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Fed Rate Cuts May Have Been Counter-Productive

Inflating your way out of this mess is no good. There are trillions in leveraged positions in the CDS sector that must be unwound, or simply, written off. Some banks, a la Grantham, must fail, including an I-bank or two. Otherwise, this has the potential for a great depression style market event. The dollar will be sacrificed until a Volcker style chairman emerges, jacks up rates, strengthens the dollar with its concomitant decline in commodity and oil prices. In the meantime does anyone know where I can get a Swiss Franc denominated CD?