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View Diary: China Cuts US Credit Rating. Obama Cuts Hawaii Vacation Short. (171 comments)

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  •  I didn't mention that, but of course, (1+ / 0-)
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    Claudius Bombarnac

    ...currency swaps are exploding and entire regions, like South America, are avoiding the Dollar in trade as much as possible. So much, in fact, that the US has sunk to number 3 as a trading partner for them in just the past year. Reducing trade with the US means you don't have to accept Dollars or hold risky Dollar reserves in large amounts.

    After the petrodollar falls away, the US trading advantage will come down to murder weapons and weapons of war -- their chief export and the foundation of their GDP. I see that as sustainable in that the American culture came into existence only after the invention of the gun -- and knows no other reality or history. It is the foundation and identity of that culture and it is what they do best. Plus, the technology is subsidized with more than half of all government revenues, making it a nation driven enterprise both in supply AND demand.

    Denial is a drug.

    by Pluto on Wed Dec 26, 2012 at 01:30:55 PM PST

    [ Parent ]

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