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That's more or less my understanding. Partially why the US goes apopleptic whenever anyone threatens to trade oil in Euros.BTW. mky, I'm no economist but AFAIK the USA has got very little reserved. They moved away from the gold standard in the 70s and their strategic oil reserves are at the lowest point in decades. The only thing they've got going for them is the fact that the de facto trading currency for the entire planet is the US$. If this ceases to be the case the dollar becomes essentially worthless.
That's a problem for them too. Because much of the world currency is linked to the dollar via exchange rates, it limits what the US can do vs. other currencies.The only thing they've got going for them is the fact that the de facto trading currency for the entire planet is the US$. If this ceases to be the case the dollar becomes essentially worthless.
StrongTurd;That's a debt burden of $30 000 for every single person in the USA! Put another way said:Well considering a debt burden of $30 000 per person, and an estimated 37 Million who live below the poverty line in America, plus many of the health and welfare cuts undertaken to support the War in Iraq, i would say that they have some serious problems.
Those numbers have probabily increased since this 2006 article though.
Poverty in the United States: