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'We're Going To Be OK'

I have a good friend who is of significant stature at a major international investment bank in New York City. I trust his knowledge and professional judgment on matters of finance and banking a great deal. Straight shooter. I asked him if news that Chinese banks were told to halt lending to US banks is the opening move to a run on the US dollar and complete collapse regardless of what Washington does or does not pump out.

His response: "We're going to be OK. More detail to follow..."

You may not know him and thus take it with a grain of salt, but I do know him and those few words in a week that must seem like a single endless 96-hour day added back a couple of the years of my life lost during this week.

Significant enough that I think it is worth sharing here, especially as we see Senator Shelby emerge from the White House meeting with a 'deal' apparently no closer than the beginning of the day.

For what it's worth.


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Comments (6)

this report is already bein... (Below threshold)

this report is already being rebutted, refer to the article linked through my name

I'll take it with a truck l... (Below threshold)

I'll take it with a truck load of salt until there is some clarity as to exactly who is referenced by "we."

The nation's economy as a w... (Below threshold)
Steve Schippert:

The nation's economy as a whole.

In other words, "you," Stephen.

Robert Schwarz Strauss was ... (Below threshold)
Larry:

Robert Schwarz Strauss was a consumate insider and Jimmy Carter's campaign manager as well as working for Republican Presidents. I was on a plane with him one day and overheard him talking about some crisis or the other with his traveling companion. The exact quote was: "We have that covered if we need to, don't worry about it." Google this guy to see what I mean.

I realized that I have overheard something that the general public would never be allowed to know; that insiders knew the real truth about what was going on.

Steve, you may be on to something or the guy may be attempting to give the impression that he knows more than he knows. With all the posturing and preening going on in Washington, I wonder about what is really being said in the back rooms.

I do think they have a deal and that the votes have been counted. Whips are good at that or they wouldn't have the job. Now what has to happen is to turn it into language that are part of the way laws are written. Then after the devil details are displayed, arms need to be twisted until there are enough votes. McCain is good at that.

America remains the most po... (Below threshold)

America remains the most powerful economy on the planet. Nearly all the economic indicators are low or near record low. The dollar has value and is still the single most-used currency in the world.

No one, especially the Chinese, is going to dump dollars. For what? The [snort] Euro?

The Chinese economy, for good or ill, is built on the dollar. They don't dare do anything to upset the Ponzi scheme they've been running for the last decade and more.

In theory, we could jump to our doom, but no one is gonna push us.

Well put, Chuck. I've been... (Below threshold)

Well put, Chuck. I've been telling people this for the past couple of weeks, but you said it better.




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