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With the dollar nosediving, is it time for another global currency?
Sam 22 November, 2007, 14:02 The dollar has become very unstable Countries are losing money banking in dollars. The Euro is more stable and is used by many countries as their currency already.It will make a much better international transaction currency.Its also safer. However do not see that happening as i do not think the USA will just standby and watch their economy drop further.The oil dollar is what is keeping them afloat.
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fred 22 November, 2007, 16:19 yes US$ is probably finished (for sometimes.) but it can be useful to point out the WHY : first : USA is the biggest debtors in the world . just to open the federal offices , the US tax payers is already loosing sometjing like 2 Billions US$ per day . the funny thing = even if the said federal offices are not opoening (sunday or day-off) tax payers still loose 2 Billions . 2: more than 2/3 of the products consumed in USA are imported (some analysts call it the "they sweat, we consume" american effect) creating the biggest commercial deficit of all human history . this deficit is an other +/- 2Billions a day ( it's a kind of debt and like all debts ,one day you have to pay them back .) 3: the tandem G.W.Bush and Allan Greenspan did something incredibly stupid , it is destroyng the $ at the moment . in order to make the public opinion forgett about the DOT com crisis , then the recession starting which foolowed , then the attack of 9/11 (on that point of view , this tragedy has been a blessing!) then the cost of Irak war . they created the biggest amount of banknotes of all human history . why is that stupid ? because anybody with a gram of brain can understand : whatever is rare is expensive , whatever is very common is worthless .!! so the value of $ is going to the sewage . but that only the first part of the plot . since ages US citizens are living on credit , they are among the peoples saving the less on earth (off-course of the rich countries , poor africans or indians CANNOT save !) most analysts are talking of a political correct term of "Negative saving" = complete B.S. to say they have to dig into past savings or make more credit . so if the US$ has no more value , US citizens are going to pay much more for theirs imported products , won't be able to get that many credit (anyway what for ? inflation could be the next problem , like in germany in between the 2 world wars ) so they are going to have to work more , for less money (money which loose value as well) and finally after some tricks to pay their olds credits , LEARN how to save again . at the same time , the biggest addiction in USA is OIL , they will pay it more and more , and that will cure their addiction and they will stop using 25% of all oil alone .!! after all that , they will have some benefits : US debts are in US$ , if $ is of no-value , they will pay back less (compare to others currencies ) but that is a long process , up to one generation ! let's hope Euro will not be the Next dollar
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MihalMihalich 22 November, 2007, 17:55 Dear Ladies & Gentlemen Answering your question, for past few years Asian union have been working on new currency call Aku, which will be alike Euro. According to Forex data US Dollar has been loosing it value since 2002(after Nov.7.2001 election) and by 2005 it lost 33% of its value. And it lost 38% of its value if you count from 2002 to today, that is if you measure highs and lows. That is important if your country Reserves or savings are ONLY in US dollars! (for example USA) Euro on the other hand from 2002 to today gained +73% of its value. So when you hear weaker USDollar provokes Oil price, which is only partially true. Market reaction is pretty simple, if US dollar value goes up Euro goes down and other way around. So if your Reserves or savings are equally exchanged into $USD and Euro then you would about break even. IMHO world does not need to new currency with new value, all we need is an ALTERNATIVE valuable currency such as Dollar versus Euro to hedge currency reserves or savings. And if we look for more security we use valuables that don’t depreciate as much like gold, silver, diamonds. Best Regards
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Financier 22 November, 2007, 18:13 The Dollar was OR rather still is the benchmark for international transactions and book keeping for want of a better or more wanted alternative. Additionally, since at one time America represented the majority of earth's goods, it was, rightly or wrongly, assumed, that with the ALMIGHTY DOLLAR in your pocket, almost anything anywhere could be bought! HOWEVER, It's high time, this unnatural benefit accruing to the Americans to the detriment of the rest of the world be addressed and urgently! It could be either in the form of an alternative currency or BETTER still in the form of tradable units set against a basket of the most stable and easily accessible currencies of the world - A kind of WORLDO (Like EURO is paramount in EU). However, since it may not happen officially, given the US dependence on the invincibility of the ONCE ALMIGHTY DOLLAR --- let the financial markets take its own course. LET THE RISE and fall of the Dollar happen naturally, just like the alterations of the course of a drying river!!
