"Today, more than 60% of all foreign currency reserves in the world are in U.S. dollars – but there are big changes on the horizon…Some of the biggest economies on earth have been making agreements with each other to move away from using the U.S. dollar in international trade…[and this shift] is going to have massive implications for the U.S. economy..."
at http://www.munknee.com/2012/04/shift-from-u-s-dollar-as-world-reserve-currency-underway-what-will-this-mean-for-america/
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Showing posts with label power. Show all posts
Showing posts with label power. Show all posts
Wednesday, April 4, 2012
Saturday, June 12, 2010
'We Need to Recognize Reality'
"In a CNBC interview, David Walker, president and CEO of the Peter G. Peterson Foundation, doesn't pull any punches when he discusses our nation's precarious financial condition:
If we do not put our federal financial house in order, if we do not deal with the structural deficits, then our best years are behind us. This is about the future of the Republic; this is about the future of our country; this is about the future of our families. If you are not economically strong, you will not be strong with regard to international influence, with regard to national security, and ultimately our domestic tranquility will suffer. We have to learn from history and we have to not repeat the mistakes that others have made.
The former Comptroller General of the United States also takes issue with the notion that the recent strength in our currency and government bond markets is a sign that America is on the right course:
In the short term, we are a flight to safety, but we should not misunderstand the situation....People are all concerned about Greece -- Greece used to be the cradle of democracy; it was the greatest civilization on earth; it controlled most of the known world. And now, because of their financial situation, it's had a ripple effect -- not just in Europe, but it's affecting us. And guess what? When you look at debt held by the public -- federal, state, local -- we're already worse in the United States than Spain, we're worse than Ireland, we're two years away from being Portugal, and we're 10 years away from being Greece. We need to recognize reality.
Compelling -- and frightening -- as always."
at http://www.economicroadmap.com/
If we do not put our federal financial house in order, if we do not deal with the structural deficits, then our best years are behind us. This is about the future of the Republic; this is about the future of our country; this is about the future of our families. If you are not economically strong, you will not be strong with regard to international influence, with regard to national security, and ultimately our domestic tranquility will suffer. We have to learn from history and we have to not repeat the mistakes that others have made.
The former Comptroller General of the United States also takes issue with the notion that the recent strength in our currency and government bond markets is a sign that America is on the right course:
In the short term, we are a flight to safety, but we should not misunderstand the situation....People are all concerned about Greece -- Greece used to be the cradle of democracy; it was the greatest civilization on earth; it controlled most of the known world. And now, because of their financial situation, it's had a ripple effect -- not just in Europe, but it's affecting us. And guess what? When you look at debt held by the public -- federal, state, local -- we're already worse in the United States than Spain, we're worse than Ireland, we're two years away from being Portugal, and we're 10 years away from being Greece. We need to recognize reality.
Compelling -- and frightening -- as always."
at http://www.economicroadmap.com/
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