| The Beginning of the End? |
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| by Scott Bennett | Thu, Sep 20, 2007, 11:33 AM |
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The rate cut by the Federal Reserve was done to try to stave off a US recession arising from problems in the credit markets. But it had more far ranging effects that could lead to something worse than a recession. The Daily Telegraph reports that Saudi Arabia for the first time ever refused to match the Fed's interest rate move and is preparing to abandon its ties to the dollar. This could well lead to a stampede out of the dollar and the end of the dollar as the world's reserve currency. That could send the dollar into free fall, US interest rates soaring and the US and world economies plummeting into a deep recession. Have another cup and read the woeful tale here: 
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Comments (2)
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written by John Brownell , September 20, 2007 This article should be must reading for all Americans. The right wing free trade economists see the only good as cheaper Chinese consumer goods. Nations have other interests and they also have long-term economic interests. I think the chickens are coming home to roost. I predict a deep global recession is just over the hill and with it a breakdown in the social order. Write comment
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