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The Great Depression of 2008
By Marc McDonald (about the author) Page 2 of 2 page(s)
Now, with the stock market crisis and the ongoing housing mortgage crisis, nobody is in much of a mood to do any spending these days. And with the dollar rapidly declining, it's only a matter of time before the East Asian central banks start to unload their depreciating greenbacks (which will accelerate the dollar's fall even further in a vicious cycle).
The frightening thing is that East Asian central banks haven't even begun seriously dumping their dollars and yet the dollar is already plunging.
And the dollar has already lost an astonishing 40 percent against an index of U.S. trading partners' currencies over the past seven years.
The key numbers which measure the current U.S. economic crisis are so far off the chart that it is difficult to even fathom them. As economics writer Eamonn Fingleton has noted, the U.S. current account deficit (the widest and most meaningful measure of our trade position) now represents an astounding 6.5 percent of our gross domestic product.
As Fingleton notes, only one other major nation has ever exceeded this figure: Italy in 1924. That was just before Benito Mussolini seized dictatorial power.
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