Yeah, China is still buying more US short term debts. The thing really scared me the most is baby-boomer is going to retirement within next 10 years. Who is going to pay for and support this system anymore? Higher taxes or Higher interest rate. By the way, 10 years and 30 years are jokes at 3.65 and 4.5. Like other said, governments are way too big already.
Pitz wrote: "Population in the USA must be getting pretty restless now. All that anger is going to be directed somewhere." Simple. Vote the bums out of office, then, put informed citizens in their place. Tests given for history, citizenship (questions like "How many stripes are on the US Flag, and what do they stand for?" comes to mind-that alone would weed out 1/3 of the current crop), and basic economics.
This article is extremely poorly written and smacks of yellow journalism. No other currency in the world has the liquidity that the USD provides, regardless of current valuation trends, and the USD makes up 63% of all central bank reserves across the globe. We saw the USD go lower in the late 70s and early 80s, and if anyone thinks we're remotely close to have any currency supplant the USD as the reserve currency, they're delusional and/or buying into the goldbug BS. Once any significant pullback occurs, as Wall Street and Main Street intersect once again, the USD will rally furiously. p.s. - Most exporting nations are in a race to devalue their currencies.
The bigger story is the utter failure of Reaganomics type economic nonsense. We're beginning to see the destructive payback for letting nearly 3 decades of republican infantile stupidity get the best of us. Time to pay up for republican borrow and spend on garbage
you are truly unbelievable. At current rate of decline, USD will be long dead before fed start raising its rate. (Tonight, USD is very close to breach 1.49 again) There is no thing US can do to save USD other than raising its rate significantly. On top that, there is nothing US can do (beside military intervention of course), if other countries have decided trade with each other with different currencies no matter how high US interest rate is. I just do not think you can grasp the concept of losing reverser currency status is. I know, some people will never understand this anyway.
They said the same shit in the 70s and 80s. It will take someone like Volcker to come along, but political pressure will force it, ultimately.
Printed up in the NY Post, not in the inquirer, likely in print on major news stands. Pretty scarey stuff.
The dollar is going to collapse and no one will care, if they did they would be taking steps now to fix it.
sooner or later this guy will only take euros and loonies etc http://media.artdiamondblog.com/images2/GoodHumorIceCreamTruck-thumb-468x324.jpg