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fred 23 November, 2007, 08:19 i kind of disagree . First : USA when $ was taken as 'benchmark" , was NOT the place where was the most goods . MORE simply , after WW2 it was the country able to produce which was NOT touched by the war effects (and was not communist since allies never really trusted Staline , on they were right , not to trust him.) It was called the "BRETTON WOODS AGREEMENT" (simply = X grams of gold = X US$ or any country in the world using $ could ask the fed's for its countervalue in gold against US$) At the same time , USA lended Money to allies for the war (UK finished to pay back only few years ago . have you thought they did it for free ? NO!) then they did the "Marshal Plan" basically it was theirs interests as well as ours (countries in the west) to spread cash to help re-building with diferents aspects:1° if re-build ,the western countries could buy US product (at that time US eco. was still a production economy.) ; 2° they were sure if the european would remain too long in the aftermath of the war and its destruction , we (europeans ) would fall into communists arms 3° to ensure the europeans allies would be able to pay-back theirs war-debts , the best was to re-build them a richness productive system .! (did you ever tried to make a ruined someone to pay-back anything ? they WONT , they can't.!) so off-course it was quite easy and natural to have the US$ as exchange currency .! the system worked more or less well untill the Vietnam war . this war (Vietnam , but it is EXACTLY the same now , some unclever ones NEVER learn from theirs mistakes .) costed so much more than what the US could afford , President Nixon decided to halt the "Bretton Woods deal" without asking others members of the deal . (so US$ became a currency backed ONLY by the faith peoples have in it .) it is a very good exemple of the murphy's law (if anything bad has to happen it WILL happen!) G.W.B. and Greenspan came into the form of 2 terrible apprentice-economists playing with the monetary mass . one to make the american public opinion forget about all the mischiefs they had done and were about to commit. the other one , to be known as the "best and most powerfull economist of history" . they forgott 2 things : 1° when Vanity rules it ALLWAYS end-up in a mess (not a single reference in human history where it did not happen the same way! USA is exactly like all the other ones , despite what they proclam .!) 2° if you try to push back the price of your accumulated mistakes , you can try , but the harder you try , the stronger it will come back to crash into your face ! Do we need an other currency like the US$ ?? absolutely NO ! it will only make the game easier for speculators . what we need ?? ONLY peoples to understand this : once they agreed about rules , they have to comply to them ! Americans , Russians or Europeans , no differences , if any of them try to rule to other 2 , it will always end-up into some kind of a mess .!! imho !
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oleg 23 November, 2007, 19:44 As an American, I hope the dollar will crash, in order to narrow the trade balance. No consumption = NO CHINA! It would make things in the U.S. very difficult, but it is also something much needed. I would also support the destruction of our economy in order to drive world economies into the ground. We should let China,and Russia dominate the world, then we will see how the Europeans like it! When Europe's natural gas gets cut off and thier left in the cold we shall see how every one likes dictator Putin's, new Russia.
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fred 24 November, 2007, 17:51 No, Oleg, it won't happen! The European and Chineese will prevent the destruction of U.S. economy for one simple reason - you have to pay back your debts ! As for "dictator putin" - well i am sorry to say - it is already the case with your president (G.W.B.) When he decides to invade countries for any fake reasons or decides the blood of his own soldiers is going to be the price to be paid to try to keep the gallon of gas at U.S. $1! Think of it whom would you prefer: a normal guy with a look of dictator or the evil itself, talking about democracy and human rights but bribing poor countries to torture anyone in his name. Sorry , but there is NOTHING to be PROUD to be american , nowadays!
