Monday, January 05, 2004

Dropping dollar

Atrios, blogger of Eschaton, displays an illuminating chart of the daily decline of the value of the dollar against the euro.

Here's what it comes down to: Will the US be spared the effect of its profligate spending (against declining income) by other nations' forebearance from support? Will they fear the debacle the US is approaching sufficiently to keep from acknowledging it?

I'm sure it doesn't occur only to me that while we hold military hegemony over the other nations on the planet, we're handing them economic power over us. A new form of MAD--mutually assured destruction.

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