http://theautomaticearth.blogspot.com/2 ... -fear.html
Excerpt:
"The coverage of the ratings downgrade likewise obscures the real threat. Commentators boldly assert that the US will inevitably have to pay more to borrow, that treasuries are increasingly risky, that the US dollar is doomed and that inflation is an imminent threat. The Automatic Earth has long held diametrically opposed opinions with respect to the next few years, and those are already being vindicated by events.
Our position has long been that the US will benefit from a flight to safety as the least worst option, initially at Europe's expense. Money will flood from where the fear is to where the fear is not, and one look at bond rates and credit default swap spreads is all it takes to see that the fear is concentrated in Europe, while the US is seen as a safe haven."
Although some of their points may sound persuasive, they are still advocating that we hold a currency that can be created and/or destroyed at the whim of neo-Keynesian bankers who learned all the wrong things from the Great Depression.