Dear Mark, ncIA,

   Good points.  But, the same government that guarantees this convertibility can renege on it at any time.  (And many unthinkable events have already ocurred.)  Yes, our debt is in our own currency and that, plus reserve status does mean our system can extend and pretend far longer than anyone else.  It's not forever, I think.

  The US can go from, say, 20% inflation such as 1980's diretly to collapse, skipping the hyper part.  That could happen as others refuse to buy our bonds.  Yes, we can extend just as we're now doing, (it's incharitably called "eating your own crap") by buying some of our own bonds using proxies.  Care to bet that can go forever? 

  I'm not saying Mr Williams is right on everything, but I am nervous.  I guess we'll see how it shakes out.

Take care.  Stetts