with long-term interest rates on course to double
The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank Read more...
Relating this to the article here on France calling for a new reserve currency, along with BRIC etc., could make for a very bitter winter for all, but especially Americans who are accustomed to living way beyond their means. It's very possible that Americans will soon appreciate the importance of the dollar as reserve currency in preserving the lifestyles to which they have been accustomed. All will become clear.
Update July 10, 2009
Won’t Be a Pretty One: William Pesek
by William Pesek
July 10 (Bloomberg)
Returning from China last month, U.S. Congressman Mark Kirk had a bearish take on a high-level visit by American officials.
Treasury Secretary Timothy Geithner claimed the U.S.’s biggest creditor voiced great confidence in its debt. Kirk, an Illinois Republican, came back with the opposite impression.
“China is beginning to cancel Congress’s credit card,” he told Fox News on June 10. It “doesn’t want to lend much more money to the United States and especially is worried about the Fed’s policy of printing money to buy new debt.”
A month later, there’s no doubt about whose assessment was more accurate. Chinese leaders are clearly very concerned about the dollar. How they will react is a key question hanging over markets, and it’s time to take the discussion to the next level.
Everyone knows China wants to reduce its dollar holdings. Little is known about how that process may unfold and how much work and preparation needs to go into it. Lots, in fact.
Ho-hum – The Collapse of the Dollar
Economics of the NWO - In depth
China on the horizon - Get used to it
Survival in Uncertainty - Will the US survive the collapse
as well as Russia did in the 1990's?
Enoughism - Or how Less is More
Why the dollar is dying
NWO = New reserve currency
End of the Dollar
Reviewing Naomi Klein's
"The Shock Doctrine"
How the crash of the finance economy can lead
to a renaissance of the real economy