U.S. in role of wounded giant at Davos

Discussion in 'Politics' started by poncho, Jan 24, 2008.

  1. poncho

    poncho
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    DAVOS, Switzerland: The United States has filled various roles at the World Economic Forum over the past decade: dot-com dynamo, benevolent superpower, feared aggressor, and now, wounded giant.

    On the first day of this conference, a parade of bankers, economists, and political officials expressed deep fears about the faltering American economy, peppered with blunt criticism of its institutions, chiefly the Federal Reserve, which some accused of sowing the seeds of today's crisis.

    George Soros, the financier who made a fortune betting against the pound, went so far Wednesday as to say that the downturn would put an end to the long status of the dollar as the world's default currency.

    "The current crisis is not only the bust that follows the housing boom," Soros said. "It's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency."

    Signs of a new economic order abounded in this Swiss ski resort: the minister of commerce and industry of India, Kamal Nath, noted that China had overtaken the United States as India's largest trading partner - buttressing his view that India could largely sidestep an American recession.

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    Looks like the vultures are starting to circle already. Ron Paul has a plan to fix this. Anybody see it yet?
     
    #1 poncho, Jan 24, 2008
    Last edited by a moderator: Jan 24, 2008
  2. Tentmaker

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    All of these other world "economic gurus" are just using this present downturn (yes it is a recesson) to bash the U.S.

    They all have the good sense to understand (or at least should) that recessions come in cycles. The present is no more worrisome then the ones preceding it.

    I believe on this side of the Rapture the U.S. economy will remain strong. It will come out of this present down turn strong as ever.

    But, if you're planning on being here after the Rapture, put your money in gold. lol
     
  3. poncho

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