Tuesday, September 28, 2010

Dollar Is `One Step Nearer' to Crisis on Burgeoning Debt Burden

The U.S. dollar is “one step nearer” to a crisis as debt levels in the world’s largest economy increase, said Yu Yongding, a former adviser to China’s central bank.
Any appreciation of the dollar is “really temporary” and a devaluation of the currency is inevitable as U.S. debt rises, Yu said in a speech in Singapore today.
“Such a huge amount of debt is terrible,” Yu said. “The situation will be worsening day by day. I think we are one step nearer to a U.S.-dollar crisis.”
Yu also said China is worried about the safety of its foreign-exchange reserves including those invested in U.S. Treasuries as the U.S. currency weakens, reiterating his earlier views on the dollar assets. The U.S. will record a $1.3 trillion budget deficit for the fiscal year ending Sept. 30, the Congressional Budget Office said Aug. 19. 
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5 comments:

  1. Man !

    People are ----

    Waaaaaaaaaaay out there !

    Hope your enjoying your

    " ride "

    Whew !

    ReplyDelete
  2. 5:26 is doing that on purpose.

    He doesn't actually believe this site is controlled by the right, he just wants to irritate the people on the site so they won't come back it. Cass Sunstein encouraged his followers to do such things, that is - to go into opposition websites or forums and divert the audience from any serious focus.

    That's not some Alex Jones conspiracy either, that is in the administrations own documents, their tzars also wrote books describing such things.

    ReplyDelete
  3. EA - Please delete any posts from 5:26 and consider blocking his IP address. We don't need this wacko on this site. Thanks!

    ReplyDelete
  4. huh, saudi's halted tourist visa's...wonder why

    ReplyDelete

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