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The Expiring Economy

By       Message Paul Craig Roberts       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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The Bush-Obama economic policy actually worsens the systemic crisis
that the US dollar faces as reserve currency. The fact that there
might be no alternative to the dollar as reserve currency does not
guarantee that the dollar will continue in this role. Countries might
find it less risky to settle trade transactions in their own currencies.


How does an economy based heavily on consumer spending recover when so
many high-value-added jobs, and the GDP and payroll tax revenues
associated with them, have been moved offshore and when consumers have
no more assets to leverage in order to increase their spending?


How does the US pay for its imports if the dollar is no longer used as reserve currency?


These are the unanswered questions.

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Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His books, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available (more...)
 

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