| reply to dogma
Re: Dollar to be dropped as the oil currency by 2018 China and India are rising consumer nations while the U.S. is importing less. The current trend indicates the U.S. consumer is descending toward irrelevance because their debt based purchasing power has collapsed. Due to the alt-A and option ARM resets looming in 2011, the U.S. has little chance of recovery until spring 2013. The failure to meaningfully reform U.S. financial markets means we can expect more economic carnage rooted in the greed of Wall Street titans. The U.S. and Canadian economies are more vulnerable to additional oil price shocks than China, Europe and oil exporting countries. The loss of Mexican oil revenue due to their production peaking may result in a war on our southern border that would distract us. The world sees the writing on the wall and is trying to rid itself of U.S. baggage by dumping the petrodollar. |
