Wednesday, January 12, 2005

US ECONOMY

'The greatest real-world threat to Uncle Sam is that the inflow of dollars dries up. For instance, foreign central banks and private investors could any day decide to place more of their money elsewhere than in the declining dollar and abandon poor ol' Uncle Sam to his destiny. China could double its per capita income very quickly if it made real investments at home instead of financial ones with Uncle Sam. Central banks, European and others, can now put their reserves in (rising!) euros or even soon-to-be-revalued Chinese yuan. Not so far down the road, there may be an East Asian currency...'


Why the emperor has no clothes
By Andre Gunder Frank
http://www.atimes.com/atimes/Global_Economy/GA06Dj01.html

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