And housing, a bull would tell you, is not a liquid asset like stocks.

FORBES: Sentiment Versus Sensible

Third, for those few companies that are still solvent, there are no liquid asset markets in which to invest.

ECONOMIST: Russian insurance

They're realizing that real estate isn't a liquid asset.

FORBES: Intelligent Investing Briefing Book

For the record, when the Fed buys government securities in the market (yes, through dealers, of which Goldman Sachs is one), the ultimate seller gives up a highly liquid asset (government securities), which are not classified as money, for bank deposits, only slightly more liquid, which are classified as money.

FORBES: The Cartoon View Of Quantitative Easing: Too Dumb Is Clever

Pouring 50% of your liquid net worth into an illiquid asset class like art is crazy.

FORBES: How to Outsmart the Billionaires Who'll Bid $80 Million for "The Scream"

The good news for the dollar is that dollar-debt, such as money market funds and Treasury bonds, are the most liquid, hotly traded, high demand fixed income asset in the world.

FORBES: Post-Downgrade, Commodity Currencies More Vunerable Than Dollar

Is the asset class available in a broadly diversified, liquid, low-cost fund?

FORBES: How to Pick Asset Classes

The asset side of the ledger would consist of gold and liquid, secure non-governmental financial claims.

FORBES: Recreating A Real Gold Standard

This rule (which went into effect near the 2007 market top and was suspended near the 2009 bottom) vastly magnified subprime mortgage weakness, effectively forcing banks into near self-perpetuating rounds of asset writedowns, putting pressure on bank balance sheets until they had to sell more liquid assets to meet capital requirements.

FORBES: Sue S&P, Sue Everybody