Thread: Go Bush Go!
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Unread 23 Mar 2006, 19:32   #46
Structural Integrity
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Re: Go Bush Go!

Quote:
Originally Posted by Vermillion
However, the crisis point, if not the breaking point, may be upon them soon. Both the departing chair of the federal reserve Greenspan and the incoming chair have stated that the US is approaching critical mass with its debts, and they need to be dealt with. The Economist has been tracking the effects of the debt, most visible in the consistent slive of the relative value of the US dollar. Thats bad, as the fact that the US dollar is standard international commodity currency, a fact that gives the dollar stability, ironically also depends on the stability of the dollar.

There has never been a real threat to this status, as there has never been an alternative. Some nations were tosing around the idea of the Yen in the mid 1980s, but that never went far. The Euro is another possibility, but it is still fairly 'new', and though its value has been rising steadily against the dollar, its long term stability is unknown. Still, it is a viable option, should the US slide continue.
I heard last week from a colleague that some big oil-boys are considering to switch to euros in 2007 (or so). If this is a rumour or based on solid facts/press releases I do not know.
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