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Switch away from dollar could bankrupt US economy – Celente

Published: 11 July, 2009, 03:51

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TAGS: Crisis Chronicle, Currencies, USA


Most international trade is done in dollars, but if it is abandoned for another currency, China and other suppliers may no longer want to buy worthless U.S. debt, argues Trend Research Institute founder Gerald Celente.

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kgeakin September 17, 2009, 14:28
0

The real problem in the USA is that we have a consumer based economy and our government is controlled by large corporations. These corporations are dependent on the consumers they have exerted their corrupt control over. The vast majority of the consumers are now financially destitute and not consuming. The corporations seem very slow, or unwilling, to accept this fact. The corporations have basically destroyed us, the consumers, and hence themselves by pursuing a path of unbridled greed, also known as capitalism. The lack of any real reform in the wake of the recent financial crisis and it's aftermath has shown that this situation is very unlikely to change without drastic action on the part of an entity or entities external to the government and corporations. In other words, a revolution. This revolution could be of the peaceful and bloodless sort, but probably not.

Aimilios G. Moschovitis July 13, 2009, 22:01
0

After World War I and II US economy was catapulted sky high. The Marschal Plan took advantage of the fact that Europeans had no confidance in their currencies and their production abilities were diminished. US spent big amounts of paper and ink {dollars} in order to make Europeans depended. The dollar was also imposed through IMF, World Bank, other forms of aid, manipulation of oil producing countries, the credit cards and other pimp business. Sadam and later Ahma Din Nedga must vanish, because they have discredited the dollar. Don't use dollars. Soon the dollar will be devaluated, but even with lower prices the american products will not be competitivу.

lolo July 13, 2009, 07:41
0

It has already begun, Detroit looks like a ghost town. American companies cannot compete anymore because whatever they sell, China sells at a much cheaper price. They might have to adjust wages and be more socialist, otherwise their companies will collapse one after the other. And printing more money is not helping, they are still shedding roughly 500,000 jobs every month.