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oleg 25 November, 2007, 05:41 Fred,you need to study the profile of a dictator! Bush,will step down soon and never return as president.However,Putin,will go from President to Prime minister,then back to President after a new parliment revises the Russian constitution.So,who is the real dictator? I may add,how many repoters have been killed by Putin?Why did he bomb and kill his own people in an apartment complex in Moscow,in order to gain support for the Chechen war??? Putin,fits the prfile of a evil dictator!
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fred 25 November, 2007, 17:16 Oleg! First, it's true that Bush will step down soon , but NOTHING in U.S. constitution forbid him to run for an other mandate in 4 years! Then , may be about Putin. But don't forget Mr. Bush KNEW EXACTLY what was going to happen on the 9/11 attack. The C.I.A. had a full report given to them by theFfrench secret services (D.G.S.E.) about what was the plan , what would be the targets, how it would be done, by how many persons. The only two details they couldn't get was : 1) the names 2) the exact date The bush administration preferred to disregard the report as the plan for invading Iraq was ALREADY made (before 9/11 attacks!) Then how many Iraqis have been killed to make sure the Halliburton group is making a fortune? The most funny thing is the one paying are = U.S. taxpayers! Then how many dead soldiers since "the war is over" from the so UNclever guy acting as U.S. president? 1000. no; 2000. no; 3000. no; nearly 4000? Yes, what a bloody peace! After all, you are right! Even an American like you seems to be not dumb enough to vote for him another time! In terms of popularity, President Putin is not the most hated president of the history of his country. President Bush IS the president with the LOWEST score of credibility in ALL US HISTORY! But to come back to the topic. I am sure what you wrote will not happen for 2 reasons : 1) We (Europeans , Russians , Indians, Persian gulf people and Chineese) WON'T let you have an easy way out, YOU'LL HAVE TO PAY BACK YOUR DEBTS! So you will do it one way or another, but no, don't count too much on destroying your currency to ease the final sum. 2) The way you describe future is based on a other Emerging one using his almighty power to force others to bow in front of its power. This is based on one of the biggest mistake of USA. In the world of today nothing is in white or black, good or bad, friend or foe . But to understand this, you would need to understand first the universe ISN'T turning around USA belly button. You had your turn, you were powerful, it's gone. Only the effect of time.! There is a simple principle in economy, which is ALWAYS working: whatever is high will fall, whatever has fallen will rise! Nothing can remain at the top!
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oleg 27 November, 2007, 00:39 Fred,first of all, President Clinton know of the Sep01 attacks as well but never acted,No2.I could care less about the U.S. being a superpower.No.3,Bush cannot run for a third term as U.S. President,and it is in the constitution!So,please do your homework. The U.S. forgave the Europeans debt,and that of Russia in 2002 a sum of $50+billion.WW2 cost the U.S. in todays terms 1 trillion USD.If it were not for Russia and the United States you may be speaking German or you may not be alive today? So,please dont forget your evil past that caused the blood of millions.As for the economey,your right,we may not collapse due to the fact it would be like having a car with no engine.And Fred,one more thing,if you want to know about the real Russia,I can have my wife tell you! Also,I may add the U.S. gave another 2+ billion to secure Russia's nuclear weapons.
