Tyler Durden wrote:
The world economy is not at stake.. lol
Maybe not, but your comment does show that you have no idea how serious this is. As someone that buys goods and imports into my country, I buy and deal in US dollars. Most of my friends here are farmers that sell their grains overseas in US dollars. More of my friends are miners employed by companies that sell the metals and minerals they mine overseas in US dollars.
What this debate will do, and is doing, is make the US dollar suspect, thus weaker. So my imports are cheaper to bring into Australia, yet my other friends get less for their product as it becomes more expensive. Around 85% of international trade is done in US dollars. Without a stable currency to deal in, trade becomes too volatile so another currency will be sought to replace the US dollar. Whether it's euros, Swiss Francs or Chinese Yuan matters not, it will lessen demand for the US dollar and thus the value of that dollar will spiral down. On top of the global financial Crisis that the US still hasn't recovered from, this has the potential to destroy what is left of the US economy.
This is the biggest fuck up that I could possibly imagine for the US, it's economy and it's people. And it's self inflicted. Like the implosion that happened to the USSR 20 odd years ago. I think history will show this to be the beginning of the end of the US being a "super power".