October 19th, 2013 11:53 AM by Sam Kader MLO130505
Despite the shutdown and near-miss of debt default, the world still runs on the U.S. dollar for one very simple reason - there is no better alternative. The yield on 10 Year US Treasury closed at 2.58% on 10/18 and was never higher than 2.73% during the shutdown. This yield is a benchmark for mortgage rates.
No other world currencies provide liquidity, transparency, affordability, acceptability, and security worldwide as the US greenbacks. Our politicians have been trying very hard to ruin America's reputation. But - so far they have not been able to do it yet.