Monday, November 12, 2007

Doom of the worst sort

The catalogue of fiscal ailments now facing the country is too long to list. We'd need a ledger the size of a small encyclopedia. There's been a stampede away from the dollar even though it's already lost over 60 per cent of its value since Bush took office and even though central banks around the world will lose their shirts if it collapses. They don't care. They're getting out while they can.
All fiat currencies eventually fail but the US$ is different.

We haven't seen the failure of a world reserve currency
since the Fall of Rome.

We know what happened after that.

Nobody has a clue how fucking bad it's gonna get.


Full article.

Note: I stand corrected. The British Pound
was the world's reserve currency for a time.

Thanks to pietr for pointing that out.