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* - galaxy

happy $ days

Posted on 2005.01.28 at 16:33
courtesy of seymour_glass....


well i was reading an interesting article the other day how the imf and world bank are both encouraging japan and europe to grow their economies as quickly as possible so they can help the flagging us economy...because though the american economy is growing it is growing by consuming goods from overseas and their trade deficit and debt are growing and growing...hmmm...somehow i don't think other countries are going to rush to the aid of bush's administration...especially with their visions of pax americana...

Another salvation may be the economy. It's going to go very bad, folks. You know, if you have not sold your stocks and bought property in Italy, you better do it quick. And the third thing is Europe -- Europe is not going to tolerate us much longer. The rage there is enormous. I'm talking about our old-fashioned allies. We could see something there, collective action against us. Certainly, nobody -- it's going to be an awful lot of dancing on our graves as the dollar goes bad and everybody stops buying our bonds, our credit -- our -- we're spending $2 billion a day to float the debt, and one of these days, the Japanese and the Russians, everybody is going to start buying oil in Euros instead of dollars. We're going to see enormous panic here. But he could get through that. That will be another year, and the damage he’s going to do between then and now is enormous. We’re going to have some very bad months ahead

but i don't think that is the biggest worry for the american economy...china is the power they must fear...they buy up a great deal of american debt...and they are now starting to worry about the american economy and dollar...the americans want the chinese to stop pegging their currency to the us dollar, which keeps chinese products cheaper...but the chinese have other ideas...

China has lost faith in the stability of the U.S. dollar and its first priority is to broaden the exchange rate for its currency from the dollar to a more flexible basket of currencies, a top Chinese economist said Wednesday at the World Economic Forum.
At a standing-room only session focusing on the world's fastest-growing economy, Fan Gang, director of the National Economic Research Institute at the China Reform Foundation, said the issue for China isn't whether to devalue the yuan but "to limit it from the U.S. dollar."
"The U.S. dollar is no longer — in our opinion is no longer — (seen) as a stable currency, and is devaluating all the time, and that's putting troubles all the time," Fan said, speaking in English. "So the real issue is how to change the regime from a U.S. dollar pegging ... to a more manageable...reference...say Euros, yen, dollars — those kind of more diversified systems," he said.

the american administration believes in its infalibility because the world since ww2 has often depended on their strong economy for growth...but the tides are turning...the u.s. can't go it alone...

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