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Indybay FeatureRelated Categories: International | Global Justice and Anti-Capitalism
YIKES! Will 2013 be 'Adios' to the Dollar Hegemony?
On Tuesday, China's Dagong Global Credit Rating company has put the U.S. on its Negative Watch List, citing the fiscal cliff isssue and expanding debt scale of the country. In its statement, Dagong said Washington lacks the willingness and measures to make debt payments, and the measures adopted in the past 2 years have actually led to long-term depreciation of the existing debt and losses to creditors. The debt burden of the US federal government has risen by 11.7% in 2012, far more than the claimed GDP growth of 3.4% over the same period...
Naturally, this severe downgrading of the US Capitalist economy has not been covered by either the Wall Street Journal nor the Bloomberg business news service, since the corporate-bin-Laden media does not want its domestic audience to see the impending historic Capitalist Credit Collapse. But the truth is that, as Dagong objectively pointed out, the Wall Street-controlled White House and Congress have come to a bi-partisan consensus on monetizing the debt instead of dealing with it in a serious manner.
Up to now, the stumbling and ultimately moribund US financial house of cards is still--by virtue of default--considered a "safe haven" for investors because the recession-plaqued Euro zone and the perennially-delinquent Japan economy are on a free fall. But how long will investor stick with the world's #1 financial Deadbeat from Washington? Indeed, the hottest topic among smart investors is whether 2013 will spell the final Demise of the Yankee Dollar. Already, many keen economic observers in the Western Hemisphere are rumored to be openly verbalizing, "Adios" to the over-leveraged Greenback from the Wall Street casino.
Stay tuned for more desperate Quantitative Easing(QE) initiatives coming out from "Bailout Ben" Bernanke's offices...