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Politics : View from the Center and Left
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To: TimF who wrote (15540)3/31/2006 12:37:32 AM
From: Dale Baker  Read Replies (1) of 541957
 
We all know that spinning something as "normal" takes away any urgency to change it; so the threat may not be imminent but common sense and some basic math tells you that it is serious and eventually very damaging. If the dollar ever loses its status as the premier reserve currency, the game we are playing gets much more dangerous.

My guess is the world will move to a basket of reserve currencies as the dollar is debased, making our foreign reserve flows an issue for the first time since we started this spending binge a couple of decades ago.

And then everyone will be whining about who let us fall into this mess where we can't seem to afford all the shiny toys we used to buy from overseas with impunity, or should I say our credit cards (which are the same thing right now).
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