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I would dare say that the US dollar is on the tipping edge of losing it's status as the worlds premier currency - if this happens, living standards will slide for Americans, and the entire world will see a significant slow down in growth. Who would take America's place? How long until the Yen is seen as the global leading currency? What impact would this have?
Originally posted by ExCommando
I explained that the US debt isn't that bad on a GDP level
Originally posted by incrediblelousminds
I would dare say that the US dollar is on the tipping edge of losing it's status as the worlds premier currency - if this happens, living standards will slide for Americans, and the entire world will see a significant slow down in growth. Who would take America's place? How long until the Yen is seen as the global leading currency? What impact would this have?
I think we are indeed at the tipping point. Or, rather, have been for about a decade. I suspect the 'housing boom' in the states may have merely been a bandaid making the inevitable even worse. One could argue the 'tech bubble' of the Clinton years was similar. The US economy has likely been teetering for decades.
I doubt we'll see the Yen as the leading currency. It is too tied to the dollar, and the dollar's collapse would bring the yen down, too.
I suspect that many people are expecting a big 'crash', when what we are really seeing is a slow and steady move to a more stable 'world currency'. The US may be shrinking in terms of financial importance, but the multi-national corporation she birthed and who currently pull her strings are doing fine. They are merely becoming globally-based. I doubt those corporations really want a collapse. That would negatively effect their bottom line. It's just a shuffling of the deckchairs, so to speak.
No big crash, just moving things around a bit.