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fred 27 November, 2007, 09:37 oleg. well , well , well . about homework , you should as well ! USA NEVER forgave the WW2 bills , the last person whom has spoken quite clearly about it was Maggie Tatcher in the time she was british prime minister . it was not in the 40's , not in the 50's , no . it was mid 70's.! bush or clinton , it doesn't matter ! one thing i am absolutely sure about = since bush is president , the credibility of USA is gone to the sewage in most countries abroad ! if you want to come back to eco. , no problem . you seems to forget a few things . first USA had trade with Nazi's germany up to 1942 ( Soviets had it as well ) it is where the fortune of your president's familly started (not to make consideration about rumors stating bush familly had trade even after with hitler.) then being half german , i already speak german , and i don't see any problem into that ( refering to the point = nothing is white or black anymore , apart in old hoolywood movies,but i would say in shades of grey.) you forgot as well that that lots of coutries deposited their gold in USA for much longer than the war . (i don't recall when my other nation (france) got it back . may be when De Gaulle had suspicions about the Nobility of US motivations .) then you talk about "the car without the engine" sorry to get your dream corrupted here . the world DO NOT NEED USA .! tis is a BS that has been put into your brain since childhood ! exactly like when the frenchs were in africa and teachers were saying to black natives " our ancestors were the gauls , they had blond hair and blue eyes " this is fantasy made for the ones dumb enough to believe in it .! if the world economy need USA , could you explain me WHY USA up to last year was absorbing 80 % of the world saving to cater for credits meant for consumers in USA ??? may be it does sound like we need each other , no ?? if one try to dominate theothers , it will ALLWAYS end-up in some kind of a MESS , if it is the Ameircans , the Chineeses or the European whom are stupid enough to do this mistake again , it makes NO difference .! the only difference i can see now , European Union or Russia is NOT running in the world to see where they could start a "good" war , not too difficult to win .!! The same with Iran , what do you think they will do , if one try to talk and an other one want to destroy ??? it WON'T push them NOT to do any bad thing . i would suggest it will ONLY push to do thoses BAD things .! as for your wife and my knowledge of Russia . Sorry , i have been working in Russia since the last 8/10 years .on a regular basis . NO ONE can do anything else than recognize the Wonderfull job done by russians to get theirs country back on tracks .! off-course , it is not easy , off-course they have done lots of mistakes . but IF you believe in Democracy , then you have to respect people's choice .! i don't think ANYBODY is qualified to blame the russians for what they decide at the majority . did any declared a media-war on USA when Bush was elected ??? and when you re-did it ?? i don't think so .! you know the story , i supposed : don't talk about the small piece of wood in my eyes without speaking about the whole forest growing into your own eyes .! and for your wife , would you consider anyone to be sane to saying "I did what i thought was a good choice , now i understand it was a mistake!" (meanning leaving my country and marrying you has been a mistake , how could anyone stand with kind of stuff ? you , me and whomever!) once agian , it's NOTHING wrong with your wife . but about the so widespread INABILITY of so many americans to understand a simple fact of life : NOTHING is written in marble to last for ever ! look at history , can you say of ANY empire or country which lasted ?? allways the same story since the world is world : one time you're willing , one time you're great , next you're falling ! there is ABSOLUTELY NO DIFFERENCES IN THE FACT OF BEING FRENCH , RUSSIAN or AMERICAN on that topic .! and if you believe i am wrong and keep stating about all the money you printed in the past for the sole benefit of humanity . can you be kind enough to speak about all the Trillions owed to the world TODAY ?? definitely no more pride in being german , french , russian OR amaerican !
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oleg 27 November, 2007, 22:52 Fred,I could care less if the U.S. is a powerful nation or No1,it makes no difference to me.I for one would like to see the world controled by China and Russia,just to see what kind of mess they would make.And as for my wife,we meet in Spain, by chance, not through some kind of scam marrage broker!We lived there for three and a half years.There is no nationality on this earth that could be proud of their nation,every nation has done good and evil.However,for you and the rest of the world to blame the U.S. for every consivable problem on this earth is nothing more than crazy.Just look at the illigal war against Afganistan for 12 years by Russia.When the E.U.,Russia,China,ect fix their country's problems than they may get the ear of the United States.!
