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View Diary: Frank Rich Nails It: What Is Wrong With This Picture? (58 comments)

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  •  Do you think that they will publicly (4+ / 0-)

    declare that the dollar will no longer be the reserve currency?  That would rock our world.

    "When fascism comes to America, it'll be wrapped in a flag and carrying a cross." Sinclair Lewis

    by lakehillsliberal on Sat Oct 23, 2010 at 09:58:48 PM PDT

    [ Parent ]

    •  I don't think that's how it would come down (5+ / 0-)

      New direct currency swaps and bourses are opening up, and some nations, like South America (as a whole) are working toward eliminating the Dollar altogether.

      Still, no one wants any radical changes in a fragile global recovery. However, a massively debt-crushed nation like the US, with a debt-based currency, is not the basis for long term global stabilty. The Dollar will be squeezed out of its position soon enough, by our own nation's economically destructive wealth inequality -- which murders domestic consumption.

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