No, I don't see it as such. Our monetary system is under extreme heavy pressure due to the historic debt we are under though many refuse to accept the fact we are in financial trouble and as such are putting pressure on economies all over the world. Every financial officer is looking at how to get around the weak dollar and I will bet shortly the dollar will no longer be used as a standard if it keeps lingering as low as it is now. Greenspan is not saying anything traitorous about the US but actually being pragmatic about the reality which many wish to hide. It a fact that we must face very soon or any plans we have are going to be washed away in our lost future.
"Pam Woodall, Asia Econ-omics Editor at The Economist, said that this is the beginning of the end for the US dollar as the currency of choice for foreign exchange reserves."
"The federal government will have accumulated a $374 billion deficit in the fiscal year that ended last month, not including additional spending in Iraq, according to estimates from the non-partisan Congressional Budget Office. The nation's government owes almost $7 trillion, and roughly $1.38 trillion of that is held by other countries, according to the U.S. Treasury Department.
"We are increasingly turning to foreign investors to finance our federal budget and the war in Iraq," Tanner said. "To keep up with the unprecedented growth in federal expenditures, we have to borrow billions from other countries."
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Comments: 10
From the same article...it's like:
"Pam Woodall, Asia Econ-omics Editor at The Economist, said that this is the beginning of the end for the US dollar as the currency of choice for foreign exchange reserves."
"The federal government will have accumulated a $374 billion deficit in the fiscal year that ended last month, not including additional spending in Iraq, according to estimates from the non-partisan Congressional Budget Office. The nation's government owes almost $7 trillion, and roughly $1.38 trillion of that is held by other countries, according to the U.S. Treasury Department.
"We are increasingly turning to foreign investors to finance our federal budget and the war in Iraq," Tanner said. "To keep up with the unprecedented growth in federal expenditures, we have to borrow billions from other countries."
http://www.house.gov/tanner/press108-101.htm
We need to get off welfare.