Most power country in the world, broke...

[B00Mer]

China, can we borrow $300 million dollars so we can bomb Lybia?

The 21st centruy Rome just before it fell.. fighting 3 fronts and broke.

USA, fighting on 3 fronts, Afganistan, Iraq & now Lybia, and broke.. need to raise it's debt celing to borrow more money from other countries.

Time to drop the US dollar as the wolrd currency, and cut up the teenagers credit cards.

What say you...??

 

[Taxx]

Swap the US Dollar for what? Renminbi ? The Euro ? Eventually the US will have to repay it's debts or default.

Imagine if the US did default on it's loans. Great depression? Phh, that was a blip on the screen compared to what would happen. The world knows this, and they have no choice but to let the US borrow more because they want to make the world go round.

The US buys a lot of consumer goods from China and the Middle East. If the US goes bankrupt and therefore has no credit they can't buy consumer goods or natural resources (Oil, gas, precious metals, etc) unless they fork over the cash (that they don't have).

Bottom line is that there are way to many factors and issues that could arise. It's just not worth it. It would also require a massive rework of the entire financial system and would have to be done gradually not overnight.

 

[B00Mer]

Oh hog wash, New Zealand went backrupt, the USA is no different and it won't be the end of the world. As a matter of fact it may be good for the world.

YES!! The Euro and Yen as well as the USD. All three can be a world currency. Why just have the USD as the world currency.

China, buy's lots of resources and goods too.. Canada could see it's oil to China, and Europe.

Brazil is another growing economy, a fast a global power too..

I would love the see Canada & The United States create a European style EU. Work, live in either country..

 

[Bar Sinister]

No, New Zealand did not go bankrupt. It did not miss a single debt payment and within years of cutting back its foreign borrowing it reduced the ratio of debt to its GNP from about 78% to its current 21%. In fact it turned out that most of the "reforms" NZ was pressured into were completely unnecessary. NZ's so called "debt crisis" was essentially manufactured by outside interests in order to force the NZ government to sell off government assets at fire sale prices so those same interests could capitalize on.

Currently US debt to GNP ratio is about 61%, which is hardly a cause for panic. In fact all the US government has to do is repeal the Bush tax cuts and the US deficit will be easily eliminated. Not only that, but only a fraction of the US debt is owed to foreigners. It is essentially an internal debt with the US government owing money to Americans. As such it is not particularly difficult to deal with. Once again the so called "debt crisis" is a manufactured situation created by right wingers who want further cutbacks in social infrastructure and more government services contracted out to for profit businesses.

So far as replacing the US dollar with something else, until some other currency becomes more widespread that is not likely to happen. Eventually the Euro or Renminbi might rival the US dollar, but that has not happened yet. And it won't happen for a few more years if the US government would just get its act together. Unfortunately, getting the US government to institute real reform is extremely remote unless some way can be found to overcome the current political malaise.

 

[Taxx]

YES!! The Euro and Yen as well as the USD. All three can be a world currency.

The "Yen", in that spelling, is Japan's currency. Is that the one you mean?

I would love the see Canada & The United States create a European style EU. Work, live in either country..

With our dollars almost at par this seems to make sense on the outside. However, Canada would never agree because when our dollar was low we made billions from Americans looking for cheap goods/services/etc. If our dollar dipped back to around 90 cents or less American this would happen again.

 

[ironsides]

“Made in America”: The Comeback


U.S. exports hit a record $173 billion in March, up 15% from a year-ago and 37% from 2009. The good times for "Made in America" are just getting started, according to a new study from The Boston Consulting Group (BCG).

In fact, BCG predicts 2015 will be a tipping point of sorts, when global manufacturers will view the U.S. as equal to if not better-than China, senior partner Harold Sirkin tells me in the accompanying video.

http://finance.yahoo.com/blogs/daily-ticker/made-america-comeback-125318772.html

 

[petros]

The article doesn't mention what was sold or to who. That doesn't sound like much of a comeback if you can't say what that is based on.

Or this like last year when seasonal agri jobs and a hiring spree of census takers made the unemmployment rates jump?

Is there still 22% unemployment?

Is there still a record number on food stamps being disributed?

To quote the most brilliant line in the entire article:

"We're not saying the world's going to suddenly change and U.S. companies are going to manufacture here for shipment to China," Sirkin says. "But the U.S. will be a very important place if you're going to sell into the U.S."

Really?