Ishwar Prasad

Of course, I'm glad the timing worked out. And this is one of my pet subjects, so it's good.

Of course, I'm glad the timing worked out. And this is one of my pet subjects, so it's good.

Of course, I'm glad the timing worked out. And this is one of my pet subjects, so it's good.

I've been able to pay for cab rides in places like India, China, even in Italy, the land of the euro, because everybody is willing to accept dollars. That last one, Italy, actually happened recently on a family vacation. My family knew this was coming and, of course, were hugely embarrassed by the whole thing. But I told the limo driver, I'll give you dollars instead of euros.

I've been able to pay for cab rides in places like India, China, even in Italy, the land of the euro, because everybody is willing to accept dollars. That last one, Italy, actually happened recently on a family vacation. My family knew this was coming and, of course, were hugely embarrassed by the whole thing. But I told the limo driver, I'll give you dollars instead of euros.

I've been able to pay for cab rides in places like India, China, even in Italy, the land of the euro, because everybody is willing to accept dollars. That last one, Italy, actually happened recently on a family vacation. My family knew this was coming and, of course, were hugely embarrassed by the whole thing. But I told the limo driver, I'll give you dollars instead of euros.

And the limo driver was quite happy to accept dollars. If I tried this experiment in the U.S. with euros or Japanese yen or British pound sterling, I can tell you fairly confidently that they probably wouldn't take it.

And the limo driver was quite happy to accept dollars. If I tried this experiment in the U.S. with euros or Japanese yen or British pound sterling, I can tell you fairly confidently that they probably wouldn't take it.

And the limo driver was quite happy to accept dollars. If I tried this experiment in the U.S. with euros or Japanese yen or British pound sterling, I can tell you fairly confidently that they probably wouldn't take it.

One is liquidity, meaning that they should be able to buy and sell that asset easily and in large quantities without disrupting the market.

One is liquidity, meaning that they should be able to buy and sell that asset easily and in large quantities without disrupting the market.

One is liquidity, meaning that they should be able to buy and sell that asset easily and in large quantities without disrupting the market.

If you think about the Swiss franc, for instance, it's not a very big market. You know, Switzerland is a small economy. And if you try to buy, say, 50 or 100 billion dollars worth of Swiss government bonds and then try to sell them at one shot, it's going to destroy the market. You sell 100 billion dollars worth of U.S. treasuries. You know, this is a 33 trillion dollar market.

If you think about the Swiss franc, for instance, it's not a very big market. You know, Switzerland is a small economy. And if you try to buy, say, 50 or 100 billion dollars worth of Swiss government bonds and then try to sell them at one shot, it's going to destroy the market. You sell 100 billion dollars worth of U.S. treasuries. You know, this is a 33 trillion dollar market.

If you think about the Swiss franc, for instance, it's not a very big market. You know, Switzerland is a small economy. And if you try to buy, say, 50 or 100 billion dollars worth of Swiss government bonds and then try to sell them at one shot, it's going to destroy the market. You sell 100 billion dollars worth of U.S. treasuries. You know, this is a 33 trillion dollar market.

It's not going to register as more than a ripple.

It's not going to register as more than a ripple.

It's not going to register as more than a ripple.

Second, you need safety, meaning that the value of those assets is going to be preserved more or less.

Second, you need safety, meaning that the value of those assets is going to be preserved more or less.