Damn. I hate being right about this stuff....
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Originally Posted by TracyCoxx
The real problem that is looming closer is when our debt reaches a point where other countries will no longer accept our IOUs. When they realize we don't have the ability to repay it because we're a nation of consumers rather than producers now. They will eventually make the decision to base their markets on another currency, perhaps the Euro rather than the dollar. At that point, the dollar will collapse, and you can kiss your ass goodbye. At $10 Trillion in debt, we were already putting serious strain on the worth of our IOUs. Obama's instant $2.7 Trillion deficit is probably a shock to the system and no one can say how the world will respond.
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http://online.wsj.com/article/SB123780272456212885.html
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Originally Posted by Wall Street Journal
China Takes Aim at Dollar
BEIJING -- China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.
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History will show that while the problem has been growing for decades, it was Obama's administration that delivered the crushing blow to America. Hang on people... this is going to suck.