True dat, as they say in the almost White House. They have been instructed to keep relatively large quantities of both local currencies and other major currencies except the pound. Source was the Schultz Letter. Here's a link from Marketwatch. It is an 8 month old link, but I can see its validity, as our embassies have numerous local that they must pay, and they wouldn't be able to operate should we have a currency crisis. Right now the FRN$ is getting some love because of the Greek debt debacle, but when the CDS crowd turns its attention to the greenback, look out.
www.marketwatch.com/story/schultz-paints-bleak-picture-of-future
