First the Chinese Accumulated Dollars, Now Everyone is Joining the Stampede

Stephen King, managing director of economics at HSBC, explains why the world is following China’s lead by buying dollars, and what China should have done instead. From The Independent:
[...] the only stuff that is trusted these days is cash. One of the more remarkable developments last week was a fall in the rate of interest rate on 3-month Treasury bills to below 0 per cent. In other words, people are prepared to pay the US government to look after their money, such is their anxiety about savings held in the private sector.

I am like John McCain... Economy Light!  We both have admitted the same.  Does this mean that despite our economic problems, the world still trusts our stability more than any other nation?  It seems like this includes the Chinese.  

Help Ol Pooch Doggy Dog...

http://chinadigitaltimes.net/2008/12/first-the-chinese-accumulated-dollars-now-everyone-is-joining-the-stampede/