2 comments }

David C December 2, 2006 at 11:45 pm

I know this is way off base, but something is really bothering me in the news this last week. First they go out of their way to report that terrorists are targeting our financial markets, but then go out of the way to say that there’s nothing to worry about. Well, if it was so mundane then why did they decide to report it everywhere all of a sudden. Then they say that a court ruled that the US must change all its currency to make it readable by the “blind”, what the hell? After 100 years, now we decide that it needs to be changed out right now – that really stinks to me. Then the news reports that the Bank of America CFO resigns. Is this the same BofA that has over 4 trillion of derivatives contracts in a housing market that is crashing 10 times faster than they said it would a year ago? And then last month a multi billion dollar hedge fund (Amaytha?, I think) collapsed making LTCM look like pie, but no one said a thing. Bush is outside the country now, and his family recently bought a massive estate in Paraguay which has no extradition treaty with the US. Any one of them by themselves would have caused me to think I was just being paranoid, but all of them together IS making me paranoid. Just wanted to get that off my back. Oh, and then there is the USD dollar index, it dropped all the way to 82 this week without warning – it’s lowest in 14 years!

Bill, Extortion victim. December 3, 2006 at 3:59 pm

Well hell, if the US is going to police the world then it should finance its regular activities.

Forget the mis-allocation of capital away from consumer preferred ways into George Bush preferred ways. Forget that the US has to devalue its currency faster to make these loans. Forget that it is already 370 billion below budget. Forget all that because both political parties have it under control.

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