(Via the Drudge Report)
It may not be cargoes of machine tools, food or raw materials, but a cargo of currency--even fiat currency--could go a long way.
Little Timmy "Tax Cheat" Geithner has told our bestest buddies, the European bankers, that "Sure, we'll be happy to trade our pretty worthless paper for your pretty worthless paper." In and of itself, as long as it is at the current rate of exchange, no damage done.
But long run, this could turn into another taxpayer bailout, this time of foreign central banks. Yes, I've heard all the arguments, which pretty much boil down to "If they go, they'll take us with them!!!" There is some truth to those arguments, but at the end of the day, we're all going to go down anyway.
I simply prefer to go down in different company, thanks all the same.