Quote:
Originally Posted by Skybird
SNIP
Far more serious is that America alienates its biggest creditor. And that will backfire sooner or later. Even more since said creditor seems to probably prepare his return to a gold standard, and claiming the status of global reserve currency for itself in the forseeable future. Americans tend to appease themselves by thinking China has lots to lose when letting America fall. - And that is where they think wrong. Its not as if China has nothing to lose. It's just that it has less to lose if they let America fall. Sticking with it, just mounts the final bill. Its a bit like like with the Tiger chasing two men. You must not run faster than the Tiger. You only need to run faster than the guy beside you.
P.S. Bernie Ecclestone recently said something like this: Europe is done. It will make a nice tourism ressort, and that's it. - In a nutshell, he is right.
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Our former chancellor Helmut Schmidt said a couple of years ago in
one of his books and a lot of forums of interested managers that there will only be a couple of leading currencies left in the world within the next 20 years. He didn't mean the US $...