In a recent article that appeared in the Financial Times, George Soros describes “The Worst Market Crisis in 60 Years.” He concludes by saying, “Although a recession in the developed world is now more or less inevitable, China, India and some of the oil-producing countries are in a very strong countertrend. So, the current financial crisis is less likely to cause a global recession than a radical realignment of the global economy, with a relative decline of the US and the rise of China and other countries in the developing world.The danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse.”
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Thomas H. Greco, Jr.
Thomas H. Greco, Jr. is an independent scholar, educator, writer, networker, and consultant, and a leading expert in monetary theory and history, credit clearing systems, complementary currencies, and community economic development.
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2 Responses
People are just starting to awake to the notion that the USD’s ultimate destiny is not that of a currency, although that’s been part of its life cycle.
It’s ultimate and duel purpose is that of a real-time measure in a gold-money paradigm where the dollar bridges the real-time value of things priced in fiat currency yet are paid for in gold weight. Move over by way of the carrot because the stick will hurt like hell.
George Soros hit the nail on the head with his comments concerning US protectionism,
I see a shift in power led by the conversion from US backed currency reserves to the euro, lets hope the US refrains from in-humane measures to cling onto power.