And that’s only FOREX. There are defaults looming, particularly in Eastern Europe, which is behind the downgrade that is driving the euro down against the dollar. But, Ireland is in bad shape, Spain is in bad shape, South Korea has taken potentially ominous steps, Mexico is in bad shape, Ecuador has already defaulted, on and on ... yes, it’s a mess.
We’re in a bad situation domestically, but the rest of the world appears to be much worse off, at least for now. That’s the upshot, with the dollar situation.
However, the global economy is predicated on a.) we buy everybody else's stuff, then b.) they buy stuff from us.
If they can't afford to buy from us, where are we then?
WOW! If I was in the military in Europe, I would be going shopping tomorrow and stocking up with the Euro going down and dollar going up.
How are all of these countries in such bad shape and how did they get there? This did not happen over night and now with that huge deficit we are now facing thanks to ZERO/Pelosi/Reid, we could be in real trouble.
Stupid people who elected ZERO with absolutely ZERO background in governing or making a decision.