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Re: Currency Collapse [Re: art]
    #7943762 - 01/28/08 01:52 AM (16 years, 4 days ago)

The biggest danger of recession actually has to do with foreign holdings. The majority of US dollars are held in foreign banks and never make it back to the US, and additionally OPEC does all it's oil trading in USD. There was a major market disaster in the Us last year and it was a blip in the economic radar. Since many foreign banks usually have a lot of USDs (usually to deflate their currency for trade purposes ie. China) they have a substantial amount to loose by bailing on the USD. But the lack of respect for the international community has led a lot of investment to go elsewhere and impacted the dollar since around 2003 (arround the same time as the rise of the euro, a dangerous mix). For this reason I think USD should rebound after bush is gone, but not fully. I mean the republicans mostly look unelectable so likely we'll see a dem in office lets hope they know something about economics.


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"Have you ever seen what happens when a grenade goes off in a school? Do you really know what you’re doing when you order shock and awe? Are you prepared to kneel beside a dying soldier and tell him why he went to Iraq, or why he went to any war?"
"The things that are done in the name of the shareholder are, to me, as terrifying as the things that are done—dare I say it—in the name of God. Montesquieu said, "There have never been so many civil wars as in the Kingdom of God." And I begin to feel that’s true. The shareholder is the excuse for everything."
- Author and former M6/M5 agent John le Carré on Democracy Now.
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