Naj,Thank you for your kind and thoughtful response. CuriousFlexible = true. $1.20 per basket, way, way offbase, historicallyWhat number would you choose?The USDollar rose back then because we had the highest interest rates of any G-10 country, the short-term rise and fall of the accounting fiction known as the US Budget Deficit is totally and entirely irrelevant.During the tail end of Clinton? True of H.Bush. I'm not convinced we had the highest of the G-8/G-10. I would appreciate a pointer to that data. My short at sweet google didn't cough up anything particularly useful. No, the FX market does about $2trillion a day in trades, dwarfing the UST market. Very few people buy UST bonds as a substitute for cash. Simply compare the size of the markets.I may not have been clear how I stated that, in fact re-reading it I wasn't. I don't mean to imply that people are settling accounts by actually exchanging the debt. The Treasuries are the underlying support, proof of abillity, or proof of liquidity to pay. They aren't truly colateral but by holding them some entity has proof they are capable of paying in USD terms. They are a cash and equivilent item. Their mere presence as a USD security is an enabler of the deal that most often manifests itself on the currency exchange. Their presence on the balance sheet greases the wheels for dollar denominated trade.jack
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