Tuesday, December 05, 2006

The Dollar Melts as Iraq Burns

James K. Galbraith

The melting away of the dollar is like global warming: you can't say that any one heat wave proves the trend, and there might be a cold snap next week. Still, over time, evidence builds up. And so, as the greenback approaches two to the pound, old-timers will remember the fall of sterling, under similar conditions of deficits and imperial retreat, a generation back. We have to ask: is the American financial empire on the brink? Let's take stock.

1 comment:

Snerd Gronk said...

Cuddles, bucking the trend by referencing deadly truth as opposed to noble lies, I see