Seemingly unnoticed, a titanic battle is underway between the world's most powerful economies. U.S. overspending and a calculated gamble to take advantage of a devalued dollar is forcing other nations—the EU included—to pay the tab.
With a barrel of oil near $100 and the dollar recently falling 16 percent against other currencies, Americans need to understand what's behind the falling dollar and what the consequences will be for them.
Alan Greenspan sees the Euro could replace the dollar as the reserve currency of choice on world markets. This AP report of an upcoming interview with the former chairman of the Federal Reserve indicates something felt by others.
This excerpt from my latest article mentions the possibility:
Our world is changing in ways we never considered. The dominance that affluent nations have enjoyed is about to end. Will peoples of the rich world downsize their lifestyle? Will people who have rarely if ever had to "tighten their belts" be able to make the painful change?
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