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fred 28 November, 2007, 11:10 oleg . you don't get it ! my post was articulated around two aspects : 1° the power / allmighty aspect : i have been living in USA for a while , that's the reason i wrote "so widely wispread view in only 1 or 2 dimensions" . i was referring to the fact that i met so many americans whom had ONLY the view that someone or something HAS to be the master .that why as well i wrote about movie in white an black , or if you prefer the good guy is in white and the bad guy allways in black . nowaday , the kind of view on the world is useless , outdated and dangerous ! why not just an agreement where things could be talked ?? off-course , it would mean that lots of peoples would to be departed with the idea (very oftenly put in theirs brains early in childhood) they are SO SPECIALS , that they have that little something which makes all the differences from theirs neighboors . in the world history it led ONLY to wars , sufferings and bloodshed .! if you look at the situation (even the bible say so ) if someone do something wrong to you , you should allways try to understand why they did it , and NOT rush for weapons immediately . you wrote about the soviet war in afghanistan being illegal . but it's no more illegal or legal than building a guy's fantasy by giving him all weapons and money he wants , to fight this illegal soviet war . especially when the said guy is named O. Ben Laden .! (the C.I.A. did.) it is only a very stupid way of trying to seize power that some others tried to compensate by a counter-action even more stupid .! look at history again , sometimes some peoples have to say : STOP ! or , if you prefer , if things would never evolves , being half french /half german , i should try to kill the guy i see in my mirror each time i am shaving ??? !!! if things would have remain the same than it used to be for centuries . this is something i very strongly disagree with US policies = you NEVER resolve any conflicts by making a war . (Julius caesar said it more than 2000 years ago = what the vulgus pecum want? bread and circus ! now it's translated into : easy credits and war on CNN reports! humanity did not evolve ?? in 2000 years ?? if yes , then we're all doomed!)) is this simple enough to be understood by MOST (remember : democracy = majority!) americans , well i am not so sure .! 2° aspect : economy : i wrote "no easy way out ." USA is (or pretend to be ) a democracy . that a fact ! so , most peoples decide who is elected and who is not . (otherwise it is NOT a democracy.) if the american people elected a president whom made the biggest pile of debts of all history = it is THEIRS problem . remember = democracy ! on a lesser way , Hitler arrived to power in Germany BECAUSE germans were fools enough to vote for his political party at the beginning . Germany was destroyed , split in 2 , germans were culprits and victims at the same time ! that was the people's price of the mistake . americans elected the said president , whom achieved to destroy the money , to lower the world opinion on USA to a lowest into history and lied to the whole world . fine . but if americans elected him , now they have to pay the price .no easy way out .!! wouldn't be fair ! on the same way : WHO are we to decide what can be good for others ??? you met your wife in spain ?? that's your problem , not mine ! even if you would have met her on one of those "flesh market" you described . well = no problem for me , it's NONE of my buisness the way you reach your happiness ! but if you accept what you just read ,, then you have to accept i can decide for myself or Russians can decide for themselves .! there gonna be elections in Russia , only very few outcomes : one of the candidate is elected because the RUSSIANS choosed him or her ! well fine enough , who am i to decide whom is best for them ??? the elected one is sworn into power by a "totalitarian" vote with a result of 99.99% of votes in his favor. then one can say "it's obvious something is wrong" and if the one saying that is abroad , it should be nothing more than this . because IT IS the responsability of the COUNTRY's peoples to act by tehmselves for themselves . and NO , if a population want or do not want something nothing can go against a people's wish ! it has been true when americans decided not to be british anymore . it has been true when the algerians decided not to be french anymore . so it has to be true as well for Russians if they don't want the one you call "dictator" and exactly the same if americans didn't want Mr Bush . not easy game , but NEVER impossible .!
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Phil1261 27 February, 2008, 12:46 Word around some banking circles is that the NWO will let the US dollar crash. High-ranking American, Canadian and Mexican officials have been in talks abouting developing the NAU - or North American Union - with an AMERO currency similiar to the EURO.
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fred 5 March, 2008, 11:04 phil. this is either propaganda or the biggest mistake USA could make . if Mexico and Canada have to decide on monetary policies , US citizens won't have any choices than paying theirs bills with real richness , not by making more credit , or making more speculation or by printing just more money .!
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John 8 March, 2008, 14:32 Yes, and I hope it will be a European currency. I think the blind, unmeasured insatiable greed and lust for money and power by the super rich in the USA and the UK is approaching it's inevitable economic conclusion. I'm not a communist or a capitalist. I'm an Economist and a historian.
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Patriot 11 March, 2008, 20:47 What keeps a monetary currency afloat is the stability of the Nation(s) it represents. It's historically proven reliability and the efforts the Nation(s) are willing to go to maintain a valid currency. The World chooses what currency they feel they can trust. This is not a popularity contest. I would hope that the Euro makes a go of it-Think about the opportunities for rogue nations within and without the EU to manufacture their own. To use it as a World Wide medium of organized crime money laundering. Go for it folks, get the monkey off our back. I wish that America could and would bring all of our Money and military forces home. We are about to enter an era of Isolationism in America. The fervor to close our borders to the whole world, to remove the irresponsible UN from our country and to reduce Embassy staffing and foreign presence in America is at an all time high. The Americans have a belly full of sniveling spoiled brats wanting a bigger allowance. Isolationism is indeed brewing in the hearts and minds of America. We do not need the heartbreak of bringing our finest home in body bags because the Nations of this world are not yet potty trained.
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fred 18 March, 2008, 15:28 patriot . let me explain you a few things : you know what is the best way not to feel the heartbreak of bringing your finest home in body-bags .?? a: extremely simple : just DO NOT SEND THEM in the first place ! especially when soem other countries TOLD YOU not to do it , and incidentally , you patriot amongs patriots started to call thoses coutries with words politness and what you seem to lack ( brain ) prevent me to do so .! in the world of today things and experiences have to be added , not replaced ! i am just sorry for if you believe isolationism is going to do you any good . how you fellow citizen are going to be able to shop ( 68% of product sold into USA are Chineese made ; about 20/22% european made , which live you with about 10 % USA made , let's forget about Nafta and other coutries like brasil selling you stuff to produce gas for cars [bio-fuel] and arabs countries for their oil ) so yes the world would probably more peacefull , not to say more secure , if you would stay home . as for currency : US$ , € or russian Rubble , for peoples speculating it doesn't make any difference and once again , as pure random , where is the biggest spot on earth for speculation ? A: USA ! so , as it is normal to get what you deserve , if you live by the sword , you'll die by the sword .! your wealth has been built on speculation , pushed to its final borders it is finally to destroy your wealth . sorry , but as an economist , i see only justice here . no pity to have . you played , you've lost = tough luck , but who cares ??
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fred 19 March, 2008, 08:26 patriot . one thing is absolutely sure : NOT a SINGLE thing happening on this topic is COMING from ANYTHING else than the misconception of US economics .! the $ is sinking , nothing new into this ! when you have guys mad enough to flood the world with a thing , never complain after this things is so common no one is making an effort to pick it up from the ground , when it falls . it has always been the case with paper money . since its invention ( was it 400 BC or AD , can't be bothered to find out ) it starts with good looks and hopes , then politics and "mad experts" and gullible peoples (when they starts to think "we are the best" ; "peoples are so impressed by us , they are willing to lend us what we need , for ever!" ; "etc.etc.) get into the game . then it end-up in a fiasco .! US Dollars is no different ! and the ONLY responsible for such an hilarious fiasco is : USA itself .! so no , no one need € to replace $ ! speculators would be too happy . speculate on $ or € or whatever , they don't care !! as for USA and isoliationism .: well , why not ?? but it won't change things a iota ! you did your own fate . now it is easy to blame others for your own mistakes , once again nothing new into this .!!! just pathetic !
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Vijay 19 March, 2008, 10:18 Let's suppose by chance all currencies become worthless today/tomorrow/whenever! Then what happens? A return to the good old barter system, I suppose. And what about the Multi-Billion Dollar reserves/investments held/made by the various currencies? The point is that USA has been,'finally' caught in the 'classical' trap of its own making! The whole 'assumed' wealth of it is probably all notional, except for its hard assets, such as Oil, gas, gold, industries, other productive assets etc and most importantly, its high tech. But the main thing is that, all its wealth is really dependent on the assets of other countries. The only way out for USA today is a massive 'devaluation' of its overated and overvalued currency! The only way out for the rest today is a massive rethinking of its currency philosphy and the dumping of the 'much venerated'Dollar! BTW, why does a cash strapped nation so hung-up on maintaining its massive defgence budget? What does this 'super-power' status bring to its people? How does it help in solving its real problems?? Isn't this SP status itself just a 'tag' W/O any returns, other than dead bodies, inflated defense budgets, poor people at home etc? Anyways to each its own.
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